Singapore: Insolvency Law Review Committee Recommendations.

Size: px
Start display at page:

Download "Singapore: Insolvency Law Review Committee Recommendations."

Transcription

1 November 2013 Singapore: Insolvency Law Review Committee Recommendations. Contents 1 Background In December 2010, the Minister of Law of Singapore (the MoL ) appointed the Insolvency Law Review Committee (the ILRC ) to review the existing bankruptcy and corporate insolvency regimes in Singapore. In response, on 4 October 2013, the ILRC submitted the Insolvency Law Review Committee Report (the Report ) which recommends that these legislative regimes be substantially overhauled. At present, the Companies Act (the Companies Act ) sets out the framework for corporate insolvency; liquidation, judicial management, receivership and schemes of arrangement, whilst the Bankruptcy Act (the Bankruptcy Act ) provides for the bankruptcy of individual debtors, the procedures for individual voluntary arrangements and debt repayment schemes. The ILRC reviewed these regimes, as well as avoidance provisions, the regulation of insolvency practitioners and crossborder insolvency. 2 The New Insolvency Act 1 Background The New Insolvency Act 1 3 The Bankruptcy Regime 3 4 Corporate Insolvency Receivership Liquidation Judicial management Schemes of arrangement Avoidance provisions Officer Delinquency Regulation of Insolvency Practitioners Cross-Border Insolvency 9 The Report s main recommendation is for the enactment of a new Insolvency Act (the New Insolvency Act ) that would: (i) consolidate all primary statutory provisions on personal bankruptcy and corporate insolvency into a single piece of legislation; and (ii) organise and standardise rules, procedures and concepts across all insolvency regimes. The ILRC recommended that the New Insolvency Act be based on the UK Insolvency Act 1986, and that where appropriate, the approaches of other relevant jurisdictions, such as Australia, Hong Kong, New Zealand and Canada should be taken into account. The reform should however, be informed by local circumstances and considerations. Jurisdiction The ILRC recommends that the New Insolvency Act should consolidate the statutory basis for all insolvency regimes, i.e. it should address the insolvency of individuals and companies together and should avoid where possibleseparate and differing provisions for individuals and corporations. Insolvency Law Review Committee Recommendations 1

2 Proof of debt (i) The test of provability of debts should be the same for all insolvency proceedings. (ii) If a claim against an individual or a company is valid and enforceable in general law, then it should also be provable in insolvency law. (iii) The same procedural rules on proofs of debt should, apply to all forms of insolvency proceedings. (iv) Up until 3 years prior to the commencement of liquidation, judicial management or bankruptcy, interest at a contractual rate should be provable and any contractual arrangement which allows accrued interest to be capitalised should be effective for the purposes of lodging a proof of debt. However, the rule against capitalisation and the statutory cap on interest should apply to the calculation of debts within 3 years from the commencement of liquidation or bankruptcy. (v) The law on insolvency set-off should be clarified in light of issues relating to the date of set-off and the set-off of contingent debts and debts the value of which are unascertained as at the date of set-off. Provision should also be made to clarify that proofs of debt filed in a judicial management or schemes of arrangement should take into account any mutual debits or credits between the creditor and the company for the purposes of determining the creditor s right to vote. Realisation of security in liquidations In a bankruptcy, a secured creditor who fails to realise his security within 6 months from the date of the bankruptcy order, or such later date as may be determined by the Official Assignee, loses the right to claim interest on his debt. The Report recommends that this rule should apply to liquidations and be extended to a period of a year. It should also apply to judicial management if leave is granted by the court or judicial manager for the enforcement of security. Preferential debts The New Insolvency Act should, as far as possible, deal with the issue of statutory preferential debts across all insolvency regimes. In particular, statutory preferential debts should be accorded their due priority in judicial management and schemes of arrangement. Furthermore, consideration should be given to the possibility of abolishing the preferential status of tax claims. The amount of remuneration payable as a preferential debt to employees in respect of vacation leave should be subject to a cap of S$7,500. Insolvency Law Review Committee Recommendations 2

3 Rules of the Court The Rules of Court should apply to all insolvency regimes in instances where lacunae in procedural issues exist, i.e. where no specific provision has been made in the New Insolvency Act or regime. 3 The Bankruptcy Regime A majority of the current Bankruptcy Act is to be incorporated into the New Insolvency Act and recommendations have been made to strengthen the regime and regularise anomalies. The recommendations include: (i) incorporating the pre-bankruptcy rehabilitation measures of Individual Voluntary Arrangements and Debt Repayment Schemes into the New Insolvency Act, with no major amendments; (ii) an expedited bankruptcy procedure where there is a real risk that the debtor s assets would be diminished; (iii) importing provisions on the disabilities, disqualification and duties imposed on a bankrupt into the New Insolvency Act; (iv) excusing bankrupts from criminal liability for failing to comply with their duties, disabilities or disqualifications where they have neither knowledge nor reason to believe that they have been made bankrupt; and (v) enhancing the court s powers to examine the assets of discharged bankrupts in order to identify assets that should have rightfully vested in the estate of the bankrupts. The Report also states that that the Official Assignee s sanction should apply to the defence of any action by the bankrupt, including an action that is commenced or continued with leave of the court; that the word action should include arbitration proceedings; and that section 131 of the Bankruptcy Act should not apply to criminal and matrimonial proceedings but that the bankrupt should be required to promptly notify the Official Assignee of all such proceedings. A clear distinction should be drawn between the Official Assignee s power to approve a composition or scheme of arrangement, and the discretion to grant an annulment of bankruptcy. Further, an annulment shall be granted in cases where all creditors have approved the composition or scheme of arrangement. Where the composition or scheme of arrangement is only supported by the requisite majority, but not all, of the bankrupt s creditors, the Official Assignee shall have the discretion to decide whether to issue the certificate of annulment or certificate of discharge. 4 Corporate Insolvency 4.1 Receivership A receiver is normally appointed by a security holder for the predominant purpose of realising the security and applying the proceeds of sale towards Insolvency Law Review Committee Recommendations 3

