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

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

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

Transcription

1 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 alia, the company, its directors or a creditor. The purpose of the order is the rescue of a company as a going concern, achieving a better result for creditors than available on liquidation, or realising property to enable a distribution to one or more secured or preferential creditors, b) The administration of the insolvent estate of a deceased debtor. Administrative Receiver An insolvency practitioner appointed by the holder of a floating charge covering the whole, or substantially the whole, of a company s property. He can carry on the company s business and sell the business and the other assets comprised in the charge to repay the secured and preferential creditors. Administrative receivers can only be appointed in exceptional circumstances under charges created after 15 September Administrative Receivership The legal state of a company when a person is appointed as an administrative receiver of its property and undertaking. Administration The legal status of a company subject to an administration order or an Out of Court appointed administrator. Administrator An insolvency practitioner appointed either by the Court under an administration order or Out of Court by the board of directors or the holder of a qualifying floating charge. The administrator will need to produce proposals for approval by the creditors to achieve the specified purposes. Associates Associates of an individual include family members, relatives, partners and their relatives, employees, employers, trustees in certain trust relationships and companies which the individual controls. Associates of companies include other companies under common control (see also connected persons). Bankruptcy Restrictions Orders/Undertakings An order/undertaking whereby a bankrupt can be restricted from certain activities for a period of up to 15 years from the making of the bankruptcy order. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner. Break-Up Sale Dismantling of a business. Trading ceases and the assets are sold off piecemeal. Company Directors Disqualification Act 1986 Statute dealing with the disqualification of directors, including reporting requirements by insolvency practitioners. Company Voluntary Arrangement A procedure under the Insolvency Act whereby a plan of reorganisation or composition in satisfaction of the company s debts is put forward to creditors and shareholders. There is limited involvement by the Court so that the scheme, once approved, binds all creditors. A supervisor is appointed to oversee implementation of the scheme. Composition An agreement between a debtor and his creditors whereby the compounding creditors agree with the debtor and between themselves to accept from the debtor payment of less than the amounts due to them in full satisfaction of their claims. Compulsory Liquidation A compulsory liquidation of a company is liquidation ordered by the Court. This is usually as a result of a petition presented to the Court by a creditor and is the only method by which a creditor can bring about a liquidation of its debtor company. Connected Persons Directors or shadow directors of a company and their associates, and associates of a person. Court-Appointed Receiver A person, not necessarily a licensed insolvency practitioner, appointed to take charge of assets usually where they are subject to some legal dispute. Bankruptcy Bankruptcy is the process of dealing with the estate of an individual who has been made bankrupt.

2 Creditors Committee A creditors committee is formed to represent the interest of all creditors in supervising the activities of an administrator or trustee in bankruptcy, or receiving reports from an administrative receiver. It consists of between 3 and 5 creditor members. Creditors Voluntary Liquidation A liquidation that is commenced by resolution of the shareholders, but is under the effective control of creditors, who can choose the liquidator at a meeting convened pursuant to Section 98 of the Insolvency Act Debenture A document stating the terms of a loan, usually to a company. Debentures may be secured on part or all of a company s assets, or they may be unsecured. In the context of a floating charge, the lender is often referred to as the debenture holder. Debt Arrangement Scheme This can assist you stopping creditors enforcing legal action and giving you time to pay with looming court orders. If the proposals are deemed fair and reasonable the creditors cannot block the scheme becoming effective. All interest charges and fees are frozen from the date of approval and written off on completion. Declaration of Solvency Forming part of the members voluntary liquidation process, a statutory declaration confirming that the directors have made a full inquiry into the company s affairs and that, having done so, they believe that the company will be able to pay its debts in full within 12 months from the start of the winding up. The declaration will include both the assets and liabilities as at the latest practicable date before making the declaration and must be signed by a majority of the company s directors. Discharge from Bankruptcy A process which releases a debtor from the formal bankruptcy procedure and from most of the debts owed at the date the bankruptcy order was made. Disqualification of Directors A director found to have conducted the affairs of an insolvent company in an unfit manner may be disqualified, on application by the Department for Business Innovation and Skills (BIS) to the Court, from holding any management position in a company for between 2 and 15 years. To avoid the costs of Court action it is also possible for unfit directors to give an undertaking not to act as a director for a period agreed with the BIS. Breach of such an undertaking carries the same penalties as breach of a disqualification order. Distribution in Specie The distribution of an individual s or company s assets in a non-monetary form. Enterprise Act 2002 An Act which contains measures that reform competition law, strengthen consumer protection and modernise the Insolvency Act. The provisions on corporate insolvency and the abolition of Crown preference came into force on 15 September The individual insolvency provisions and those reforming The Insolvency Service s financial regime came into force on 1 April European Regulation on Insolvency Proceedings 2000 The Regulation came into force on 31 May 2002 in all member states of the European Union, except Denmark. The Regulation only applies where the centre of a debtor s main interests is situated within a member state (usually presumed to be the place of the registered office). Whilst the Regulation does not attempt to harmonise the insolvency laws of the member states it does make important changes governing the relationship between different insolvency procedures within the EU. Extortionate Credit Transaction A transaction by which credit is provided on terms that are exorbitant or grossly unfair compared with the risk accepted by the creditor. Such a transaction may be challenged by an administrator, liquidator or trustee in bankruptcy.

