DIRECTORS DISQUALIFICATION & INSOLVENCY RESTRICTIONS THIRD EDITION

Size: px
Start display at page:

Download "DIRECTORS DISQUALIFICATION & INSOLVENCY RESTRICTIONS THIRD EDITION"

Transcription

1 DIRECTORS DISQUALIFICATION & INSOLVENCY RESTRICTIONS THIRD EDITION n x

2 n x x

3 DIRECTORS DISQUALIFICATION & INSOLVENCY RESTRICTIONS THIRD EDITION ADRIAN WALTERS MALCOLM DAVIS-WHITE Q.C. n x

4 n x x Published in 00 by Thomson Reuters (Legal) Limited (Registered in England & Wales, Company No 0. Registered Office and address for service: 00 Avenue Road, London, NW PF) trading as Sweet & Maxwell For further information on our products and services, visit Typeset by LBJ Typesetting Ltd of Kingsclere Printed in the UK by CPI William Clowes Ltd, Beccles, NR TL A CIP catalogue record for this book is available from the British Library ISBN All rights reserved. Crown copyright material is reproduced with the permission of the Controller of HMSO and the Queen s Printer for Scotland. No part of this publication may be reproduced or transmitted, in any form or by any means, or stored in any retrieval system of any nature, without prior written permission, except for permitted fair dealing under the Copyright, Designs and Patents Act, or in accordance with the terms of a licence issued by the Copyright Licensing Agency in respect of photocopying and/or reprographic reproduction. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publishers. Full acknowledgment of author, publisher and source must be given. No natural forests were destroyed to make this product, only farmed timber was used and re-planted. Thomson Reuters and the Thomson Reuters Logo are trademarks of Thomson Reuters. Sweet & Maxwell is a registered trademark of Thomson Reuters (Legal) Limited. 00 Thomson Reuters (Legal) Limited

5 DEDICATION To Rachel and Alice And to Sarah and...the Bear, the Bat and the Beaver n x

6

7 Preface Table of Abbreviations Table of Cases Table of Statutes Table of Statutory Instruments Table of Rules CONTENTS CHAPTER COMPANY DIRECTORS DISQUALIFICATION ACT : INTRODUCTION AND OVERVIEW Page xxi xxiii xxv lxiv lxxxix xcix Introduction 0 Company Directors Disqualification Act 0 Overview of the CDDA 0 Extension of the CDDA to other forms of organisation Territorial extent and international dimension Regulatory responsibility in relation to CDDA disqualification History and Evolution of the Disqualification Regime Bankruptcy Fraud during winding-up and criminal offences in connection with the management of companies Persistent non-compliance with filing obligations under companies legislation The development of the provisions relating to unfit conduct 0 Bankruptcy restrictions and debt relief restrictions orders International recognition Summary and Conclusion CHAPTER THE NATURE AND PURPOSE OF DIRECTORS DISQUALIFICATION Introduction 0 What Was Parliament s Intention in Enacting the CDDA? 0 Disqualification and abuse of the privilege of limited liability 0 The CDDA and the protection of wider constituencies The CDDA and protection of the public: raising standards of probity and competence vii n x

8 n x x CONTENTS The Nature of the Disqualification Process The regulatory technique Classifying disqualification proceedings: protection of the public or punishment of the individual? Summary and Conclusion CHAPTER DISQUALIFICATION FOR UNFIT CONDUCT: PRELIMINARY MATTERS Introduction 0 The Inception of Section Proceedings: Reporting by Office Holders 0 Statutory reporting obligations: CDDA s.() 0 Insolvent Companies (Reports on Conduct of Directors) Rules 0 Insolvency Service procedures 0 Material to be provided by office holders to the Insolvency Service 0 Material obtained pursuant to Insolvency Act ss. and 0 Section (): power to obtain information from officeholders 0 Disclosure of office holders reports Section (): Substantive Preliminaries Director Former directors De facto directors Summary and reflections on the current law relating to de facto directors Shadow directors Other categories of director 0 Company Statutory extensions and modifications Statutory extensions and modifications introduced by the Banking Act 00 A Companies capable of being wound up under Part V of the Insolvency Act Becomes Insolvent Administration and administrative receivership Goes into liquidation 00 Moving from members voluntary to creditors voluntary liquidation 0 Liquidation and insolvency: time for reform? 0 Conduct in Relation to Lead and Collateral Companies 0 Can good conduct in collateral companies be taken into account? 0 Does there need to be some nexus or connection between the conduct in lead and collateral companies? 0 viii

9 CONTENTS When can or must allegations regarding collateral companies be raised? Lead and collateral allegations in the context of insolvent partnerships Section (): Preliminaries Investigative material CHAPTER ESTABLISHING UNFIT CONDUCT (): GENERAL PRINCIPLES Introduction 0 Section : Mandatory Disqualification for Unfitness 0 Section : Discretionary Disqualification for Unfitness 0 Establishing Unfit Conduct 0 General points 0 Makes him unfit to be concerned in the management of a company : relevant conduct under CDDA s. Schedule of the CDDA The requirement to consider allegations of unfit conduct separately and cumulatively CHAPTER ESTABLISHING UNFIT CONDUCT (): SPECIFIC INSTANCES OF UNFIT CONDUCT AND PERIOD OF DISQUALIFICATION Introduction 0 Specific Instances of Unfit Conduct 0 Trading while insolvent to the detriment of creditors 0 Deliberate failure to pay Crown or other non-pressing creditors and the concept of unfair discrimination Failure to keep proper accounting records and the wider obligation to exercise financial responsibility Excessive remuneration Misuse of bank account Phoenix activity and serial failure Lack of capitalisation Failure to prepare and file accounts/returns Acceptance of customer pre-payments Transactions detrimental to creditors Non co-operation with office holders and regulatory authorities Breach of fiduciary and other duties Breaches of duty affecting shareholders Breaches of duty affecting employees ix n