4 the discharge of the debts owed to the debenture holder. Where the security is a floating charge that covers the undertaking of the company, the receiver is also given powers of management over the company. The appointment of a receiver is contractual and no application to the court is required. This provides an expedient and effective procedure for a debenture holder to realise his security and displace the management of the company in favour of an insolvency practitioner of his choice. The ILRC has recommended that the receivership regime be retained, save for some procedural changes: (i) the appointment of a receiver shall be deemed to be made at the time of (a) the making of the order of court or (b) acceptance of appointment by the appointee following receipt of the instrument of appointment; (ii) where a receiver is invalidly appointed, the appointing party may be ordered to indemnify the appointee against any liability which arises solely by reason of the invalidity of the appointment; (iii) the personal liability of a receiver should be extended to any contracts entered into by him and any contract of employment adopted by him in the performance of his function as a receiver and to expressly provide that the receiver is entitled to be indemnified out of the assets of the company; and (iv) the appointment of a receiver should be displayed on the company s website. 4.2 Liquidation Liquidation or winding up is the process by which the affairs and assets of a company are dealt with to distribute the proceeds of realisation to creditors and then shareholders and the existence of the company then extinguished. It comprises several key components: (i) the commencement of the liquidation and the appointment of a third-party administrator known as the liquidator; (ii) the administration of the company s affairs and assets by the liquidator; (iii) the ascertainment of the company s liabilities, the recovery and realisation of the company s assets; (iv) the distribution of the proceeds of realisation to the company s creditors and members; and (v) the eventual dissolution of the company. The ILRC consider the current corporate liquidation regime to be sophisticated and stable. Some of the key recommendations include: (i) the introduction of a system of summary liquidation procedure, similar to that in the UK, where the Official Receiver may apply to court to seek an early dissolution of the company where it appears that the assets of the company are insufficient to cover the costs of winding-up and no further investigation is required. (ii) actions that are statutorily vested in the office of the liquidator should not be assignable, but remain vested in the liquidator and pursued by the liquidator in the interests of the liquidation. However, there are no objections to liquidators being permitted to assign the fruits of the statutory causes of action themselves to third party funders provided appropriate safeguards are Insolvency Law Review Committee Recommendations 4

5 put in place to control the extent to which a third party funder can control the conduct of the proceedings. (iii) creditors should be able to apply to the court for an order in advance of providing any funding or indemnity. (iv) a director should be given the right to commence winding up proceedings against the company where that director is able to show that there is a prima facie case that the company ought to be wound up, and where leave of court is obtained. (v) prior to the appointment or nomination of a liquidator or provisional liquidator, the powers of directors should not be exercisable without the sanction of the court, except in certain circumstances. (vi) the New Insolvency Act should provide that the unclaimed assets held by a company for an untraceable third party be vested in the Official Receiver. If the assets are not monies, the Official Receiver should be able to obtain a court order that can have the assets converted into monies. Steps will also have to be statutorily prescribed for determining whether and when the third party owner should be regarded as untraceable. 4.3 Judicial management The judicial management regime is modelled on the UK administration regime and offers an alternative to liquidation where one or more of three statutory purposes may be achieved: (a) the survival of the company or part of it as a going concern, (b) the implementation of a scheme of arrangement, and (c) a more advantageous realisation of the company s assets than in a liquidation. The ILRC s recommendations are aimed on reinforcing judicial management as an efficient rescue mechanism. The main recommendations seek to: (i) rebalance the relationship between judicial management and receivership by giving the courts the power to appoint a judicial manager despite the objections of the holder of a floating charge; (ii) make judicial management more accessible by granting the holder of a floating charge the right to appoint the judicial manager, enabling a company to enter judicial management without having to make a formal application to the courts and empowering the court to place the company into judicial management when it is likely to become unable to pay its debt as opposed to when it is insolvent; (iii) increase protection for creditors during the period between the processing of the judicial management application and judicial management order; and (iv) aid rehabilitation of the company under judicial management by granting a priority status to lenders who lend money to the company whilst it is under judicial management (known as super-priority rescue for financing ), allowing the duration of the judicial management to be extended by the creditors without having to go to court, and giving judicial managers the Insolvency Law Review Committee Recommendations 5

6 power to pay-off debts incurred before the company went into judicial management. Where a judicial management application is filed by the company, the directors should give personal undertakings to the court that, pending the hearing of the application, the company will apply its assets and incur liabilities only in the ordinary course of its business and will not dispose of its assets or make payment to any creditor in respect of any debt or liability incurred prior to the date of the filing. The court should be given the power, upon application by any creditor, to impose restrictions on the acts that may be carried out by the company pending the hearing of the application for judicial management. If a judicial management order is ultimately made, the avoidance provisions should apply to transactions entered into during the period between the filing of the application and the making of the judicial management order. New Insolvency Act provisions to assist transition to liquidation The following provisions should be included in the New Insolvency Act to enable a transition from judicial management to liquidation: (i) upon an application for winding up made by the judicial manager, the length of the judicial management order should be extended to the time when a winding up order is made; (ii) judicial managers should not be discharged if they are also appointed as the liquidators; (iii) the statutory time frames for avoidance provisions and officer liability should be revised to have reference to the point in time when the company is placed under judicial management, even if there is a subsequent winding up; and (iv) where proofs of debts have been filed and adjudicated upon in the judicial management, it should not be necessary for the proofs of debts to be re-filed in liquidation. 4.4 Schemes of arrangement The ILRC recommends that the scheme of arrangement regime should remain fundamentally the same, but that it should be strengthened it by providing greater protection to creditors. This should be done by (i) strengthening and clarifying the scope of the stay against certain actions against the company; (ii) providing greater clarity on the procedure for proofs of debt and creditors right to information; and (iii) providing additional safeguards to creditors during the period between the making of an application and the holding of a meeting of creditors to vote on the scheme of arrangement. Additional reforms adapted from the US Bankruptcy Code include the introduction of super-priority for rescue financing and a procedure to allow a scheme of arrangement to be approved even when a class of creditors votes against the scheme of arrangement. The scope of the statutory moratorium for schemes of arrangement should be no narrower than the moratorium in judicial management, and the court Insolvency Law Review Committee Recommendations 6