3 Fixed Charge A form of security granted over specific assets which generally do not change on a day to day basis in the ordinary course of business (e.g. freehold property, goodwill), preventing the debtor dealing with those assets without the consent of the secured creditor. It gives the secured creditor a first claim on the proceeds of sale, and the creditor can usually appoint a receiver to realise the assets in the event of default. Floating Charge A form of security granted to a creditor over general assets of a company which may change from time to time in the normal course of business (e.g. stock). The company can continue to use the assets in its business until an event of default occurs and the charge crystallises. If this happens, the secured creditor can realise the assets to recover its debt, usually by appointing an administrative receiver or administrator, and obtain the net proceeds of sale subject to the prior claims of the preferential creditors. Fraudulent Trading Where a company has carried on business with intent to defraud creditors, or for any fraudulent purpose. It is a criminal offence and those involved can be made personally liable for the company s liabilities. Going Concern Basis on which insolvency practitioners usually prefer to sell a business. Effectively it means the business continues, and a higher price is often obtained. Guarantee A legal commitment to repay a debt if the original borrower fails to do so. Directors may give guarantees to banks in return for the bank giving finance to their companies. Income Payments Order/Agreement Court order or out of Court agreement which provides for part of a bankrupt s income to be paid to the trustee. The duration of an IPO/IPA is up to 3 years from the date of the bankruptcy order. Inhibition Court order placing restrictions on the disposal of certain assets, such as property or securities, and giving priority of payment over other creditors. Insolvent Defined alternatively as having total assets worth less than total liabilities, or being unable to pay debts as and when they fall due. If a creditor can establish either test, he will be able to present a winding up or bankruptcy petition. Insolvency Act 1986 Primary legislation governing insolvency law and practice. Extensively amended by the Enterprise Act 2002, many other statutes and statutory instruments are also relevant. Insolvent Liquidation A company goes into insolvent liquidation if it enters liquidation at a time when its assets are insufficient for the payment of its debts and other liabilities and the expenses of the liquidation. Insolvency Practitioner Person licensed by one of the chartered accountancy bodies, the Law Societies, the Insolvency Practitioners Association or the Department of Trade and Industry. The only person who may act as an office holder in an insolvency proceeding. Insolvency Rules 1986 The Insolvency Rules 1986, as amended, provide the detailed working procedures for the provisions of the Insolvency Act Lien Right to retain possession of assets or documents in settlement of a debt. Liquidation Process whereby a company has its assets realised and distributed to satisfy, insofar as it is able, its liabilities and to repay its shareholders. The term winding up is also used. Liquidation is a terminal process and is followed by the dissolution of the company. Liquidation Committee Committee of creditors and sometimes shareholders who receive information from a liquidator and sanction some of his actions. It consists of between 3 and 5 creditor members. Liquidator Insolvency practitioner appointed to wind up a company or partnership.