10 n x x CONTENTS Fraud Specific instances of unfit conduct in section cases 0 Disqualification on Grounds of Incompetence What level of incompetence will justify an order under s.? What is meant by incompetence? Individual responsibility and collective failure Period of Disqualification 0 Introduction 0 Court of Appeal sentencing guidelines 0 The Sevenoaks Stationers brackets in practice 0 Mitigating factors 0 CHAPTER COMPETITION DISQUALIFICATION ORDERS Introduction 0 Section A: Mandatory Disqualification for Unfit Conduct Following a Breach of Competition Law 0 The first condition 0 The second condition 0 Preliminaries, Practice and Procedure Standing Competition investigations Pre-action procedure: the section C() notice Proving breaches of competition law 0 The OFT guidance Competition Disqualification Undertakings Conclusion CHAPTER PROCEDURE AND EVIDENCE IN CIVIL DISQUALIFICATION PROCEEDINGS Introduction 0 The Relevant Courts 0 Jurisdiction to wind up companies 0 Jurisdiction under ss.(), () and Transfer and proceedings commenced in the wrong court Overseas directors: disputing the court s jurisdiction The Applicable Rules of Court Applicable rules: history 0 x

11 CONTENTS Tasbian, Probe Data and the applicability of the Insolvency Rules Developments after Tasbian and Probe Data The current position The current position: CDDA ss., and A The CPR and the Disqualification Practice Direction Conduct before Proceedings are Commenced General points CDDA s.(): the ten-day letter Parties to Proceedings The general position The liquidator as claimant Members and creditors as claimants The Secretary of State or official receiver as claimant The claimant in competition disqualification cases Duties on organs of the state when acting as claimant to act fairly 0 The wrong claimant The number of defendants The number of lead companies in s. cases 0 Joining disqualification proceedings with other proceedings Applications for the Making of a Disqualification Order Overview of procedure on an application for the making of a disqualification order Procedural timetable Other matters Parallel proceedings Allegations of unfit conduct: CDDA ss. and 0 Evidence Written evidence The burden and standard of proof 0 Hearsay and opinion evidence Expert evidence Character evidence Compelled evidence Costs Confidentiality and Use of Disqualification Material for Non-Disqualification Purposes Supply of documents from court records Availability of court documents otherwise than through inspection of the court file xi n

12 n x x CONTENTS CHAPTER PERMISSION TO COMMENCE SECTION PROCEEDINGS OUT OF TIME AND THE IMPACT OF DELAY IN CIVIL DISQUALIFICATION PROCEEDINGS Introduction 0 Permission to Commence Proceedings Out of Time Under Section () 0 General points 0 Principles on which the discretion to grant permission is exercised 0 Procedure on applications for permission under section () Dismissal for Delay The position prior to the CPR Manlon Trading: balancing the public interest against prejudice suffered by the defendant Other pre-cpr cases The position under the CPR and art. of the ECHR Case law Conclusion CHAPTER CIVIL DISQUALIFICATION CASES: TERMINATION WITHOUT A FULL TRIAL Introduction 0 Discontinuance of Proceedings 0 Costs on discontinuance 0 Disqualification Undertakings 0 The law prior to April, 00 The law on and after April, 00 Practice under the statutory undertakings regime Competition Disqualification Undertakings 0 Law 0 Practice and costs Summary Hearings: The Carecraft Procedure Carecraft statements Uncontested Evidence Offers To Settle Including CPR Pt and Calderbank Offers Part offers The disqualification regime: when is a defendant s offer beaten by the claimant? xii

13 CONTENTS CHAPTER 0 ALTERNATIVE GROUNDS FOR DISQUALIFICATION: SECTIONS TO AND 0 OF THE CDDA Introduction 0 0 Scope of chapter 0 0 General introduction: ss. and Meaning of company in ss. and Statutory extensions and modifications introduced by the Banking Act 00 0 B Section : Disqualification on Conviction of Indictable Offence 0 Indictable offence 0 Promotion, formation and management 0 Offence in connection with promotion of a company 0 Offence in connection with formation of a company 0 0 Offence in connection with management of a company 0 Examples of offences in connection with...management falling within CDDA s.() 0 Offence in connection with liquidation or striking off of a company 0 Offence in connection with receivership of a company s property 0 Section : procedure 0 Section : Disqualification for Persistent Breach of Companies Legislation 0 0 Companies legislation 0 Return, account etc. 0 Persistent default 0 Section : procedure 0 Section : Disqualification for Fraud etc. in Winding Up 0 Section ()(a): fraudulent trading 0 Section ()(b): fraud or breach of duty by an officer or liquidator or receiver of company property 0 0 Section : procedure 0 Section : Disqualification on Summary Conviction 0 Section : procedure 0 Section 0: Disqualification Following Participation in Wrongful Trading 0 Insolvency Act s. 0 Insolvency Act s. 0 Section 0: procedure 0 Parallel Civil and Criminal Proceedings 0 Factors Considered by the Courts in Exercising its Discretion under ss. and 0 0 The nature of the discretion 0 0 xiii n

14 n x x CONTENTS Specific problems of discretion in the criminal courts 0 Period of disqualification 0 Appeals Against Disqualification Orders Made Under ss. and Appeals 0 0 Stays 0 0 Department of Business, Innovation and Skills as Prosecutor 0 0 The criminal investigations and prosecution team 0 0 The investigation process 0 0 The decision to prosecute 0 0 CHAPTER BANKRUPTCY, INSOLVENCY RESTRICTIONS AND COUNTY COURT ADMINISTRATION ORDERS Introduction 0 Background to the Current Bankruptcy Regime 0 Duration of Bankruptcy Commencement of bankruptcy Discharge Automatic Disqualification of Undischarged Bankrupts, DRO Debtors and Those Subject to Insolvency Restrictions from Involvement in Companies: CDDA s.() History and rationale Knock On Effects of Bankruptcy, Debt Relief Orders and Insolvency Restrictions Wider restrictions on undischarged bankrupts The lifting of certain prohibitions and restrictions on undischarged bankrupts The statutory power to remove and extend further prohibitions and restrictions Wider restrictions on persons subject to DROs The effect of BROs and BRUs The effect of DRROs and DRRUs Other potential effects of bankruptcy and insolvency restrictions The Bankruptcy Restrictions Regime: Bankruptcy Restrictions Orders ( BROs ) and Bankruptcy Restrictions Undertakings ( BRUs ) Background Prior investigation BROs: substantive law BROs: procedure BRUs The effect of annulment on BROs, interim BROs and BRUs Publicity for bankruptcy orders, BROs and BRUs 0 xiv