7 should be given discretionary powers to alter the scope of the moratorium. The court should have the power to grant a statutory moratorium where there is an intention to propose a scheme of arrangement, subject to such terms as the court sees fit to impose. Two additional safeguards to afford protection to creditors during the period between the filing of an application and convening a meeting of creditors should be introduced in the New Insolvency Act: (i) the timeframe for the application of the avoidance provisions ought to be suspended once any application for a scheme of arrangement has been filed in court until the scheme of arrangement had been sanctioned by the court or rejected by the creditors or the court; and (ii) there should be a provision that allows any creditor to apply to court to restrict any disposition of property by the company and/or any activities that may be carried out by the company, after the filing of the application for a meeting of creditors to consider a scheme of arrangement. Super-priority should be granted in rescue finance situations and cram-down provisions should be introduced to allow a scheme of arrangement to be passed over the objections of a dissenting class of creditors. However, the court should require a high threshold of proof that the dissenting class is not prejudiced by the cram-down. 5 Avoidance provisions As a general rule, only the assets that encompass the estate of the bankrupt or the insolvent company at the time when a bankruptcy, judicial management or winding up order is made (or a winding up resolution is passed) are available for distribution in satisfaction of the claims of the creditors. However, in certain situations, a transaction entered into by an individual or company prior to the onset of bankruptcy, judicial management or liquidation may be invalidated and assets clawed back under avoidance provisions in insolvency legislation. This is so that the effect of any value improperly lost by the individual or company, or any advantage improperly conferred on a third party as a result of the transaction can be remedied. A number of recommendations are made in relation to the avoidance provisions which operate to undo earlier transactions entered into by the insolvent entity which are applicable to both personal and corporate insolvency. Changes are recommended to the periods of time within which a transaction must have occurred before it may be challenged as an unfair preference, a transaction at an undervalue or an extortionate credit transaction. Other recommendations are made to clarify and regularise how this period of time is calculated, and, further, to provide clearer guidance on how to determine when a person is either an associate of a bankrupt or insolvent company, or a person connected with the company. The ILRC recommended that the test used to determine whether a transaction amounts to an unfair preference should continue to be a subjective one, requiring the person to have been motivated by a desire to Insolvency Law Review Committee Recommendations 7

8 put the recipient in a better position than would be the case in the event of bankruptcy or insolvency. Other recommendations include amendments to the provisions affecting the validity of a floating charge created within 6 months of the commencement of the winding up of a company. For example, aside from the existing requirement that fresh money must have been provided by the creditor before such a charge will be deemed as valid, the provision will be enhanced to recognise the giving of other forms of value to the company such as goods or services. Recommendations are also made to enable insolvency office-holders to disclaim the company s interest in certain kinds of property that are no longer of any benefit to the company (thus ending the company s rights and liabilities in relation to that property) without having to first obtain the permission of the court or the committee of inspection. 6 Officer Delinquency The current provisions relating to insolvent trading require a criminal conviction of the delinquent officer before civil liability to indemnify the company for the losses caused by that person s conduct can be triggered. The ILRC recommends that this precondition be removed, and that the following provisions be included: (a) extend the scope of the insolvent trading provision (i.e. the contracting of a debt ) to cover transactions involving the incurring of debts or other liabilities ; and (b) provide an express defence such that no liability shall arise where it appears to the court that the officer has acted honestly, and that having regard to all the circumstances of the case he ought to be fairly excused. The New Insolvency Act should also enact: (a) consolidated provisions that set out the investigative and examination powers of liquidators, provisional liquidators, administrators and administrative receivers; and (b) provisions dealing with the investigative and examination powers of trustees in bankruptcy, including the Official Assignee. 7 Regulation of Insolvency Practitioners Licensing and discipline As the New Insolvency Act will come under the jurisdiction of the Insolvency and Public Trustee s Office, the ILRC recommended that the Official Receiver should take over licensing of insolvency practitioners. Qualifying requirements across the bankruptcy and insolvency regimes should be homogenised to ensure common standards, except for scheme managers and liquidators in a members voluntary winding up. The disciplinary processes of existing professional bodies should be used and for those insolvency office-holders who are not a member of an existing professional body, the ILRC recommended: (i) the introduction of a simple regulatory and discipline system; or (ii) to confine insolvency work to professional bodies. Insolvency Law Review Committee Recommendations 8

9 8 Cross-Border Insolvency Recommendations were made to facilitate Singapore s development into a regional forum of choice for corporate debt work-outs and restructuring. These included: (i) the judicial management regime should be extended to cover all foreign companies; (ii) the UNCITRAL Model Law on Cross-Border Insolvency should be adopted for corporate insolvencies in Singapore, with appropriate modifications; and (iii) the concept of ring-fencing (which requires that debts incurred in Singapore by a registered foreign company shall be paid in priority to the debts owed by it to all other international creditors) should be abolished, save in certain circumstances. The MoL has invited views and feedback on the Report. The consultation period for the Report is from 7 October 2013 to 2 December Insolvency Law Review Committee Recommendations 9

10 Contacts For further information please contact: David Kidd Partner (+852) Philip Badge Partner (+65) This publication is intended merely to highlight issues and not to be comprehensive, nor to provide legal advice. Should you have any questions on issues reported here or on other areas of law, please contact one of your regular contacts, or contact the editors. Linklaters. All Rights reserved 2013 Linklaters Hong Kong is a law firm affiliated with Linklaters LLP, a limited liability partnership registered in England and Wales with registered number OC It is a law firm authorised and regulated by the Solicitors Regulation Authority. The term partner in relation to Linklaters LLP is used to refer to a member of the LLP or an employee or consultant of Linklaters LLP or any of its affiliated firms or entities with equivalent standing and qualifications. A list of the names of the members of Linklaters LLP and of the non-members who are designated as partners and their professional qualifications is open to inspection at its registered office, One Silk Street, London EC2Y 8HQ, England or on Please refer to for important information on our regulatory position. We currently hold your contact details, which we use to send you newsletters such as this and for other marketing and business communications. We use your contact details for our own internal purposes only. This information is available to our offices worldwide and to those of our associated firms. If any of your details are incorrect or have recently changed, or if you no longer wish to receive this newsletter or other marketing communications, please let us know by ing us at 10th Floor, Alexandra House Chater Road Hong Kong Telephone (+852) Facsimile (+852) / Linklaters.com Insolvency Law Review Committee Recommendations 10 A

An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer

An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer November 2011 1 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent

More information

Brief guide to Administration

Brief guide to Administration Brief guide to Administration Administration is a rescue procedure for companies that are, or are likely to become, insolvent. It is similar in concept to Chapter 11 proceedings in the United States but

More information

Winding Up Part 11 of the Draft Companies Bill. Brendan Cooney Partner

Winding Up Part 11 of the Draft Companies Bill. Brendan Cooney Partner Winding Up Part 11 of the Draft Companies Bill Brendan Cooney Partner Contents of Presentation Part 11: Winding Up 1. Chapter 1 Preliminary and Interpretation 2. Chapter 2 Winding Up by the Court 3. Chapter

More information

Brief guide to English Corporate Insolvency Law

Brief guide to English Corporate Insolvency Law Brief guide to English Corporate Insolvency Law The main English Insolvency Procedures. This guide deals with the main insolvency procedures in England and Wales, namely: > Administration, which is primarily

More information

GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS

GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. When is a Company Insolvent under Cayman Islands Law? 2 3. Formal Insolvency Procedures 2 4. Creditors Rights 4 5. Voidable

More information

Restructuring & insolvency law in the DIFC.