4 Members Voluntary Liquidation Solvent liquidation where the shareholders appoint the liquidator to realise assets and settle all the company s debts in full, together with statutory interest, within 12 months. Misfeasance Breach of duty or misapplication of funds or property of a company by its directors or managers. Moratorium Implemented during the period leading up to a CVA (or partnership voluntary arrangement) precluding insolvency and other legal proceedings being started or continued against the company whilst it remains in force. The term is also used to describe the protection afforded to a company in administration from, inter alia, enforcement creditors. Mortgage A transfer of an interest in land or other property by way of security redeemable upon performing the condition of paying a given sum of money. Nominee An insolvency practitioner appointed to consider proposals of a company. Office Holder A liquidator, provisional liquidator, administrative receiver, administrator, supervisor of a voluntary arrangement, or trustee in bankruptcy. Onerous Property The term onerous property in the context of a liquidation or bankruptcy applies to unprofitable contracts and to property that is unsaleable or not easily saleable or that might give rise to a continuing liability. Such property can be disclaimed by a liquidator or a trustee in bankruptcy, e.g. a lease. Petition A written application to the Court for relief or remedy. Preferential Creditor Defined in Schedule 6 of The Insolvency Act Has priority over creditors whose debts are secured by a floating charge and unsecured creditors, when funds are distributed by a liquidator, administrative receiver or trustee in bankruptcy. The main categories are arrears of wages (up to a maximum of 800), all outstanding holiday pay, and arrears of contributions to an occupational pension scheme subject to certain restrictions. PAYE, national insurance continuations and VAT are no longer preferential. Proof of Debt Document submitted by a creditor to the insolvency practitioner giving evidence of the amount of the debt. Protected Trust Deed This is a formal proposal administered through a Licensed Insolvency Practitioner in Scotland to legally write off the debts you are unable to pay to your creditors. You would normally have unsecured debts in excess of 8,000 and qualify where your income cannot meet your debt repayments after allowing for normal day to day living expenditure. You only pay back what you can afford after living expenses, normally for a three year term. The remaining debt is then written off. Provisional Liquidator Insolvency practitioner appointed to safeguard a company s assets after presentation of a winding up petition but before a winding up order is made. Proxy Document whereby a person or company authorises another to represent them at a meeting. The proxy may be a general proxy, giving the holder discretion as to how he votes, or a special proxy requiring him to vote as directed. Proxyholder Person who attends a meeting on behalf of another. Preference A payment or other transaction in the 6 month period (or 2 years for connected parties) preceding a liquidation, administration or bankruptcy, which places a creditor or guarantor, in a better position than they would have been otherwise. The office holder may recover sums which are found to be preferences.

5 Qualifying Floating Charge A charge is a qualifying floating charge if it is created by an instrument which: states that paragraph 14 of Schedule B1 to IA 1986 applies to the floating charge; purports to empower the holder of the floating charge to appoint an administrator of the company; purports to empower the holder of the floating charge to make an appointment which would be the appointment of an administrative receiver within the meaning given by section 29(2) IA 1986; or purports to empower the holder of a floating charge in Scotland to appoint a receiver who on appointment would be an administrative receiver; and which, either on its own or with other security, relates to the whole or substantially the whole of the company s property. Receiver Often used to describe an administrative receiver, who may be appointed over a company s assets. More accurately, a receiver is the person appointed by a secured creditor holding a charge over certain assets of a company in order to take control of those assets for the benefit of the secured creditor. Receivership The general term applied when a person is appointed as a receiver or administrative receiver. Recognised Professional Body An organisation approved by the Secretary of State as being able to authorise its members to act as insolvency practitioners (see Insolvency Practitioner). Relevant Date The commencement date of the insolvency proceedings. Reserved Fund (also known as the Prescribed Part) Under the Enterprise Act 2002 the order of payment to classes of creditors was altered in cases where a floating charge was created after 15 September A sum of money, instead of being paid to e.g. a bank under its floating charge, is ring fenced for contribution towards the claims of the unsecured creditors. The prescribed part is calculated as follows: 50% of the first 10,000 of the sum, plus 20% of the remaining balance, up to a maximum of 600,000. Retention of Title A provision under a contract for the supply of goods which purports to reserve ownership of the goods with the supplier until the goods have been paid for. Scheme of Arrangement A compromise or arrangement between a company and its creditors or members or any class of them under section 425 of the Companies Act Secured Creditor A creditor with specific rights over some or all of the debtor s assets in the event of insolvency or other default. In essence, the secured creditor gets paid first. Security A charge or mortgage over assets taken to secure payment of a debt. If the debt is not paid, the lender has a right to sell the charged assets. Security documents can be very complex. The most common example is a mortgage over a property. Sequestration This occurs where a creditor successfully raises a court action against you to obtain money that you owe and have made little or no repayment. You will be appointed a licensed Insolvency Practitioner who administrates on behalf of your creditors to recover any assets to repay all or part of the debt. Shadow Director A person who is not formally appointed as a director, but in accordance with whose directions or instructions the directors of a company are accustomed to act. However, a person is not a shadow director merely because the directors act on advice given by him. Special Manager A special manager is a person appointed by the Court in a compulsory liquidation or bankruptcy to assist the liquidator or trustee in managing the insolvent s business. He does not need to be an insolvency practitioner. Statement of Affairs A statement of assets (usually including details of both book and estimated to realise values) and liabilities at a given date, usually prepared by the directors in corporate insolvency proceedings or the individual in personal insolvency proceedings.

