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

Size: px
Start display at page:

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

Transcription

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

2 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer Introduction It is important for a bank to determine when a customer has become insolvent. Where transactions have been entered into by an insolvent company, and formal insolvency proceedings have been commenced within a specified time, the transactions may be open to challenge (see below). In the case of a voluntary liquidation, whether the liquidation is controlled by the company s members or creditors will be determined by whether or not the company is insolvent. The bank will need to know whether the customer has entered insolvency proceedings and, if so, what type of proceedings are underway. Control over the customer s property held by the bank may have already passed to the relevant insolvency practitioner and the bank will need to establish its place in the creditor hierarchy to recover outstanding sums owed. What is Insolvency? The Insolvency Act 1986 (the Act ) does not define what to be insolvent means. The concept adopted is being unable to pay debts. A company is deemed as unable to pay its debts where: it has failed to comply with a statutory demand for a debt over 750; it has failed to satisfy the enforcement of a judgment debt; or the Court is satisfied that the company is unable to pay its debts as they fall due or that its assets are worth less in value than both its contingent and prospective liabilities. Insolvency Procedures Under UK legislation the different types of insolvency procedures include: Liquidation; Administrative Receivership; Administration; and Company Voluntary Arrangement. Liquidation There are three types of liquidation: compulsory liquidation, where the company is wound up by order of the Court, most commonly as a result of a petition by a creditor; and the two forms of voluntary liquidation, where the members of the company resolve to wind it up (rather than this being forced on the company by its creditors). Voluntary liquidation may be: a members voluntary liquidation (where the directors of the company are able to make a statutory declaration of solvency) or a creditors voluntary liquidation (where they are not). Compulsory Liquidation If the Court makes a winding up order, the Court s Official Receiver will be appointed liquidator. The liquidator will take control over the company s assets and there is a stay on commencing or continuing proceedings against the company to enforce security without the leave of the court. Creditors or contributories (ie shareholders) can require the liquidator to convene a meeting, and a liquidator can convene a meeting, of creditors or contributories in order to ascertain their wishes. In a compulsory liquidation, the Official Receiver may convene a first meeting at which the creditors and contributories may appoint an insolvency practitioner as liquidator, or establish a liquidation committee. The bank must be mindful if a customer becomes insolvent that section 127 of the Act provides that the following transactions are void if made after commencement of the winding up (unless the court orders otherwise): any disposition of the company's property; any transfer of the company's shares; and any alteration of the status of the company s members. This provision operates to prohibit the insolvent company from disposing of or dealing with its assets, and so protects the creditors who may be eligible for a pay out. It does not, however, prevent a secured creditor from exercising its remedies, because the grant of the security, rather than its realisation, is treated as the relevant disposition. 2