Restructuring & insolvency law in the DIFC. July 2011 Restructuring & insolvency law in the DIFC. The Dubai International Financial Centre ("DIFC") The DIFC is a financial free zone in the Emirate of Dubai which was established in 2004. The DIFC

More information

Insolvency and enforcement procedures in England & Wales

Insolvency and enforcement procedures in England & Wales Insolvency and enforcement procedures in England & Wales Contents Introduction...01 Company Voluntary Arrangement (CVA)...02 Scheme of Arrangement (Scheme)...05 Administration / Pre-pack Administration...08

More information

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable

More information

Glossary of terms. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner.

Glossary of terms. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner. Glossary of terms Administration Order a) A Court order placing the company that is, or is likely to become, unable to pay its debts under the control of an administrator following an application by, inter

More information

An Introduction To Insolvency - Part 1

An Introduction To Insolvency - Part 1 An Introduction To Insolvency - Part 1 An Introduction To Insolvency - Part 1 Introduction A company (or LLP) will be considered to be insolvent if it is unable to pay its debts. A person can be insolvent,

More information

Insolvency: a glossary of terms

Insolvency: a glossary of terms INFORMATION SHEET 41 Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general

More information

Insolvency: a glossary of terms

Insolvency: a glossary of terms Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general guidance only. Many

More information

Payment and Settlement Systems (Finality and Netting) Bill

Payment and Settlement Systems (Finality and Netting) Bill Bill No. 41/02 Payment and Settlement Systems (Finality and Netting) Bill Read the first time on 31st October 02. PAYMENT AND SETTLEMENT SYSTEMS (FINALITY AND NETTING) ACT 02 (No. of 02) ARRANGEMENT OF

More information

Circular No 16 @ November 2014

Circular No 16 @ November 2014 Circular No 16 @ November 2014 Corporate Insolvency Introduction The new Insolvency Act 2011 provides for the administration, receivership and liquidation of companies, and for the licensing of insolvency

More information

Comparison of Corporate Insolvency Procedures

Comparison of Corporate Insolvency Procedures Comparison of Corporate Insolvency Procedures There are five categories of insolvency procedure for companies in England, Wales and Northern Ireland. These are: Company Voluntary Arrangement (CVA) Administration

More information

CONTENTS PART 1: GENERAL...4 PART 2: COMPANY VOLUNTARY ARRANGEMENTS...5 PART 3: RECEIVERSHIP...8 PART 4: WINDING UP...11 CHAPTER 1 GENERAL...

CONTENTS PART 1: GENERAL...4 PART 2: COMPANY VOLUNTARY ARRANGEMENTS...5 PART 3: RECEIVERSHIP...8 PART 4: WINDING UP...11 CHAPTER 1 GENERAL... INSOLVENCY LAW DIFC LAW No. 3 of 2009 CONTENTS PART 1: GENERAL...4 1. Title...4 2. Legislative Authority...4 3. Application of the Law...4 4. Date of enactment...4 5. Commencement...4 6. Interpretation...4

More information

Bankruptcy and Restructuring

Bankruptcy and Restructuring doing business in Canada 102 p Bankruptcy and Restructuring 1. Legislation and Court System The Canadian bankruptcy and insolvency regime is divided between the federal and provincial levels of government

More information

[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009)

[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) [Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) 3 [Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) PASSED by the National Parliament

More information

Corporate Insolvency Law In Singapore

Corporate Insolvency Law In Singapore Corporate Insolvency Law In Singapore The Legal Consequences of Corporate Insolvency Insolvency is a term generally used to describe a legal person s state of financial affairs. Specifically insolvency

More information

Liquidating an insolvent Jersey company

Liquidating an insolvent Jersey company Liquidating an insolvent Jersey company DECEMBER 2011 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject matter. It is not

More information

Judicial Management, Scheme of Arrangement and Winding Up in Singapore. Copyright Colin Ng & Partners LLP 1

Judicial Management, Scheme of Arrangement and Winding Up in Singapore. Copyright Colin Ng & Partners LLP 1 Judicial Management, Scheme of Arrangement and Winding Up in Singapore Copyright Colin Ng & Partners LLP 1 Introduction Economic crisis many companies hit by cash flow problems and financial difficulties.

More information

INTERIM STATEMENT OF INSOLVENCY PRACTICE 9 REMUNERATION OF INSOLVENCY OFFICE HOLDERS (ENGLAND AND WALES)

INTERIM STATEMENT OF INSOLVENCY PRACTICE 9 REMUNERATION OF INSOLVENCY OFFICE HOLDERS (ENGLAND AND WALES) INTERIM STATEMENT OF INSOLVENCY PRACTICE 9 REMUNERATION OF INSOLVENCY OFFICE HOLDERS (ENGLAND AND WALES) You will be aware that substantial amendments are being made to the Insolvency Rules 1986, with

More information

INSOLVENCY GUIDANCE NOTE STATEMENT OF INSOLVENCY PRACTICE 9 (NI): REMUNERATION OF INSOLVENCY OFFICE HOLDERS NORTHERN IRELAND

INSOLVENCY GUIDANCE NOTE STATEMENT OF INSOLVENCY PRACTICE 9 (NI): REMUNERATION OF INSOLVENCY OFFICE HOLDERS NORTHERN IRELAND INSOLVENCY GUIDANCE NOTE STATEMENT OF INSOLVENCY PRACTICE 9 (NI): REMUNERATION OF INSOLVENCY OFFICE HOLDERS NORTHERN IRELAND Contents Paragraph s Introduction 1-8 The Statutory provisions 9 Administration

More information

Assets Anything that belongs to the debtor that may be used to pay his/her debts.

Assets Anything that belongs to the debtor that may be used to pay his/her debts. This is a brief explanation of some of the terms you may come across in debt and insolvency proceedings. Please note that this glossary is for general guidance only. Many of the terms have a specific technical

More information

BANKRUPTCY. Offermans Parners Turnaround + Solvency Solutions 1

BANKRUPTCY. Offermans Parners Turnaround + Solvency Solutions 1 BANKRUPTCY Offermans Parners Turnaround + Solvency Solutions 1 BANKRUPTCY Bankruptcy is the process of administering the Estate of a person who is unable to pay their debts as and when they fall due (i.e.

More information

DEBT. Law guide - Debt, bankruptcy & liquidation

DEBT. Law guide - Debt, bankruptcy & liquidation DEBT Law guide - Debt, bankruptcy & liquidation Contents Bankruptcy... 3 Arrangements with debtor... 6 Alternatives to bankruptcy... 8 Liquidation... 10 Distribution of assets... 11 Alternatives to liquidation...