6 Statutory Demand A formal notice requiring payment of a debt exceeding 750 within 21 days, in default of which bankruptcy or liquidation proceedings may be commenced without further notice. Supervisor Insolvency practitioner appointed by creditors to supervise the way in which an approved voluntary arrangement is put into effect. Transaction at an Undervalue/Gratuitous Alienation A transaction at an undervalue can be described either as a gift or a transaction in which the consideration received is significantly less than that given. In certain circumstances such a transaction in the 2 years prior to insolvency can be challenged by an administrator or liquidator. A trustee in bankruptcy can challenge such transactions occurring in the 5 years before insolvency. Winding-up Order Order made by the Court for a company to be placed in compulsory liquidation. Winding-up Petition A winding-up petition is a petition presented to the Court seeking an order that a company be put into compulsory liquidation. Wrongful Trading Applied to companies in liquidation where a director allowed the company to continue trading in circumstances where he should have concluded that there was no reasonable prospect that the company would avoid going into insolvent liquidation. The directors involved may be made personally liable to make a contribution to the company s assets if they have not taken all steps necessary to minimise the loss to creditors. Trustee Quite apart from its common usage, (under the Trustee Act 1925), this is a term used for a variety of insolvency appointments, including the insolvency practitioner appointed in an English bankruptcy; a Scottish sequestration; a Deed of Arrangement; a Scottish trust deed and an administration order of the affairs of a deceased debtor. Unsecured Creditor Strictly, any creditor who does not hold security. More commonly used to refer to any ordinary creditor who has no preferential rights, although, in fact, preferential creditors are also technically unsecured. VAT Bad Debt Relief The relief obtained from H M Revenue & Customs in respect of the VAT element of an unpaid debt. It can be claimed on debts over 6 months old that have been written off in the creditor s books. Voluntary Liquidation See creditors voluntary liquidation and members voluntary liquidation. Winding up See liquidation.

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

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: Insolvency and Restructuring

Glossary of Terms: Insolvency and Restructuring Glossary of Terms: Insolvency and Restructuring Administration Administration is the court supervised process by which a Licensed Insolvency Practitioner called an administrator takes control of an insolvent

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

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

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

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 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

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

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

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

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

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 Liquidation

Insolvency and Liquidation Insolvency and Liquidation There are many different ways of dealing with company debt. In most cases, an authorised insolvency practitioner will be appointed to manage a company s affairs once insolvency

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

Insolvency: a guide for directors When Where How - What

Insolvency: a guide for directors When Where How - What Insolvency: a guide for directors When Where How - What Contents 1. About this guide... 3 What is insolvency?... 3 What is The Insolvency Service?... 3 What is compulsory liquidation (winding up by the