15 CONTENTS The Debt Relief Restrictions Regime: Debt Relief Restrictions Orders ( DRROs ) and Debt Relief Restrictions Undertakings ( DRRUs ) Background Prior investigations DRROs: substantive law DRROs: procedure 0 DRRUs 0 The effect of revocation of a DRO on DRROs, interim DRROs and DRRUs 0 Publicity for DROs, DRROs and DRRUs 0 Overlap Between s. and Other Provisions in the CDDA Disqualification Following Revocation of an Administration Order Made Under Part VI of the County Courts Act CHAPTER DISQUALIFICATION ORDERS AND UNDERTAKINGS Introduction 0 Form of Orders and Undertakings 0 Disqualification orders made on and after April, 00 0 Disqualification orders made prior to April, 00 0 Disqualification undertakings 0 The scope of the prohibition under a disqualification order 0 Picking and choosing Commencement and Coming into Effect of Disqualification Orders and Undertakings Orders made prior to April, 00 Orders made on and after April, 00 Interim permission Undertakings Parties subject to more than one period of disqualification Registration of Orders and Undertakings Press releases CHAPTER PROCEDURE IN CIVIL DISQUALIFICATION PROCEEDINGS AFTER JUDGMENT OR ENTRY INTO A DISQUALIFICATION UNDERTAKING: REVIEWS, VARIATIONS AND APPEALS Introduction 0 The Applicable Rules 0 Reviews 0 Review powers in insolvency proceedings 0 Review powers under the CPR 0 xv n

16 n x x CONTENTS Review powers under the Disqualification Practice Direction 0 Orders made in the absence of a party 0 Section A: The Court s Power to Vary or Discharge Disqualification Undertakings 0 Power of the party accepting a disqualification undertaking to vary or discharge it 0 Jurisdiction under s.a The basis on which the court will reduce the period of an undertaking or provide for it to cease to be in force Appeals Appeal provisions applicable to civil proceedings (other than insolvency proceedings) generally Appeal provisions of the Insolvency Rules Conduct of the appeal CHAPTER THE LEGAL EFFECT OF DISQUALIFICATION Introduction 0 Scope of Disqualification 0 The prohibitions 0 Company 0 Extension to building societies, incorporated friendly societies, NHS foundation trusts, open-ended investment companies, limited liability partnerships and charitable incorporated organisations CDDA s.: general definitions Director Does CDDA disqualification result in formal removal from office? Receiver of a Company s Property Directly or Indirectly be Concerned or Take Part in the Promotion, Formation or Management of a Company 0 Declaratory relief? In any way, whether directly or indirectly, be concerned or take part in... Promotion Formation Management Insolvency Practitioner Wider Legal Effects of CDDA Disqualification 0 Charities Act Pensions Act Police bodies Education bodies: school companies and school governors xvi

17 CONTENTS Social housing Health and social care bodies Regulatory and other consequences Breach of the CDDA Prohibitions Criminal liability and further disqualification Civil liability CHAPTER PERMISSION TO ACT NOTWITHSTANDING DISQUALIFICATION Introduction 0 The Approach of the Court in Exercising the Power to Grant Permission 0 Scope of power 0 Discretion 0 The proper starting point 0 Need 0 Protection of the public Conditional permission Types of condition Applications for permission to be involved in management Interim permission Applications for permission under ss. and 0 Cases where the court cannot grant permission Future direction Procedure on Applications for Permission CDDA ss. and : procedure on an application for permission to act notwithstanding disqualification Procedure on an application for permission to act notwithstanding automatic disqualification under CDDA s. CHAPTER THE INTERNATIONAL DIMENSION Introduction 0 Outbound Issues 0 The territorial extent of CDDA powers of disqualification and the CDDA disqualification prohibitions 0 The extraterritorial reach of the substantive powers to impose or agree to insolvency restrictions The extraterritorial reach of the prohibition in CDDA s. arising from personal insolvency and insolvency restrictions xvii n

18 n x x CONTENTS The extraterritorial reach of the CDDA arising from Council Regulation /00 on the European Company The effect within Great Britain of bankruptcy restrictions arising from legislation other than the CDDA Inbound Issues Recognition of overseas prohibitions Part 0 of the Companies Act 00 Selective jurisdictions with disqualification regimes The Crown Dependencies Alderney Guernsey Isle of Man Jersey Sark APPENDICES Appendix Company Directors Disqualification Act A 0 Appendix Table of Former Provisions A 0 Appendix Disqualification Statutory Instruments A 0 The Insolvent Companies (Reports on Conduct of Directors) Rules (SI /0) A 0 The Insolvent Companies (Disqualification of Unfit Directors) Proceedings Rules (SI /0) A 0 The Companies (Disqualification Orders) Regulations 00 (SI 00/) A Appendix Practice Direction: Directors Disqualification Proceedings A 0 Appendix Insolvency Restrictions: Extracts from Insolvency Act A 0 Part VIIA A 0 Section A A Schedule ZA A Schedule ZB A Schedule A A Appendix Extracts from the Insolvency Rules A 0 Rules A. A. A 0 Rules.0A.0 A 0 Rules.0. A 0 Rules.. A 0 xviii

19 CONTENTS Rules A. A. A Rules..0 A Appendix Extracts from the Practice Direction Insolvency Proceedings A 0 Appendix Guidelines for Applications for Permission to Act Notwithstanding Disqualification A 0 Appendix Forms of Orders and Undertakings A 0 Draft disqualification order A 0 Draft order for leave to act notwithstanding disqualification A 0 Form of disqualification undertaking A 0 Draft bankruptcy restrictions order A 0 Form of bankruptcy restrictions undertaking A 0 Form of debt relief restrictions order A 0 Form of debt relief restrictions undertaking A 0 Appendix 0 Draft Carecraft Statement A0 0 Appendix Other Legislation A 0 Insolvent Partnerships Order (SI /) A 0 Limited Liability Partnerships Regulations 00 (SI 00/00) A Appendix Extracts from Previous Legislation A 0 Index 0 xix n