3 Company property includes money held at the bank. Therefore, if the bank allows payments into and out of the company s bank account after it has received notice of the insolvency, the liquidator may bring an action seeking to recover the monies on the basis that the payments are void. If a winding up order is made by the Court, it is deemed to have commenced from the time of the presentation of the petition by the creditor. The bank must therefore observe section 127 of the Act as soon as the Court gives public notice of the petition in the London Gazette, as well as after the Court s decision to order winding up. Case law has established that a bank is deemed to have notice of the winding up petition on the day that the notice is advertised in the London Gazette, regardless of whether the bank had seen the advertisement. Case law has clarified that not all payments will be void under section 127. Payments into a customer s account that is already in credit, for example, may not be void since the funds remain the company s and do not reduce the debt owed to the bank. However, it would be prudent for the bank to check the London Gazette daily for notices of petitions against its customers and to swiftly freeze the relevant accounts on learning of the presentation of the winding up petition. Even where the account has been frozen, the bank is still able to process payments where the customer has obtained a validation order from the court. A validation order will ensure that a transaction entered into by a company after a winding up petition has been presented will not later become void. Such an order may be granted where the payment would be beneficial not only for the company but also for the creditors. Voluntary Liquidation A Voluntary liquidation is deemed to commence on the passing of a special resolution by the company to wind itself up. From this point the company ceases to carry on business and the liquidator is appointed by the members of the company. As referred to above, where the directors are able to make a statutory declaration of solvency a voluntary liquidation will be a members voluntary liquidation rather than a creditors voluntary liquidation. A statutory declaration of solvency is a statement that the directors are satisfied the company will be able to pay its debts in full within a specified period not exceeding 12 months from commencement of winding up. If it is a creditors voluntary liquidation, the creditors can change the chosen liquidator at a creditors meeting that must be held within 14 days of the winding up resolution. If the bank has notice that a meeting has been called by a customer company to consider a winding up resolution, it should freeze the customer s account. Once the resolution has been passed, only the liquidator has the power to authorise transactions relating to the account. Administrative Receivership and other Receivers Administrative receivership may be commenced by the holder of a floating charge over all (or substantially all) of the assets of a company which contains a power to appoint an administrative receiver and was created before 15 September (There are also some limited circumstances where the holder of a floating charge created after 15 September 2003 can still appoint an administrative receiver, relating to certain capital markets and project finance arrangements.) The procedure may be commenced when the debtor company defaults on its loan, or as the relevant security document otherwise provides. The administrative receiver s duties are to maximise the return to the floating charge holder rather than to the creditors as a whole. The appointment of an administrative receiver blocks the appointment of an administrator unless the charge holder gives consent. It is worth mentioning, although it is not strictly speaking an insolvency procedure, that a mortgage or charge given by a company will usually also give the creditor a contractual right to appoint a receiver over particular assets of the company, often known as a fixed charge or Law of Property Act receiver. Administration The administration procedure was first introduced under the Enterprise Act 2002, with the intention of promoting a rescue culture in the UK. An administrator may now be appointed by the court, by the holder of a qualifying floating charge which has become enforceable, or by the company or its directors. 3

4 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer 4 Simplifying slightly, a qualifying floating charge is a floating charge over all or substantially all of the property and assets of the company, which contains a power to appoint an administrator. Administration is intended to enable an eligible company to undergo reorganisation or to realise its assets under the protection of a statutory moratorium. The moratorium prevents winding up petitions from being made or resolutions from being passed. Security over the company s assets may not be enforced without the Court s permission. Whilst this means a bank with a debenture cannot crystallise a floating charge or enforce its security where the customer is in administration, the administrator can only dispose of assets with the security holder s consent, or with permission of the Court. The administrator must perform his functions with the objective of achieving a particular purpose. There are three possible objectives. The first is to rescue the company as a going concern if it is not reasonably practicable to do so. The second is to realise the assets of the company in such a way that there is a better realisation than there would be on liquidation. The third, if the objectives mentioned above cannot be achieved, is to achieve a payment or realisation of assets for the benefit of secured or preferential creditors of the company. Subject to these objectives, the administrator must perform his functions in the interests of the company s creditors as a whole. As mentioned above, there are two routes to administration: application by either the directors, the company or creditors to the Court (the Court Route ); or filing prescribed documents by the directors, the company or a qualifying floating charge holder ( QFCH ) at Court (the Out of Court Route ). The Out of Court Route is not available where a company is in liquidation or provisional liquidation or, generally, where an administrative receiver has been appointed but the Court can still appoint an administrator. The Court making an administration order would automatically dismiss any winding up petition, and a QFCH using the Out of Court Route would also suspend any winding up petition. In this situation the petition would be revived once the administration had terminated. Under the Court Route the administrator is appointed by the Court. Under the Out of Court Route the administrator is appointed by the applicant (the directors, the company or the QFCH). The bank may therefore be in a position to appoint its own administrator if it is a QFCH (or to appoint an administrative receiver if its charge was created before 15 September 2003 or falls within one of the exempt categories). Whether the Court or Out of Court Route is used, anyone entitled to appoint an administrative receiver or any QFCH will need to be notified of the application. If administration is being sought by a QFCH any prior QFCH must be notified and give its consent. When applying to the Court to appoint an administrator the bank will first need to gain either written consent from the person it would like to appoint as administrator, or it must give that person two days written notice of the proposal. Once the appointment has been made, notice in the prescribed form must be filed with the Court. If the Court Route is followed, even if the bank is not a QFCH it should be able to attend the Court hearing and contribute an opinion as to who should be appointed as administrator. During the administration, if the bank as a creditor wishes to challenge the conduct of the administration it may: apply to the court for directions to be given to the administrator; require the administrator to call a meeting of creditors at which resolutions may be considered if the bank, either alone or with other creditors in agreement, represents more than 10% of the amount/value of the company s total debts; apply to the court on the grounds that the administrator is acting or has acted in a way that would unfairly harm the interests of the bank; or apply to the court on the grounds that the administrator is not performing his functions as quickly or as efficiently as is reasonably practicable. An administrator may be appointed in respect of most companies incorporated in England and Wales or Scotland, or in another EEA state, or for a company incorporated elsewhere that has its centre of main interests in an EEA member state (other than Denmark). A sometimes controversial use of the administration procedure is the so-called pre-packaged (or pre-pack ) administration. This is an arrangement where the sale of all or part of a company s business or assets has been