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

The local authority insolvency. Jargon buster

The local authority insolvency. Jargon buster The local authority insolvency Jargon buster 1 The world of insolvency can be, at best, confusing for the uninitiated. The various fields of restructuring and recovery are littered with technical terms,

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

Insolvency: a guide for directors When Where How - What

Insolvency: a guide for directors When Where How - What Insolvency: a guide for directors When Where How - What Contents 1. About this guide... 3 What is insolvency?... 3 What is The Insolvency Service?... 3 What is compulsory liquidation (winding up by the

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

Making things clearer. The Jargon Buster: a guide to insolvency

Making things clearer. The Jargon Buster: a guide to insolvency Making things clearer The Jargon Buster: a guide to insolvency Established in 1984, with offices in Central and the North of London, David Rubin & Partners enjoys an enviable reputation as a firm of insolvency

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

Understanding Insolvency

Understanding Insolvency Understanding Insolvency December 2006 Introduction This guide has been prepared by R3 The Association of Business Recovery Professionals. It defines and explains most insolvency procedures and terms,

More information

CORPORATE RECOVERY & INSOLVENCY

CORPORATE RECOVERY & INSOLVENCY Brochure Corporate-14:Layout 1 1/7/09 13:50 Page 1 CORPORATE RECOVERY & INSOLVENCY Directors Responsibilities Brochure Corporate-14:Layout 1 1/7/09 13:50 Page 2 Your responsibilities as a company director

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

A Guide for Directors

A Guide for Directors A Guide for Directors Contents 1. About this Guide...3 2. Compulsory liquidation (winding up by the High Court) - the procedure...5 3. Disqualification of unfit directors of insolvent companies 10 4. Criminal

More information

Limited companies. Identifying a limited company. Liability for limited company debts. Information: formal insolvency proceedings.

Limited companies. Identifying a limited company. Liability for limited company debts. Information: formal insolvency proceedings. This fact sheet gives information about private limited companies. We will use the terms limited company and company for the rest of this fact sheet. We explain the responsibilities of limited company

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

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

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

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

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

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

Understanding Insolvency

Understanding Insolvency Understanding Insolvency October 2008 Introduction This guide has been prepared by R3 The Association of Business Recovery Professionals. It defines and explains most insolvency procedures and terms, but

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

Business Debtline www.businessdebtline.org 0800 0838 018

Business Debtline www.businessdebtline.org 0800 0838 018 BUSINESS DEBTLINE Business Debtline www.businessdebtline.org 0800 0838 018 DEALING WITH DEBTS OF A LIMITED COMPANY FACT SHEET NO. 5 NORTHERN IRELAND This fact sheet gives information about private limited

More information

Corporate restructuring guidelines Insolvency

Corporate restructuring guidelines Insolvency Corporate restructuring guidelines Insolvency Prepared by: 1 Whitney Moore Published by: Irish Business and Employers Confederation 84-86 Lower Baggot Street Dublin 2 Date of publication: April 2010 Author:

More information

Director Disqualification NI

Director Disqualification NI Directors Agree to Stand Down Six Presbyterian Mutual Society (PMS) representatives have agreed not to act as company directors for periods of up to six years, the High Court has heard. The BBC has reported

More information

The IA 86 was amended by the Insolvency Act 2000 (IA 2000) which came fully into force in January 2003. The amendments were relatively minor.

The IA 86 was amended by the Insolvency Act 2000 (IA 2000) which came fully into force in January 2003. The amendments were relatively minor. Insolvency Insolvency, which in general terms means an inability by a company or individual to pay debts, is relevant to many SFO investigations and prosecutions. This section provides: an outline of different

More information

Corporate Insolvency in Ireland Dillon Eustace

Corporate Insolvency in Ireland Dillon Eustace Corporate Insolvency in Ireland Dillon Eustace Table of Contents Page 1. Mechanisms of Corporate Insolvency 1 2. Liquidation 1 3. Functions of the Liquidator 2 4. Liquidation and Creditors Rights 2 5.