20

21 PREFACE TO THIRD EDITION While doubts may be expressed in some quarters from time to time about the efficacy of disqualification as a regulatory tool, in the five years since the publication of the second edition of this book under the title Directors Disqualification & Bankruptcy Restrictions, its place in the law has continued to expand. Moreover, its role in the sanctioning and deterring of misconduct in such diverse areas as competition and health and safety continues to be emphasised by regulators and lawmakers. The recent call by the Business and Enterprise Committee of the House of Commons for the Insolvency Service to be provided with sufficient funding to meet increasing need for its investigation and enforcement activities, including disqualification under the CDDA and the imposition of insolvency restrictions (on which see further below) in respect of errant debtors, reflects this continuing emphasis on disqualification in policy discourse. In the realm of personal insolvency, the introduction by the Tribunals, Courts and Enforcement Act 00 of debt relief orders a new form of administrative bankruptcy for the financially excluded in England and Wales has spawned the debt relief restrictions regime, an analogue to the bankruptcy restrictions regime, designed to deal with misconduct on the part of debtors who have accessed it. This has led us to extend further the chapter on bankruptcy and bankruptcy restrictions and caused us to change the title of this third edition to Directors Disqualification & Insolvency Restrictions, insolvency restrictions serving as a convenient way of referring collectively to bankruptcy restrictions orders, bankruptcy restrictions undertakings, debt relief restrictions orders and debt relief restrictions undertakings. We have also added a new final chapter on the international dimension, which considers the extraterritorial scope of disqualification powers and prohibitions, the framework for recognition of foreign disqualifications introduced by the Companies Act 00 with effect from October, 00 and, in overview, the analogous directors disqualification provisions in force in the Crown Dependencies, namely the Channel Island bailiwicks of Guernsey and Jersey and the Isle of Man. As a result of these, and a series of other case law and statutory developments that have occurred in the intervening period since the second edition, not least the enactment and staggered introduction of the Companies Act 00, the size of the book has once again expanded. It is not possible in the space available to mention by name all those who have helped us during the preparation of this edition. However, special thanks go to Donna McKenzie Skene of Aberdeen University for invaluable advice on the position in Scotland and to our publishers, Sweet and Maxwell, in particular, Katherine Milburn and Laura Wood, who successfully piloted this edition through the production process. We are also grateful to our publishers for preparing the tables and index. Adrian Walters acknowledges and thanks the xxi n x

22 n x x following for their help and unstinting support: John Armour; David Burdette; Graham Ferris; Keith Gaines; Tom Lewis; David Milman; Paula Moffatt; Rebecca Parry; Mary Seneviratne; Gary Wilson; his friends and colleagues (past and present) at Geldards LLP; his parents, Anne and Allan; and (last but by no means least) his wife, Rachel and daughter, Alice. Malcolm Davis-White thanks everyone who has contributed to his knowledge of, and practice in, the subject and to the wider class of persons who, through their encouragement, forbearance and support, have enabled him to complete the task, and most of all thanks his family. He now looks forward to spending more time with the Bear, the Bat and the Beaver. Finally, the usual disclaimer applies: the views expressed in this book and any errors are those of the authors alone. We have sought to state the law as at October, 00. xxii PREFACE AJW MDW Nottingham and Lincoln s Inn November 00

23 TABLE OF ABBREVIATIONS BRO Bankruptcy Restrictions Order BRU Bankruptcy Restrictions Undertaking CCR County Court Rules CDDA Company Directors Disqualification Act CPR Civil Procedure Rules as subsequently amended Disqualification Practice Direction The Practice Direction entitled Directors Disqualification Proceedings Disqualification Rules The Insolvent Companies (Disqualification of Unfit Directors) Proceedings Rules (SI /0) as subsequently amended DRO DRO debtor DRRO DRRU ECHR Debt Relief Order A person to whom a moratorium period under a debt relief order applies Debt Relief Restrictions Order Debt Relief Restrictions Undertaking The European Convention for the Protection of Human Rights and Fundamental Freedoms (opened for signature on November, 0) RSC Rules of the Supreme Court xxiii n

Insolvent Company Investigations. What we do

Insolvent Company Investigations. What we do Insolvent Company Investigations What we do 1 Contents Introduction... 3 What can directors of insolvent companies do?... 4 What is unfit conduct?... 4 The law... 5 What can we investigate?... 5 Who can

More information

Contents. Table of Statutes. Table of Secondary Legislation. Table of Cases. Understanding Undefended Debt Claims. Enforcement of Money Judgments

Contents. Table of Statutes. Table of Secondary Legislation. Table of Cases. Understanding Undefended Debt Claims. Enforcement of Money Judgments Contents Table of Statutes Table of Secondary Legislation Table of Cases Chapter 1: Understanding Undefended Debt Claims 1.1 Definition of debt 1.2 Introduction 1.3 Taking instructions 1.4 Tracing debtors

More information

A Consultative Paper on the Company Officers Disqualification Bill 2007. 16 October 2007

A Consultative Paper on the Company Officers Disqualification Bill 2007. 16 October 2007 A Consultative Paper on the Company Officers Disqualification Bill 2007 16 October 2007 CONTENTS Page No. Section 1 Introduction 2 Section 2 Summary of contents of the draft Bill compared with current

More information

Company Directors Disqualification Act 1986 and Failed Companies Information on Disqualification Procedures

Company Directors Disqualification Act 1986 and Failed Companies Information on Disqualification Procedures www.insolvency.gov.uk Company Directors Disqualification Act 1986 and Failed Companies Information on Disqualification Procedures The courts have long been able to impose orders disqualifying company directors.