5 negotiated with a purchaser before the appointment of an administrator. The sale is then executed by the company acting through its administrator, shortly after the company is put into administration. The UK Insolvency Service continues to monitor the use of pre-packs against the risk that they are abused to the disadvantage of creditors. Company Voluntary Arrangement ( CVA ) A CVA is a scheme of arrangement or agreement between the company and its creditors either so as to avoid or to supplement other types of insolvency procedure. The directors or (where the company is being wound up) the liquidator or (where an administration order is in force) the administrator may make proposals for a CVA to the company and its creditors. Proposals may include rescheduling or restructuring of the company s debts. These proposals must, if they are to be put into effect under the Act, nominate a qualified insolvency practitioner to implement them. The proposal for a CVA does not create a moratorium until the scheme is approved. Any creditor can therefore still seek payment of its own debt. However, once the CVA has been approved by more than 75% in value of the company s creditors it binds all of the unsecured creditors of the company entitled to notice of the proposal. An advantage to the company (where the CVA is used as a stand alone procedure) compared to those procedures mentioned above is that the company is not required to indicate on its notepaper etc that the company is subject to a CVA. CVAs are not binding on secured creditors. However, if a bank is an unsecured creditor, it will be asked to approve the proposals. The bank should be aware that even the dissenting parties will be bound by an approved CVA. However, the CVA can be challenged (within 28 days of CVA approval being reported) in Court on grounds of unfair prejudice or material irregularity in process. The fact that a company seeking a CVA does not generally benefit from a statutory moratorium preventing creditors from taking action against it or invoking another insolvency procedure severely reduced the use of the CVA, unless implemented under the cloak of an administration. Since 2003, however, the directors of a small company may obtain a moratorium when they propose a CVA. A small company is, leaving aside certain exceptions and qualifications, one that meets two or more of the following criteria in the preceding year or financial year: turnover not more than 5.6 million; balance sheet not more than 2.8 million; and/or not more than 50 employees. Antecedent Transactions Transactions which can be challenged A liquidator or administrator has the power to challenge certain transactions entered into prior to the beginning of the insolvency procedure. Possible grounds of challenge include transactions at an undervalue, preferences, extortionate credit transactions, avoidance of floating charges, and transactions defrauding creditors. Transactions at an Undervalue A transaction at an undervalue is a transaction where the company makes gifts to any person and receives either no consideration or consideration worth significantly less than the consideration provided by the company. A typical example would be subsidiary company giving an upstream guarantee in favour of its parent company which is to receive a loan from a bank. However, it can only be a transaction at an undervalue if it is entered into at a relevant time : i.e. when the company was insolvent or became insolvent as a consequence of entering into the transaction and actually enters into administration or insolvent liquidation within two years of the date of the transaction. Also, a transaction cannot be set aside if it was entered into in good faith for the purpose of carrying on the company s business and at a time when there were reasonable grounds for believing that the transaction would benefit the company. Security given by a company for its own debts will not, in the usual course, be a transaction at an undervalue. The general view is that it does not, in itself, diminish the company s assets. A guarantee or third party security is more vulnerable, particularly where there are no clear grounds for the directors to have concluded that it would benefit the company giving it and/or there is a serious risk that the borrower will default and that the guarantee or security will be called, particularly if given in support of an advance that has already been made. 5