More information

DIRECTORS DUTIES FOR COMPANIES IN FINANCIAL DIFFICULTIES

DIRECTORS DUTIES FOR COMPANIES IN FINANCIAL DIFFICULTIES Tests of insolvency The different types of director Director s disqualification Wrongful trading and other potential liabilities DIRECTORS DUTIES FOR COMPANIES IN FINANCIAL DIFFICULTIES Actions the well

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

Challenging transactions in an insolvency

Challenging transactions in an insolvency Challenging transactions in an insolvency 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

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

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

INSOLVENCY AND CONTRACTS

INSOLVENCY AND CONTRACTS INSOLVENCY AND CONTRACTS In-house Lawyers Group Seminar Joanna Clark DLA Piper Scotland LLP 19 March 2015 What are we talking about? Insolvency basics Effect of insolvency on contracts Post-insolvency

More information

Duties of the directors of companies in financial difficulties. slaughter and may. October 2010

Duties of the directors of companies in financial difficulties. slaughter and may. October 2010 Duties of the directors of companies in financial difficulties slaughter and may October 2010 Contents 1. Introduction 01 2. Overview 01 3. Practical guidance 02 4. Common law, statutory and regulatory

More information

Employees Rights on Insolvency of Company

Employees Rights on Insolvency of Company BRIEFING PAPER Number 00651, 31 December 2014 Employees Rights on Insolvency of Company By Doug Pyper and Lorraine Conway Inside: 1. Employment Rights 2. Payments covered by the State 3. Tax on redundancy

More information

A LIQUIDATOR S INVESTIGATION INTO THE AFFAIRS OF AN INSOLVENT COMPANY- ENGLAND AND WALES. 1. Introduction 2 2. Best Practice 3 3.

A LIQUIDATOR S INVESTIGATION INTO THE AFFAIRS OF AN INSOLVENT COMPANY- ENGLAND AND WALES. 1. Introduction 2 2. Best Practice 3 3. INSOLVENCY GUIDANCE NOTE STATEMENT OF INSOLVENCY PRACTICE 2 (E & W): A LIQUIDATOR S INVESTIGATION INTO THE AFFAIRS OF AN INSOLVENT COMPANY- ENGLAND AND WALES Contents Pages 1. Introduction 2 2. Best Practice

More information

A Guide for Directors. When - Where - How - What

A Guide for Directors. When - Where - How - What A Guide for Directors When - Where - How - What Contents 1. About this guide What is insolvency?............................................................. 4 What is The Insolvency Service?...................................................

More information

Insolvency: a guide for shareholders

Insolvency: a guide for shareholders INFORMATION SHEET 43 Insolvency: a guide for shareholders If a company is in financial difficulty, it can be put under the control of an independent external administrator. The role of the external administrator

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

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

A Guide to a Debt Settlement Arrangement ( DSA )

A Guide to a Debt Settlement Arrangement ( DSA ) A Guide to a Debt Settlement Arrangement ( DSA ) May 2013 Contents Introduction... 2 What is a DSA?... 2 Eligibility... 3 What Type of Debts may or may not be included in a DSA?... 4 The DSA Process...

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

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

Collection Manual Liquidation of Companies and other Company Law issues

Collection Manual Liquidation of Companies and other Company Law issues Collection Manual Liquidation of Companies and other Company Law issues Updated June 2014 CONTENTS 1 Introduction...3 2 What is Liquidation?...3 3 When is it appropriate to seek liquidation of a company?...3

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

Revenue and Benefit Service

Revenue and Benefit Service Revenue and Benefit Service Draft Write Off Policy ~ 1 ~ WRITE OFF POLICY Introduction This document sets out the procedure to be followed when writing off irrecoverable amounts (including credit balances)

More information

The Principal Duties and Powers of. Liquidators, Receivers. & Examiners. under the Companies Act

The Principal Duties and Powers of. Liquidators, Receivers. & Examiners. under the Companies Act The Principal Duties and Powers of Liquidators, Receivers & Examiners Information Book 7 Liquidators, Receivers & Examiners under the Companies Act The Principal Duties and Powers of Liquidators, Receivers