More information

Comparing the corporate insolvency framework: UK, Singapore and India

Comparing the corporate insolvency framework: UK, Singapore and India Comparing the corporate insolvency framework: UK, Singapore and India Anjali Sharma, Rajeswari Sengupta May 15, 2015 Part I What drives optimal insolvency law design What is optimal design? Insolvency

More information

Bermuda is a major offshore business jurisdiction with more than 13,500

Bermuda is a major offshore business jurisdiction with more than 13,500 Bermuda Kehinde AL George, partner Attride-Stirling & Woloniecki Peter CB Mitchell, senior partner PricewaterhouseCoopers Bermuda is a major offshore business jurisdiction with more than 13,500 registered

More information

A guide to creditors voluntary liquidations

A guide to creditors voluntary liquidations A guide to creditors voluntary liquidations Introduction A company can be put into liquidation voluntarily, at the instigation of its directors, or compulsorily, by order of the Court. The effect, in either

More information

Creditors voluntary liquidation

Creditors voluntary liquidation Creditors voluntary liquidation a guide for unsecured creditors Association of Business Recovery Professionals Creditors voluntary liquidation occurs where the shareholders, usually at the directors request,

More information

APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND

APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND This guide applies to all appointments on or after 6 April 2006. Any creditor requiring guidance on a case where the Insolvency Practitioner

More information

DIFC Insolvency Regulations (IR)

DIFC Insolvency Regulations (IR) DIFC Insolvency Regulations (IR) 74085-00002 BK:9905372.1 1 1 October 2008 Contents The contents of this module are divided into the following Chapters, Sections and Annexes. 1. Introduction... 5 1.1 Application

More information

Insolvency (Amendment) Bill

Insolvency (Amendment) Bill Bill [AS INTRODUCED] CONTENTS Provisions relating to communication 1. Attendance at meetings and use of websites 2. References to things in writing Requirements relating to meetings 3. Removal of requirement

More information

COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY. DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT CONTENTS INTRODUCTION

COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY. DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT CONTENTS INTRODUCTION DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY CONTENTS INTRODUCTION 1. General information 2. Voluntary arrangements 3. Administration

More information

Insolvency & Debt Recovery Glossary of Terms

Insolvency & Debt Recovery Glossary of Terms Insolvency & Debt Recovery Glossary of Terms Administration An insolvency procedure in which an Administrator is appointed to attempt to rescue an insolvent company. It s designed to protect the company

More information

A BASIC GUIDE TO INSOLVENCY PROCEEDINGS. 1. The Transfer of Undertakings (Protection of Employment) Regulations

A BASIC GUIDE TO INSOLVENCY PROCEEDINGS. 1. The Transfer of Undertakings (Protection of Employment) Regulations A BASIC GUIDE TO INSOLVENCY PROCEEDINGS 1. The Transfer of Undertakings (Protection of Employment) Regulations ( TUPE ) are notoriously difficult to interpret. This is partly because they refer to other

More information

Relaxation of PRC regulatory restrictions on cross-border security and guarantees

Relaxation of PRC regulatory restrictions on cross-border security and guarantees May 2014 Relaxation of PRC regulatory restrictions on cross-border security and guarantees 1 Introduction After much anticipation 1, SAFE has finally published the Regulation on Foreign Exchange Administration

More information

THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 3,865 of 21st July, 2011

THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 3,865 of 21st July, 2011 THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 3,865 of 21st July, 2011 B. 22/11 Clause INSOLVENCY BILL 2011 ARRANGEMENT OF CLAUSES PART 1 PRELIMINARY 1. Title and commencement. 2. Interpretation. 3. Companies

More information

Compulsory liquidation. a guide for unsecured creditors. Association of Business Recovery Professionals

Compulsory liquidation. a guide for unsecured creditors. Association of Business Recovery Professionals Compulsory a guide for unsecured creditors Association of Business Recovery Professionals Compulsory occurs when a company is wound up by an order of the court. A licensed insolvency practitioner has given

More information

An Introduction to English Insolvency Law. slaughter and may. April 2013

An Introduction to English Insolvency Law. slaughter and may. April 2013 An Introduction to English Insolvency Law slaughter and may April 2013 Contents 1. Formal Procedures 01 1.1. Overview 01 1.2. Administration 02 1.3. Company Voluntary Arrangement ( CVA ) 04 1.4. Creditors

More information

The Limited Partnership Bill, 2010 THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES PART I PRELIMINARY. Clause

The Limited Partnership Bill, 2010 THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES PART I PRELIMINARY. Clause THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES 1 Short title and commencement. 2 Interpretation. PART I PRELIMINARY Clause PART II REGISTRAR AND REGISTRAR OF LIMITED LIABILITY PARTNERSHIPS

More information

slaughter and may Common issues in corporate recovery and insolvency in England and Wales Sarah Paterson, partner and Thomas Vickers, associate

slaughter and may Common issues in corporate recovery and insolvency in England and Wales Sarah Paterson, partner and Thomas Vickers, associate slaughter and may Common issues in corporate recovery and insolvency in England and Wales july 2011 Sarah Paterson, partner and Thomas Vickers, associate 1. Issues Arising When a Company is in Financial

More information

A Guide for Creditors

A Guide for Creditors A Guide for Creditors Contents 1. About this guide... 3 2. What is The Insolvency Service?... 3 3. What is insolvency?... 3 4. What are the insolvency procedures?... 4 5. Who deals with the insolvency

More information

Overview of the English law administration procedure and practical guidance for creditors

Overview of the English law administration procedure and practical guidance for creditors Overview of the English law administration procedure and practical guidance for creditors Set out below is an overview of the administration procedure, together with some practical guidance on the steps

More information

A voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy.

A voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy. Bankruptcy and Restructuring 121 BANKRUPTCY AND RESTRUCTURING Under Canadian constitutional law, the federal government has exclusive legislative control over bankruptcy and insolvency matters. Insolvency

More information

Formalities. CROSS-BORDER HANDBOOKS www.practicallaw.com/restructurehandbook 159

Formalities. CROSS-BORDER HANDBOOKS www.practicallaw.com/restructurehandbook 159 Restructuring and Insolvency 2007/08 South Africa South Africa Leonard Katz, Edward Nathan Sonnenbergs www.practicallaw.com/0-234-3973 SECURITY AND PRIORITIES Formalities 1. What are the most common forms

More information

BILL FOR INSOLVENCY ACT, 2014

BILL FOR INSOLVENCY ACT, 2014 ANGUILLA BILL FOR INSOLVENCY ACT, 2014 Published by Authority PROCEEDS OF CRIME ACT TABLE OF CONTENTS SECTION PART 1 PRELIMINARY PROVISIONS 1. Interpretation 2. Companies and individuals subject to insolvency