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

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

2003 No. 357 INSOLVENCY. The Insolvent Companies (Reports on Conduct of Directors) Rules (Northern Ireland) 2003 STATUTORY RULES OF NORTHERN IRELAND

2003 No. 357 INSOLVENCY. The Insolvent Companies (Reports on Conduct of Directors) Rules (Northern Ireland) 2003 STATUTORY RULES OF NORTHERN IRELAND STATUTORY RULES OF NORTHERN IRELAND 2003 No. 357 INSOLVENCY The Insolvent Companies (Reports on Conduct of Directors) Rules (Northern Ireland) 2003 Made - - - - - 27th July 2003 Coming into operation 5th

More information

LexisNexis UK. Minority Shareholders: Law, Practice and Procedure

LexisNexis UK. Minority Shareholders: Law, Practice and Procedure Minority Shareholders: Law, Practice and Procedure Second editìon By Vìctorjoffe QC, LLB, MA (Cantab) of thè Middle Temple, Barrister of Serie Court, Lincoln's Inn Attorney, New York State Bar Barrister

More information

Discharge from bankruptcy

Discharge from bankruptcy BRIEFING PAPER Number 3043, 8 October 2015 Discharge from bankruptcy By Lorraine Conway Inside: 1. Official receiver s claim to the bankruptcy estate 2. How is after-acquired property treated? 3. Automatic

More information

Personal, imaginative, reliable

Personal, imaginative, reliable For an insolvency official formally appointed outside the Islands (the Insolvency Practitioner ), the prospect of obtaining assistance in the Channel Islands is probably somewhat daunting if the procedures

More information

The Investigations Hotline? What it is and how to report misconduct

The Investigations Hotline? What it is and how to report misconduct The Investigations Hotline? What it is and how to report misconduct 1 Contents Introduction... 3 What types of misconduct does the Hotline deal with?... 3 Live companies and limited liability partnerships...

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

Third Parties (Rights against Insurers) Act 2010

Third Parties (Rights against Insurers) Act 2010 Third Parties (Rights against Insurers) Act 2010 CHAPTER 10 CONTENTS Transfer of rights to third parties 1 Rights against insurer of insolvent person etc 2 Establishing liability in England and Wales and

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

2006 No. 246 TERMS AND CONDITIONS OF EMPLOYMENT. The Transfer of Undertakings (Protection of Employment) Regulations 2006

2006 No. 246 TERMS AND CONDITIONS OF EMPLOYMENT. The Transfer of Undertakings (Protection of Employment) Regulations 2006 STATUTORY INSTRUMENTS 2006 No. 246 TERMS AND CONDITIONS OF EMPLOYMENT The Transfer of Undertakings (Protection of Employment) Regulations 2006 Made - - - - 6th February 2006 Laid before Parliament 7th

More information

The Mortgage Brokerages and Mortgage Administrators Regulations

The Mortgage Brokerages and Mortgage Administrators Regulations 1 AND MORTGAGE ADMINISTRATORS M-20.1 REG 1 The Mortgage Brokerages and Mortgage Administrators Regulations being Chapter M-20.1 Reg 1 (effective October 1, 2010) as amended by Saskatchewan Regulations,

More information

Structured Settlements: The Law and Practice

Structured Settlements: The Law and Practice Case Management Structured Settlements: The Law and Practice RICHARD LEWIS Senior Lecturer, Cardiff Law School, University of Wales London Sweet & Maxwell 1993 Foreword Preface 7a We o/" Cases Table of

More information

PERSONAL LIABILITY FOR DEBTS, FOLLOWING CONTRAVENTION OF S.216

PERSONAL LIABILITY FOR DEBTS, FOLLOWING CONTRAVENTION OF S.216 IMPORTANT NOTICE EXTRACTS FROM THE INSOLVENCY ACT 1986 AND INSOLVENCY RULES THE PROVISIONS OF SECTION 216, 217 and 235 OF THE INSOLVENCY ACT 1986 and Rules 4.226 to 4.230 RESTRICTION ON RE-USE OF COMPANY

More information

Comparison of Voluntary Liquidation Procedures in the British Virgin Islands, the Cayman Islands and Jersey

Comparison of Voluntary Liquidation Procedures in the British Virgin Islands, the Cayman Islands and Jersey Comparison of Voluntary Liquidation Procedures in the British Virgin Islands, the Cayman Islands and Jersey Introduction In light of recent changes to UK tax on residential property it may in certain circumstances

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

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

Limited Liability Partnerships Act 2000

Limited Liability Partnerships Act 2000 ch1200a00a 25-07-00 23:48:23 ACTA Unit: paga CH 12, 24.07.2000 Limited Liability Partnerships Act 2000 CHAPTER 12 ARRANGEMENT OF SECTIONS Introductory Section 1. Limited liability partnerships. Incorporation

More information

2015 No. 1641 DEREGULATION. The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015

2015 No. 1641 DEREGULATION. The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 S T A T U T O R Y I N S T R U M E N T S 2015 No. 1641 DEREGULATION The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 Made - - - - 1st

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

LIMITATIONS. The Limitations Act. being

LIMITATIONS. The Limitations Act. being 1 LIMITATIONS c. L-16.1 The Limitations Act being Chapter L-16.1* of The Statutes of Saskatchewan, 2004 (effective May 1, 2005), as amended by the Statutes of Saskatchewan, 2007, c.28. *NOTE: Pursuant

More information

The board of directors of a company is primarily responsible for:

The board of directors of a company is primarily responsible for: The board of directors of a company is primarily responsible for: Determining the company s strategic objectives and policies. Monitoring progress towards achieving the objectives and policies. Appointing

More information

Alternatives to bankruptcy

Alternatives to bankruptcy Alternatives to bankruptcy Contents Introduction... 3 You do not have to become bankrupt just because you are in debt.... 3 Informal Arrangements?... 3 Informal arrangements, also known as 'family arrangements'

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

Contents. Table of Statutes. Table of Secondary Legislation. Table of Cases. Pre-action Conduct of Litigation

Contents. Table of Statutes. Table of Secondary Legislation. Table of Cases. Pre-action Conduct of Litigation Contents Table of Statutes Table of Secondary Legislation Table of Cases Chapter 1: General Principles 1.1 Introduction 1.1.1 Overview of civil litigation process 1.2 Introduction to the civil courts 1.2.1