More information

LEVEL 4 - UNIT 5 CORPORATE INSOLVENCY SUGGESTED ANSWERS JUNE 2015

LEVEL 4 - UNIT 5 CORPORATE INSOLVENCY SUGGESTED ANSWERS JUNE 2015 LEVEL 4 - UNIT 5 CORPORATE INSOLVENCY SUGGESTED ANSWERS JUNE 2015 Note to Candidates and Tutors: The purpose of the suggested answers is to provide students and tutors with guidance as to the key points

More information

Receivership: a guide for creditors

Receivership: a guide for creditors INFORMATION SHEET 54 Receivership: a guide for creditors If a company is in financial difficulty, a secured creditor or the court may put the company into receivership. This information sheet provides

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

University of Trier English Law Helen Campbell, Lecturer

University of Trier English Law Helen Campbell, Lecturer University of Trier English Law Helen Campbell, Lecturer Company Law Types of Business Associations --sole trader --partnership --company (aka corporation: management is separated from ownership) --limited

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

A guide to creditors' meetings

A guide to creditors' meetings A guide to creditors' meetings Creditors meetings under the Insolvency Act 1986 Introduction Creditors meetings provided for under the Insolvency Act 1986 (the Act) vary in purpose according to the type

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

GUIDE TO WINDING UP OF SOLVENT AND INSOLVENT COMPANIES IN JERSEY

GUIDE TO WINDING UP OF SOLVENT AND INSOLVENT COMPANIES IN JERSEY GUIDE TO WINDING UP OF SOLVENT AND INSOLVENT COMPANIES IN JERSEY CONTENTS PREFACE 1 1. Summary Winding up 2 2. Creditors Winding up 2 3. Bankruptcy 3 4. End of Period of Duration 4 5. Orders of the Court

More information

Insolvency: a guide for directors

Insolvency: a guide for directors INFORMATION SHEET 42 Insolvency: a guide for directors This information sheet provides general information on insolvency for directors whose companies are in financial difficulty, or are insolvent, and

More information

DUTIES OF DIRECTORS IN RELATION TO COMPANIES FACING FINANCIAL DIFFICULTIES

DUTIES OF DIRECTORS IN RELATION TO COMPANIES FACING FINANCIAL DIFFICULTIES DUTIES OF DIRECTORS IN RELATION TO COMPANIES FACING FINANCIAL DIFFICULTIES This note summarises the current duties of directors of a company and the potential for them to incur personal liability in that

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

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 IN FINANCIAL DIFFICULTY

COMPANIES IN FINANCIAL DIFFICULTY COMPANIES IN FINANCIAL DIFFICULTY RESTRUCTURING AND INSOLVENCY PRACTICAL ISSUES FOR DIRECTORS Introduction A company, or group of companies, may find itself facing financial difficulty for many reasons.

More information

Bankruptcy: trustee's right of inquiry

Bankruptcy: trustee's right of inquiry BRIEFING PAPER Number 05819, 7 October 2015 Bankruptcy: trustee's right of inquiry By Lorraine Conway Inside: 1. Role of the trustee in bankruptcy 2. Trustee s investigatory role 3. Assets disposed of

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

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

Value Added tax Information Leaflet

Value Added tax Information Leaflet Value Added tax Information Leaflet Liquidators and Receivers 1. General 1.1 What is a liquidator Under the provisions of the Companies Acts, 1963 to 2001, a company may be wound up either by order of

More information

Information Book 7 Liquidators, Receivers & Examiners

Information Book 7 Liquidators, Receivers & Examiners Decision Notice D/2011/1 Information Book 7 Liquidators, Receivers & Examiners The Principal Duties and Powers of Liquidators, Receivers & Examiners under the Companies Acts 1963-2009 Decision Notice

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

STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM

STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM Protocol Annex 4 STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the IVA FORUM Revised November 2013 For use in proposals issued on or after 1 January 2014 TABLE OF CONTENTS FOR STANDARD

More information

A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES

A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES This document contains two (2) sections SECTION A Individual Voluntary Arrangements (IVA s) SECTION B Scottish Protected Trust Deed s (PTD s) SECTION

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

DRN. Guide to a Debt Relief Notice

DRN. Guide to a Debt Relief Notice nseirbhís Dócmhainneachta na héirea DRN Guide to a Debt Relief Notice n Insolvency Service of Ireland A Debt Relief Notice enables an eligible insolvent debtor with limited disposable income and assets

More information

Distressed companies. Issues and opportunities. What are the formal insolvency processes and how do they work?