More information

The Creditors Guide to Insolvency. Kindly Provided by

The Creditors Guide to Insolvency. Kindly Provided by The Creditors Guide to Insolvency Kindly Provided by During the recent worldwide financial instability a number of our customers have found themselves to be a creditor of an insolvent entity, i.e. owed

More information

Australia. I. Generally

Australia. I. Generally Australia Texas New York Washington, DC Connecticut Dubai Kazakhstan London I. Generally Australian bankruptcy procedure is regulated by its Corporations Law, which is a single statute that governs almost

More information

LAWCASTLES TECHNICAL PAPERS

LAWCASTLES TECHNICAL PAPERS LAWCASTLES TECHNICAL PAPERS PAPER NO. 1 OF 2006 Statutory Corporate Insolvency Procedures in Tanzania Introduction This paper reviews statutory corporate insolvency procedures in Tanzania. The paper discusses

More information

COMPANIES LIQUIDATION RULES, 2012

COMPANIES LIQUIDATION RULES, 2012 Arrangement of Rules Rule ORDER 1 9 CITATION, APPLICATION AND COMMENCEMENT 9 Citation (O.1, r.1)...9 Application (O.1, r.2)...9 Commencement and transitional provisions (O.1, r.3)...10 Application of Supreme

More information

Personal Data (Privacy) (Amendment) Ordinance 2012 - Use and Sale of Personal Data for Direct Marketing.

Personal Data (Privacy) (Amendment) Ordinance 2012 - Use and Sale of Personal Data for Direct Marketing. July 2012 Personal Data (Privacy) (Amendment) Ordinance 2012 - Use and Sale of Personal Data for Direct Marketing. Contents Introduction On 27 June 2012, Hong Kong s Legislative Council ( LegCo ) passed

More information

GUIDANCE FOR MEMBERS LIQUIDATION COMMITTEES

GUIDANCE FOR MEMBERS LIQUIDATION COMMITTEES GUIDANCE FOR MEMBERS OF LIQUIDATION COMMITTEES CONTENTS INTRODUCTION...1 GENERAL...1.1 LIQUIDATION...1.2 THE LIQUIDATOR...1.3 THE LIQUIDATION COMMITTEE...1.4 THE FUNCTIONS OF THE COMMITTEE...2 CONTROL

More information

STATEMENT OF INSOLVENCY PRACTICE 9 (SCOTLAND) REMUNERATION OF INSOLVENCY OFFICE HOLDERS

STATEMENT OF INSOLVENCY PRACTICE 9 (SCOTLAND) REMUNERATION OF INSOLVENCY OFFICE HOLDERS STATEMENT OF INSOLVENCY PRACTICE 9 (SCOTLAND) REMUNERATION OF INSOLVENCY OFFICE HOLDERS 1 INTRODUCTION 1.1 This Statement of Insolvency Practice (SIP) is one of a series issued to licensed insolvency practitioners

More information

Financial Restructuring and Transactions IFT Information Note: No. 121. Introduction to Insolvency Processes Schemes of Arrangement and COMI shifting

Financial Restructuring and Transactions IFT Information Note: No. 121. Introduction to Insolvency Processes Schemes of Arrangement and COMI shifting INTRODUCTION This note is intended to act as an introduction to corporate insolvency procedures under the Insolvency Act 1986 (the Act ) (as amended by The Enterprise Act 2002) and otherwise together with

More information

Carter Clark Financial Recovery

Carter Clark Financial Recovery Carter Clark Financial Recovery GUIDANCE FOR MEMBERS OF LIQUIDATION COMMITTEES www.carterclark.co.uk GUIDANCE FOR MEMBERS OF LIQUIDATION COMMITTEES CONTENTS INTRODUCTION...1 GENERAL...1.1 LIQUIDATION...1.2

More information

Forms of Corporate Insolvency

Forms of Corporate Insolvency Forms of Corporate Insolvency There are five categories of insolvency procedure for companies: Company Voluntary Arrangement; Administration; Administrative Receivership; Creditors Voluntary Liquidation;

More information

Glossary of Terms - Hong Kong

Glossary of Terms - Hong Kong Glossary of Terms - Hong Kong Ad Valorem Fee Bankruptcy Ad Val, as it is known, was used to fund the operations of the Official Receiver's Office, but nowadays it goes into the general revenue. It has

More information

INSOLVENT TENANTS OPTIONS FOR LANDLORDS

INSOLVENT TENANTS OPTIONS FOR LANDLORDS INSOLVENT TENANTS OPTIONS FOR LANDLORDS Contents 1 Tenant in Liquidation... 2 2 Tenant in Administration... 3 3 Tenant in Receivership... 3 4 Tenant in Company Voluntary Arrangement... 5 5 Tenant in Bankruptcy...

More information

Hong Kong IPO Sponsor Reforms.

Hong Kong IPO Sponsor Reforms. December 2012 Hong Kong IPO Sponsor Reforms. Background The Securities and Futures Commission (the SFC ) published on 12 December 2012 its Consultation Conclusions on the Regulation of IPO Sponsors (the

More information

Reforming the Corporate Insolvency Regime By the Secretariat to the Corporate Law Reform Committee (CLRC) Companies Commission of Malaysia

Reforming the Corporate Insolvency Regime By the Secretariat to the Corporate Law Reform Committee (CLRC) Companies Commission of Malaysia Reforming the Corporate Insolvency Regime By the Secretariat to the Corporate Law Reform Committee (CLRC) Companies Commission of Malaysia Introduction In our first article An insight to Corporate Law

More information

GUIDANCE NOTES FOR DIRECTORS OF COMPANIES WHICH MAY BE MADE SUBJECT TO A FORMAL INSOLVENCY PROCEDURE. These notes are set out as follows: Page

GUIDANCE NOTES FOR DIRECTORS OF COMPANIES WHICH MAY BE MADE SUBJECT TO A FORMAL INSOLVENCY PROCEDURE. These notes are set out as follows: Page GUIDANCE NOTES FOR DIRECTORS OF COMPANIES WHICH MAY BE MADE SUBJECT TO A FORMAL INSOLVENCY PROCEDURE These notes are set out as follows: Page Introduction 1 Insolvency 1 The period up to the start of the

More information

Corporate Insolvency in Ireland

Corporate Insolvency in Ireland Corporate Insolvency in Ireland 0 CORPORATE INSOLVENCY IN IRELAND Introduction The collapse of the celtic tiger in Ireland has triggered a significant increase in the number of corporate entities incorporated

More information

BRITISH VIRGIN ISLANDS. THE INSOLVENCY ACT, 2003 i. (as amended, 2004) ARRANGEMENT OF SECTIONS PART I - PRELIMINARY PROVISIONS

BRITISH VIRGIN ISLANDS. THE INSOLVENCY ACT, 2003 i. (as amended, 2004) ARRANGEMENT OF SECTIONS PART I - PRELIMINARY PROVISIONS BRITISH VIRGIN ISLANDS THE INSOLVENCY ACT, 2003 i (as amended, 2004) ARRANGEMENT OF SECTIONS PART I - PRELIMINARY PROVISIONS 1. Short title and commencement. 2. Interpretation. 3. Meaning of company. 4.