More information

The criminal and civil justice systems in England and Wales

The criminal and civil justice systems in England and Wales The criminal and civil justice systems in England and Wales Introduction Important differences exist between UK civil and criminal proceedings that have implications for fraud investigations, including

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

THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 4,167 of 7th May, 2015

THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 4,167 of 7th May, 2015 THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 4,167 of 7th May, 2015 B. 13/15 Clause PRIVATE TRUST COMPANIES BILL 2015 1. Short title and commencement. 2. Interpretation. 3. Registration of Private Trust

More information

Civil Law (Wrongs) (Proportionate Liability and Professional Standards) Amendment Act 2004

Civil Law (Wrongs) (Proportionate Liability and Professional Standards) Amendment Act 2004 Australian Capital Territory Civil Law (Wrongs) (Proportionate Liability and Professional Standards) Amendment Act 2004 Contents Page 1 Name of Act 2 2 Commencement 2 3 Legislation amended 2 4 New chapter

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

Abusive Behaviour and Sexual Harm (Scotland) Bill [AS AMENDED AT STAGE 2]

Abusive Behaviour and Sexual Harm (Scotland) Bill [AS AMENDED AT STAGE 2] Abusive Behaviour and Sexual Harm (Scotland) Bill [AS AMENDED AT STAGE 2] Section CONTENTS PART 1 ABUSIVE BEHAVIOUR Abusive behaviour towards partner or ex-partner 1 Aggravation of offence where abuse

More information

AGENCY MANAGEMENT FRAMEWORK FOR INSURANCE AGENT

AGENCY MANAGEMENT FRAMEWORK FOR INSURANCE AGENT GENERAL INSURANCE ASSOCIATION OF SINGAPORE AGENCY MANAGEMENT FRAMEWORK FOR INSURANCE AGENT APPENDIX B1 OF GIARR General Insurance Association of Singapore 180 Cecil Street, #15-01 Bangkok Bank Building

More information

ATTORNEY GENERAL S GUIDELINES ON PLEA DISCUSSIONS IN CASES OF SERIOUS OR COMPLEX FRAUD

ATTORNEY GENERAL S GUIDELINES ON PLEA DISCUSSIONS IN CASES OF SERIOUS OR COMPLEX FRAUD ATTORNEY GENERAL S GUIDELINES ON PLEA DISCUSSIONS IN CASES OF SERIOUS OR COMPLEX FRAUD A FOREWORD A1. These Guidelines set out a process by which a prosecutor may discuss an allegation of serious or complex

More information

OBJECTS AND REASONS. (a) the regulation of the collection, keeping, processing, use or dissemination of personal data;

OBJECTS AND REASONS. (a) the regulation of the collection, keeping, processing, use or dissemination of personal data; OBJECTS AND REASONS This Bill would provide for (a) the regulation of the collection, keeping, processing, use or dissemination of personal data; (b) the protection of the privacy of individuals in relation

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

Bankruptcy Remote Structuring

Bankruptcy Remote Structuring Bankruptcy Remote Structuring by David W. Forti April 1-3, 2001 Copyright 2001 Dechert. All rights reserved. Materials have been abridged from laws, court decisions and administrative rulings and should

More information

Identity Cards Act 2006

Identity Cards Act 2006 Identity Cards Act 2006 CHAPTER 15 Explanatory Notes have been produced to assist in the understanding of this Act and are available separately 6 50 Identity Cards Act 2006 CHAPTER 15 CONTENTS Registration

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

Premier Professional

Premier Professional Premier Professional Taxwise Premier Professional Important: This is a claims made insurance, which means we must receive claims during the period of insurance. This Policy insures you. Your clients have

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

Insolvency Practitioners Bill

Insolvency Practitioners Bill Insolvency Practitioners Bill Government Bill Explanatory note General policy statement The Insolvency Practitioners Bill introduces a negative licensing system that gives the Registrar of Companies the

More information

Chapter 12 ENGLAND AND WALES

Chapter 12 ENGLAND AND WALES CROSS-BORDER INSOLVENCY Chapter 12 ENGLAND AND WALES 1. Under general law English case law shows a clear tradition of assistance and co-operation with foreign courts so that foreign creditors may gain

More information

Bankruptcy. a guide for unsecured creditors. Association of Business Recovery Professionals

Bankruptcy. a guide for unsecured creditors. Association of Business Recovery Professionals Bankruptcy a guide for unsecured creditors Association of Business Recovery Professionals Bankruptcy An individual is made bankrupt as a result of a petition presented to the court, usually because he

More information

FIXED COSTS PART 45. Contents of this Part

FIXED COSTS PART 45. Contents of this Part FIXED COSTS PART 45 PART 45 Contents of this Part I FIXED COSTS Rule 45.1 Scope of this Section Rule 45.2 Amount of fixed commencement costs in a claim for the recovery of money or goods Rule 45.2A Amount

More information

216[4] [Penalty] If a person acts in contravention of this section, he is liable to imprisonment or a fine, or both.

216[4] [Penalty] If a person acts in contravention of this section, he is liable to imprisonment or a fine, or both. Section 216 Restriction on Re-Use of Company Names 216[1] [Application] This section applies to person where a company [ the liquidating company ] has gone into insolvent liquidation on or after the appointed

More information

Consequential Changes to the General Dental (Constitution) Order 2009

Consequential Changes to the General Dental (Constitution) Order 2009 Item 9 Encl. G Council 23 March 2010 Consequential Changes to the General Dental (Constitution) Order 2009 Purpose of paper Mission statement/business plan For information To be open and transparent Issues

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

Taxwise Premier Protection Important: This is a claims made insurance, which means we must receive claims during the period of insurance.