Distressed companies. Issues and opportunities. What are the formal insolvency processes and how do they work? Distressed companies Issues and opportunities The current economic climate creates hazards and opportunities for those involved with or interested in companies in distress. This short booklet will help

More information

Directors Duties: Companies in Financial Difficulty

Directors Duties: Companies in Financial Difficulty Directors Duties: Companies in Financial Difficulty Preliminary The purpose of this Fact Sheet is to brief the owner-manager on the duties and liabilities of a director whose company is in financial difficulty.

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

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

DSA. Guide to a Debt Settlement Arrangement

DSA. Guide to a Debt Settlement Arrangement nseirbhís Dócmhainneachta na héirea DSA Guide to a Debt Settlement Arrangement n Insolvency Service of Ireland A Debt Settlement Arrangement enables an eligible insolvent debtor to reach agreement with

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

Simple Guide to Corporate Insolvency

Simple Guide to Corporate Insolvency Simple Guide to Corporate Insolvency Stephen Grant, Keith Stevens & Vee Bharakda 17 February 2013 Background Wilkins Kennedy LLP is a top 20 accountancy firm with offices throughout the South East Amersham,

More information

Relate. Personal Insolvency Bill 2012. August 2012. New arrangements for dealing with debt. Contents

Relate. Personal Insolvency Bill 2012. August 2012. New arrangements for dealing with debt. Contents August 2012 Volume 39: Issue 8 ISSN 0790-4290 Contents Relate The journal of developments in social services, policy and legislation in Ireland Page No. 1 Personal Insolvency Bill 2012 This issue deals

More information

SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY

SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY The most common options available to individuals who are unable to pay their debts are:- 1 Do nothing. 2 Obtain an unsecured debt consolidation

More information

Company Voluntary Arrangements

Company Voluntary Arrangements BRIEFING PAPER Number CPB06944, 10 December 2015 Company Voluntary Arrangements By Lorraine Conway Inside: 1. Introduction 2. CVA procedure 3. The advantages of a CVA 4. The disadvantages of a CVA 5. Past

More information

Liquidators, Receivers & Examiners under the Companies Acts 1963-2001

Liquidators, Receivers & Examiners under the Companies Acts 1963-2001 Decision Notice D/2002/1 The Principal Duties and Powers of Liquidators, Receivers & Examiners under the Companies Acts 1963-2001 Information Book 7 - Liquidators, Receivers & Examiners www.odce.ie Decision

More information

Restructuring and insolvency in the UK (England & Wales): overview

Restructuring and insolvency in the UK (England & Wales): overview GLOBAL GUIDE 2015/16 RESTRUCTURING AND INSOLVENCY Country Q&A Restructuring and insolvency in the UK (England & Wales): overview James Roome, Tom Bannister and Emma Simmonds Akin Gump LLP global.practicallaw.com/9-501-6812

More information

INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY. Examination Tuesday 2 June 2009

INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY. Examination Tuesday 2 June 2009 INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY Examination Tuesday 2 June 2009 PERSONAL INSOLVENCY (3 HOURS) Part A: Part B: Part C: All questions to be answered

More information

Bankruptcy and a fresh start: stigma on failure and legal consequences of bankruptcy

Bankruptcy and a fresh start: stigma on failure and legal consequences of bankruptcy Tax & Legal ITEC Group Brussels Airport Business Park Berkenlaan 7 B-1831 Diegem Belgium Tel: +32 2 639 48 48 Fax: +32 2 639 48 99 http://www.deloitte.be Bankruptcy and a fresh start: stigma on failure

More information

Dealing with financial problems in your business - a guide for directors

Dealing with financial problems in your business - a guide for directors Dealing with financial problems in your business - a guide for directors Introduction Despite a nationwide fall in the number of corporate failures, for many businesses, insolvency remains a real and pressing

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