More information

Creditors Rights in Insolvency Proceedings: A Practical Guide for Smaller Practices

Creditors Rights in Insolvency Proceedings: A Practical Guide for Smaller Practices BERMUDA BRITISH VIRGIN ISLANDS CAYMAN ISLANDS CYPRUS DUBAI HONG KONG LONDON MAURITIUS MOSCOW SÃO PAULO SINGAPORE conyersdill.com November 2010 Creditors Rights in Insolvency Proceedings: A Practical Guide

More information

Negotiating a legal minefield: law firm insolvency

Negotiating a legal minefield: law firm insolvency Page 1 Corporate Rescue and Insolvency Journal/2012 Volume 5/Issue 5, October/Articles/Negotiating a legal minefield: law firm insolvency - (2012) 5 CRI 190 Corporate Rescue and Insolvency (2012) 5 CRI

More information

CLEARING AND SETTLEMENT SYSTEMS BILL

CLEARING AND SETTLEMENT SYSTEMS BILL C1881 CLEARING AND SETTLEMENT SYSTEMS BILL CONTENTS Clause Page PART 1 PRELIMINARY 1. Short title and commencement... C1887 2. Interpretation... C1887 PART 2 DESIGNATION AND OVERSIGHT Division 1 Designation

More information

Bermuda Winding-Up Procedures

Bermuda Winding-Up Procedures Bermuda Winding-Up Procedures Foreword The following is a summary of the law and procedure under the Companies Act 1981 ("the Act") in so far as it relates to liquidations of companies in Bermuda. The

More information

THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY

THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY OFFICIAL TRUSTEE PRACTICE STATEMENT 4 THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY Date issued March 2013 Date last updated 2 March 2016 If you have any comments, suggestions or queries about an issue

More information

Use or Transfer of Personal Data for Direct Marketing

Use or Transfer of Personal Data for Direct Marketing February 2013 Changes to Direct Marketing Privacy Laws come into force on 1 April 2013 Introduction The Personal Data (Privacy) (Amendment) Ordinance 2012 (the Amendment Ordinance ), introduced some important

More information

A Creditor s Guide to Voluntary Liquidation in Hong Kong

A Creditor s Guide to Voluntary Liquidation in Hong Kong A Creditor s Guide to Voluntary Liquidation in Hong Kong Creditors Voluntary Liquidation Creditors voluntary liquidation occurs when shareholders put a company into liquidation because it is insolvent,

More information

Company Insolvency Overview

Company Insolvency Overview February 2010 Introduction 1. This overview is a general information guide only to highlight the differences between the various types of external controllers over company assets. Creditors should seek

More information

VIRGIN ISLANDS. INSOLVENCY ACT, 2003 No. 5 of 2003 VIRGIN ISLANDS INSOLVENCY ACT, 2003 ARRANGEMENT OF SECTIONS PRELIMINARY PROVISIONS

VIRGIN ISLANDS. INSOLVENCY ACT, 2003 No. 5 of 2003 VIRGIN ISLANDS INSOLVENCY ACT, 2003 ARRANGEMENT OF SECTIONS PRELIMINARY PROVISIONS VIRGIN ISLANDS INSOLVENCY ACT, 2003 No. 5 of 2003 VIRGIN ISLANDS INSOLVENCY ACT, 2003 ARRANGEMENT OF SECTIONS Section PART I PRELIMINARY PROVISIONS 1. Short title and commencement. 2. Interpretation. 3.

More information

The main source of law relating to corporate insolvency in Jamaica is Part

The main source of law relating to corporate insolvency in Jamaica is Part Jamaica Myers, Fletcher & Gordon and PricewaterhouseCoopers Jamaica Peter Goldson, partner Gina Phillipps-Black, partner Shuana-Kaye A Hanson, associate Myers, Fletcher & Gordon John Wesley Lee, partner

More information

GUIDE. Guide to Winding Up of Solvent and Insolvent Jersey Companies

GUIDE. Guide to Winding Up of Solvent and Insolvent Jersey Companies GUIDE Guide to Winding Up of Solvent and Insolvent Jersey Companies TABLE OF CONTENTS PREFACE...2 1. Summary Winding Up...3 2. Creditor s Winding Up...3 3. Bankruptcy...4 4. End of Period of Duration...5

More information

A guide to compulsory liquidations

A guide to compulsory liquidations A guide to compulsory liquidations Introduction A compulsory liquidation is one instituted by the Courts as a result of a petition to the court by an interested party. The appropriate Courts for such actions

More information

Cayman Islands Insolvency Law

Cayman Islands Insolvency Law Cayman Islands Insolvency Law Foreword This memorandum has been prepared for the assistance of those who are considering issues pertaining to the insolvency of companies in the Cayman Islands. It deals

More information

Supplement No. 3 published with Extraordinary No. 5, dated 22 January, 2009. THE COMPANIES WINDING UP RULES 2008

Supplement No. 3 published with Extraordinary No. 5, dated 22 January, 2009. THE COMPANIES WINDING UP RULES 2008 CAYMAN ISLANDS Supplement No. 3 published with Extraordinary No. 5, dated 22 January, 2009. THE COMPANIES WINDING UP RULES 2008 AJJ/999999/15644034v1 ORDER 1...12 CITATION, APPLICATION AND COMMENCEMENT...12

More information

Dealing With Debt. How to wind up your own company

Dealing With Debt. How to wind up your own company how to wind up your own company aug 2008.qxp:how to wind up your own company July 2008.qxd 26/03/2009 07:12 Dealing With Debt How to wind up your own company Page 1 Contents Page About this booklet....................................................3

More information

Crown Holdings (London) Limited (In Liquidation) ( the Company ) Notification to Creditors of a Vacancy on the Liquidation Committee 3 May 2013

Crown Holdings (London) Limited (In Liquidation) ( the Company ) Notification to Creditors of a Vacancy on the Liquidation Committee 3 May 2013 Crown Holdings (London) Limited (In Liquidation) ( the Company ) Notification to Creditors of a Vacancy on the Liquidation Committee 3 May 2013 Following the appointment of Joint Administrators on 4 October

More information

Dealing with Debt How to wind up your own company

Dealing with Debt How to wind up your own company Dealing with Debt How to wind up your own company Contents About this booklet 1 General information What is liquidation? What types of liquidation are there? Where can I get advice about liquidation? What