Taxwise Premier Protection Important: This is a claims made insurance, which means we must receive claims during the period of insurance. Premier Protection Taxwise Premier Protection Important: This is a claims made insurance, which means we must receive claims during the period of insurance. The Policy Schedule, Contract, Practice Profile

More information

GUERNSEY FINANCIAL SERVICES COMMISSION

GUERNSEY FINANCIAL SERVICES COMMISSION GUERNSEY FINANCIAL SERVICES COMMISSION LICENCE APPLICATIONS FOR ENTITIES ACTING IN RESPECT OF QUALIFYING INVESTOR FUNDS OR REGISTERED CLOSED-ENDED INVESTMENT FUNDS GUIDANCE In recent years, the Commission

More information

Players Agent Registration Regulations

Players Agent Registration Regulations Players Agent Registration Regulations 1 Definitions 1.1 In these, the following terms shall have the following meanings: Agency Activity means acting in any way and at any time in the capacity of agent,

More information

Insolvency Act 1986 ARRANGEMENT OF SECTIONS CHAPTER 45. Making, etc. of administration order. The proposal

Insolvency Act 1986 ARRANGEMENT OF SECTIONS CHAPTER 45. Making, etc. of administration order. The proposal Insolvency Act 1986 CHAPTER 45 ARRANGEMENT OF SECTIONS THE FIRST GROUP OF PARTS COMPANY INSOLVENCY; COMPANIES WINDING UP Section PART I COMPANY VOLUNTARY ARRANGEMENTS The proposal 1. Those who may propose

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

Advice Note. An overview of civil proceedings in England. Introduction

Advice Note. An overview of civil proceedings in England. Introduction Advice Note An overview of civil proceedings in England Introduction There is no civil code in England; English civil law comprises of essentially legislation by Parliament and decisions by the courts.

More information

SECURITIES ACT ARRANGEMENT OF PARTS

SECURITIES ACT ARRANGEMENT OF PARTS SECURITIES ACT 2001 SECURITIES ACT ARRANGEMENT OF PARTS PART I GENERAL PROVISIONS...9 PART II SECURITIES EXCHANGES...17 PART III CLEARING AGENCIES AND SECURITIES REGISTRIES 30 PART IV LICENSING OF MARKET

More information

Education Services for Overseas Students Act 2000

Education Services for Overseas Students Act 2000 Education Services for Overseas Students Act 2000 Act No. 164 of 2000 as amended This compilation was prepared on 17 December 2008 taking into account amendments up to Act No. 144 of 2008 The text of any

More information

Applying appropriate sanctions consistently

Applying appropriate sanctions consistently Applying appropriate sanctions consistently Policy statement April 2013 Tackling fraud and managing security Contents 1 Introduction... 1 2 The NHS Protect approach to pursuing sanctions... 1 3 The criminal

More information

GUIDELINES ON FIT AND PROPER CRITERIA

GUIDELINES ON FIT AND PROPER CRITERIA GUIDELINES ON FIT AND PROPER CRITERIA GUIDELINE NO: FSG-G01 Application of Guidelines These Guidelines set out the fit and proper criteria applicable to all relevant persons in relation to the carrying

More information

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Business (Finance Platforms) Regulations 2015

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Business (Finance Platforms) Regulations 2015 Draft Regulations to illustrate the Treasury s current intention as to the exercise of powers under clause 5 of the Small Business, Enterprise and Employment Bill. D R A F T S T A T U T O R Y I N S T R

More information

Application for a debt relief order information to be in the application

Application for a debt relief order information to be in the application SCHEDULE 1 PART 5A OF THE INSOLVENCY RULES PART 5A DEBT RELIEF ORDERS CHAPTER 1 Preliminary Scope of this part: introductory and interpretation 5A.1. The Rules in this Part apply in relation to debt relief

More information

Financial Services (Banking Reform) Act 2013

Financial Services (Banking Reform) Act 2013 Financial Services (Banking Reform) Act 2013 CHAPTER 33 26.75 Financial Services (Banking Reform) Act 2013 CHAPTER 33 CONTENTS PART 1 RING-FENCING Ring-fencing 1 Objectives of Prudential Regulation Authority

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

E-Zec Medical Transport Services Ltd

E-Zec Medical Transport Services Ltd E-Zec Medical Transport Services Ltd Terminal Building Redhill Aerodrome, Kingsmill Lane Redhill Surrey RH1 5YP Licence Number: 200120 Date of Issue Version Number 19/06/2015 1.0 Dr David Bennett, Chief

More information

Accountants Professional Indemnity Insurance

Accountants Professional Indemnity Insurance Accountants Professional Indemnity Insurance Proposal Form 1. All questions must be answered giving full and complete answers. 2. Please ensure that this Proposal Form is Signed and Dated. 3. All fee or

More information

2015 No. 1945 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Business (Credit Information) Regulations 2015

2015 No. 1945 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Business (Credit Information) Regulations 2015 S T A T U T O R Y I N S T R U M E N T S 2015 No. 1945 FINANCIAL SERVICES AND MARKETS The Small and Medium Sized Business (Credit Information) Regulations 2015 Made - - - - 26th November 2015 Coming into

More information

Community Housing Providers (Adoption of National Law) Bill 2012

Community Housing Providers (Adoption of National Law) Bill 2012 Passed by both Houses [] New South Wales Community Housing Providers (Adoption of National Law) Bill 2012 Contents Part 1 Part 2 Preliminary Page 1 Name of Act 2 2 Commencement 2 3 Objects of Act 2 4 Definitions

More information

BE IT ENACTED by the Queen s Most Excellent Majesty, by

BE IT ENACTED by the Queen s Most Excellent Majesty, by At a Tynwald held in Douglas, Isle of Man, the 21st day of October in the fifty-seventh year of the reign of our Sovereign Lady ELIZABETH THE SECOND by the Grace of God of the United Kingdom of Great Britain

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

Intellectual Property Act 2014

Intellectual Property Act 2014 Intellectual Property Act 2014 CHAPTER 18 Explanatory Notes have been produced to assist in the understanding of this Act and are available separately 6.00 Intellectual Property Act 2014 CHAPTER 18 CONTENTS

More information

VIRGIN ISLANDS INSOLVENCY PRACTITIONERS REGULATIONS, 2004 ARRANGEMENT OF REGULATIONS

VIRGIN ISLANDS INSOLVENCY PRACTITIONERS REGULATIONS, 2004 ARRANGEMENT OF REGULATIONS VIRGIN ISLANDS INSOLVENCY PRACTITIONERS REGULATIONS, 2004 ARRANGEMENT OF REGULATIONS Regulation 1. Citation. 2. Interpretation. 3. Application for licence. 4. Approval of application for licence. 5. Licence

More information

Company Insolvency and Claims for Personal Injuries

Company Insolvency and Claims for Personal Injuries Company Insolvency and Claims for Personal Injuries Alison Padfield 1 Administration; Company voluntary arrangements; Corporate insolvency; Limitation periods; Liquidation; Personal injury claims; Register

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

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

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

1999 No. 2083 CONSUMER PROTECTION. The Unfair Terms in Consumer Contracts Regulations 1999

1999 No. 2083 CONSUMER PROTECTION. The Unfair Terms in Consumer Contracts Regulations 1999 STATUTORY INSTRUMENTS 1999 No. 2083 CONSUMER PROTECTION The Unfair Terms in Consumer Contracts Regulations 1999 Made - - - - 22nd July 1999 Laid before Parliament 22nd July 1999 Coming into force 1st October

More information

Company Voluntary Arrangements and Administrations

Company Voluntary Arrangements and Administrations Company Voluntary Arrangements and Administrations Second Edition Geoffrey M Weisgard, Michael Griffiths and Louis Doyle I] JORDANS CONTENTS Preface Table of Cases Table of Statutes Table of Statutory

More information

Gambling Act 2005 CONTENTS CHAPTER 19 PART 1 INTERPRETATION OF KEY CONCEPTS. Principal concepts

Gambling Act 2005 CONTENTS CHAPTER 19 PART 1 INTERPRETATION OF KEY CONCEPTS. Principal concepts Gambling Act 2005 CHAPTER 19 CONTENTS PART 1 INTERPRETATION OF KEY CONCEPTS 1 The licensing objectives 2 Licensing authorities 3 Gambling 4 Remote gambling 5 Facilities for gambling Principal concepts

More information

The remainder of the changes brought in by the Act will be examinable from (and including) the January 2017 paper onwards.

The remainder of the changes brought in by the Act will be examinable from (and including) the January 2017 paper onwards. Corporate Insolvency Syllabus the Small Business, Enterprise and Employment Act 2015 Academic year 2015-16 The changes brought in May 2015 will be examinable in the January 2016 exam, and those implemented

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

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Businesses (Credit Information) Regulations 2015

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Businesses (Credit Information) Regulations 2015 Draft Regulations to illustrate the Treasury s current intention as to the exercise of powers under clause 4 of the the Small Business, Enterprise and Employment Bill. D R A F T S T A T U T O R Y I N S

More information

EXPLANATORY MEMORANDUM TO THE DEBT RELIEF ORDERS (DESIGNATION OF COMPETENT AUTHORITIES) (AMENDMENT) REGULATIONS 2009. 2009 No.

EXPLANATORY MEMORANDUM TO THE DEBT RELIEF ORDERS (DESIGNATION OF COMPETENT AUTHORITIES) (AMENDMENT) REGULATIONS 2009. 2009 No. EXPLANATORY MEMORANDUM TO THE DEBT RELIEF ORDERS (DESIGNATION OF COMPETENT AUTHORITIES) (AMENDMENT) REGULATIONS 2009 2009 No. 1553 1. This explanatory memorandum has been prepared by the Department for

More information

No. XIV of 2002 PROJET DE LOI ENTITLED. The Rehabilitation of Offenders (Bailiwick of Guernsey) Law, 2002 ARRANGEMENT OF SECTIONS

No. XIV of 2002 PROJET DE LOI ENTITLED. The Rehabilitation of Offenders (Bailiwick of Guernsey) Law, 2002 ARRANGEMENT OF SECTIONS No. XIV of 2002 PROJET DE LOI ENTITLED The Rehabilitation of Offenders (Bailiwick of Guernsey) Law, 2002 ARRANGEMENT OF SECTIONS 1. General rule for rehabilitation 2. Sentences excluded from rehabilitation

More information

The Transfer of Funds (Sark) Ordinance, 2007 a

The Transfer of Funds (Sark) Ordinance, 2007 a The Transfer of Funds (Sark) Ordinance, 2007 a [CONSOLIDATED TEXT] NOTE This consolidated version of the enactment incorporates all amendments listed in the footnote below. However, while it is believed

More information

Those seeking admission as solicitors under the Admission Regulations, fulfilling the duties under section 3 of the Solicitors Act 1974;

Those seeking admission as solicitors under the Admission Regulations, fulfilling the duties under section 3 of the Solicitors Act 1974; 1 [Authority: Made on the [DD day of MM YYYY] by the Solicitors Regulation Authority (SRA) Board under section 28 of the Solicitors Act 1974 with the approval of the Legal Services Board under sections

More information

Firm Registration Form

Firm Registration Form Firm Registration Form Firm Registration Form This registration form should be completed by firms who are authorised and regulated by the Financial Conduct Authority. All sections of this form are mandatory.

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

LIMITED LIABILITY PARTNERSHIP BILL DISCUSSION DRAFT

LIMITED LIABILITY PARTNERSHIP BILL DISCUSSION DRAFT LIMITED LIABILITY PARTNERSHIP BILL DISCUSSION DRAFT LIMITED LIABILITY PARTNERSHIPS BILL ARRANGEMENT OF SECTIONS PART I PRELIMINARY Clause 1. Short title and commencement 2. Interpretation 3. Appointment

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

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

Directors Duties when a Company is facing Insolvency

Directors Duties when a Company is facing Insolvency Directors Duties when a Company is facing Insolvency 0 DIRECTORS DUTIES WHEN A COMPANY IS FACING INSOLVENCY Introduction It is well established that the fiduciary and statutory duties of directors are

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

on the transfer of personal data from the European Union

on the transfer of personal data from the European Union on the transfer of personal data from the European Union BCRsseptembre 2008.doc 1 TABLE OF CONTENTS I. PRELIMINARY REMARKS 3 II. DEFINITIONS 3 III. DELEGATED DATA PROTECTION MANAGER 4 IV. MICHELIN GROUP

More information