More information

Trustees and Liquidators in Bankruptcies and Compulsory Liquidations

Trustees and Liquidators in Bankruptcies and Compulsory Liquidations Trustees and Liquidators in Bankruptcies and Compulsory Liquidations Information on the appointment, functions, powers and payment of trustees and liquidators, and their complaints procedure. Contents

More information

Partner, Ligomarc Advocates

Partner, Ligomarc Advocates Kabiito Karamagi Partner, Ligomarc Advocates Introduction The Kenneth Cook Report United Kingdom. The Tyler Committee Report Hong Kong Uganda Law Reform Commission The Reid and Priest Claire Manuel Kalenge,

More information

NOTE - This document is provided for guidance only and does not purport to be a legal interpretation. PERSONAL INSOLVENCY ACT 2012

NOTE - This document is provided for guidance only and does not purport to be a legal interpretation. PERSONAL INSOLVENCY ACT 2012 Background to and purpose of the Act PERSONAL INSOLVENCY ACT 2012 EXPLANATORY MEMORANDUM The Act provides for the reform of personal insolvency law and will introduce the following new non-judicial debt

More information

Lump sum death benefits: Tax issues

Lump sum death benefits: Tax issues September 2013 Occupational pension schemes: Lump sum death benefits: Tax issues Here we look at the main tax issues which arise in relation to lump sum death benefit payments. We shall start with tax-registered

More information

BERMUDA 1943 : 39 MOTOR CAR INSURANCE (THIRD-PARTY RISKS) ACT 1943

BERMUDA 1943 : 39 MOTOR CAR INSURANCE (THIRD-PARTY RISKS) ACT 1943 Laws of Bermuda BERMUDA 1943 : 39 MOTOR CAR INSURANCE (THIRD-PARTY RISKS) ACT 1943 ARRANGEMENT OF SECTIONS 1 Interpretation 2 Minister may authorize insurers 3 Owner of motor car must hold insurance 4

More information

Guidance for insolvency practitioners and official receivers

Guidance for insolvency practitioners and official receivers Guidance for insolvency practitioners and official receivers An introduction from the Chief Executive Dear Insolvency Practitioner/Official Receiver This guide provides information on how insolvency practitioners

More information

Jersey corporate insolvency - the two regimes

Jersey corporate insolvency - the two regimes www.bedellgroup.com Jersey Guernsey London Dublin Mauritius BVI Singapore Jersey corporate insolvency - the two regimes Bedell Cristin Jersey briefing briefing Introduction There are two principal regimes

More information

Israel. Zellermayer, Pelossof & Co

Israel. Zellermayer, Pelossof & Co Israel Ofer Shapira, Partner The Israeli legislation on insolvent companies is principally set out in: Zellermayer, Pelossof & Co the Companies Ordinance (New Version) 1983; the Bankruptcy Ordinance 1980;

More information

MIA 7/2010 INSOLVENCY. Learning the Essentials of Corporate Liquidation. April 2010

MIA 7/2010 INSOLVENCY. Learning the Essentials of Corporate Liquidation. April 2010 MIA 7/2010 INSOLVENCY Learning the Essentials of Corporate Liquidation Liquidated d Co.. April 2010 Copyright April 2010 by the Malaysian Institute of Accountants ( MIA ). All rights reserved. Permission

More information

2010 CORPORATE INSOLVENCY REFORMS

2010 CORPORATE INSOLVENCY REFORMS 2010 CORPORATE INSOLVENCY REFORMS Reversal of the effect of Sons of Gwalia v Margaretic and related issues Section 563A of the Corporations Act subordinates any claims made by a person in their capacity

More information

A CREDITORS GUIDE TO LIQUIDATORS FEES

A CREDITORS GUIDE TO LIQUIDATORS FEES A CREDITORS GUIDE TO LIQUIDATORS FEES ENGLAND AND WALES 1 Introduction 1.1 When a company goes into liquidation the costs of the proceedings are paid out of its assets. The creditors, who hope to recover

More information

Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting

Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires accounting Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting corporation" means a company approved as an accounting corporation

More information

ILA Response to Red Tape Challenge Changes to insolvency law to reduce unnecessary regulation and simplify procedures

ILA Response to Red Tape Challenge Changes to insolvency law to reduce unnecessary regulation and simplify procedures ILA Response to Red Tape Challenge Changes to insolvency law to reduce unnecessary regulation and simplify procedures The Insolvency Lawyers Association (the "ILA") provides a forum for c 450 full, associate,

More information

ENGLISH BANKRUPTCY PROCEDURE GUIDE. A bankruptcy is deemed to commence on the date of the bankruptcy order.

ENGLISH BANKRUPTCY PROCEDURE GUIDE. A bankruptcy is deemed to commence on the date of the bankruptcy order. ENGLISH BANKRUPTCY PROCEDURE GUIDE A bankruptcy is deemed to commence on the date of the bankruptcy order. The advantages of a bankruptcy to a debtor are: automatic discharge after 1 year; vast majority

More information

Thompson Jenner LLP Last revised April 2013 Standard Terms of Business

Thompson Jenner LLP Last revised April 2013 Standard Terms of Business The following standard terms of business apply to all engagements accepted by Thompson Jenner LLP. All work carried out is subject to these terms except where changes are expressly agreed in writing. 1

More information

ICAEW CERTIFICATE IN INSOLVENCY SYLLABUS JULY 2013

ICAEW CERTIFICATE IN INSOLVENCY SYLLABUS JULY 2013 ICAEW CERTIFICATE IN INSOLVENCY SYLLABUS JULY 2013 LEARNING OUTCOMES Module aim To ensure that students have a good grounding in the fundamentals of insolvency work to enable them to work effectively in

More information

EU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013

EU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013 May 2012 EU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013 Contents 1 Overview In February 2012, eurozone member states signed a modified version of

More information

Limited liability partnership liquidation and insolvency (Scotland)

Limited liability partnership liquidation and insolvency (Scotland) Limited liability partnership liquidation and insolvency (Scotland) GPLLP5s August 2014 Insolvency Act 1986 This guidance is available in alternative formats which include Braille, large print and audio

More information

The Trust Deed is dated 30 August 2012. The Trust Deed is between the Issuer and the Trustee and provides for the following:

The Trust Deed is dated 30 August 2012. The Trust Deed is between the Issuer and the Trustee and provides for the following: Summary 1 Trust Deed The Trust Deed is dated 30 August 2012. The Trust Deed is between the Issuer and the Trustee and provides for the following: 1.1 Issue of PERLS VI The Issuer may issue PERLS VI to

More information