6 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer It is worth noting that in the case of an individual, the period for challenge is increased from two years to five years leading up to the bankruptcy order. In passing, a guarantee or security may in some circumstances also be vulnerable to challenge on the grounds of lack of corporate authority or of commercial benefit, especially if a bank is on notice of this. A bank will normally seek a shareholders resolution to allow the transaction if it has concerns about commercial benefit. Preferences A preference is given if the company puts a creditor, or a surety or guarantor of a debt of the company, into a better position on an insolvent liquidation than he would have been in had that act had not been done. Examples include the granting of a charge for a pre-existing unsecured debt, and paying off a debt guaranteed by the company s directors so that their guarantees will not be called. A transaction cannot be set aside as a preference unless the company was influenced in deciding to give the preference to a person by a desire to put that person into a better position on liquidation than he would have been in if it had not been done. Such a desire is presumed where the preference was given to a connected person, unless the contrary is proved. The transaction may be set aside if it occurred within six months before commencement of winding up or presentation of the petition for an administration order. This period is extended to two years where preference has been given to a connected person. The period is five years for an individual who becomes bankrupt. The main point to note here is that a preference has to be given voluntarily by the company. If the bank exerts pressure on the company so that the company had no choice whether or not to do the relevant act, it will not usually be a preference. A person is connected with a company for this purpose if he is a director or shadow director (or their associate) or an associate of the company. It is not yet settled whether the relevant time to determine whether or not a person is connected is the time of the relevant transaction or the time of the liquidation, administration or bankruptcy. Associate is widely defined for this purpose, and includes anyone who controls one third or more of the voting rights in the company, although there are exceptions for shares held as security, subject to certain conditions. Companies within the same group are likely to be connected for this purpose. A lender needs to consider these provisions in deciding whether or not to take an equity stake in a company. Extortionate Credit Transactions These are credit transactions under which the company is required to make grossly exorbitant payments, or the terms of which grossly contravene the ordinary principles of fair dealing. Such a transaction may be set aside by the court if it occurred within three years prior to the onset of insolvency. Avoidance of Floating Charges Except to the extent that it has secured fresh lending to the company, a floating charge created within 12 months prior to the onset of insolvency, or two years where the floating charge has been granted in favour of a connected person, will be automatically ineffective. The company must also have been unable to pay its debts when the floating charge was granted, or have become unable to pay its debts as a result of the transaction as part of which the floating charge was granted. Where the charge is granted in a favour of a connected person, this will be presumed. The purpose is to prevent a company which is getting into financial difficulties from shutting out its unsecured creditors by granting a floating charge over all its assets to its previously unsecured lender. Transactions Defrauding Creditors The Court may set aside a transaction at a significant undervalue designed to put assets out of reach of creditors. There is no time limit for avoidance fixed by the legislation and such a claim may be brought by a liquidator, an administrator or a victim of the transaction. Directors Liability Wrongful Trading The directors of a company have personal liability for the company s debt obligations if, having concluded (or in circumstances where they should have concluded) that the company was unlikely to avoid insolvent liquidation, they continue to trade that company. However, a director may have a defence to such a claim, namely that when he knew (or ought to have known) that the company was unlikely to avoid insolvent liquidation he took every step with a view to minimising the potential loss to creditors as he ought to have taken. Only a liquidator has standing to bring wrongful trading proceedings. 6

7 If the directors approach a bank for advice on the company s financial difficulties, the bank must be careful to ensure any advice given relating to the future conduct of the company s business will not result in the bank becoming a shadow director of the company. The bank should avoid assuming effective executive or policy control of the company; otherwise the bank may become liable for wrongful trading. If the bank is found liable for wrongful trading, the Court may order it to contribute to the company s assets. Fraudulent Trading If the directors of a company or any person knowingly carry on its business with intent to defraud its creditors or for any fraudulent purpose, they risk liability for fraudulent trading. Again, only a liquidator may bring fraudulent trading proceedings. The civil sanction for fraudulent trading is to require the director to make a contribution to the company s assets, as for wrongful trading. Unlike wrongful trading, there are also criminal sanctions of a fine and/or imprisonment. As discussed above, the bank should be careful not to assume a shadow director role in relation to a customer that is approaching insolvent liquidation, as this could implicate the bank in any fraudulent trading offences that the company directors may have committed. Misfeasance If a director of a company misapplies or retains the company s property, the liquidator or any creditor or member of the company may apply to the court for an order that the director compensates the company for the misfeasance. Claims for misfeasance may include not only loss to the company through misappropriation, or through improper payments such as unlawful distributions from capital or wrongful preferences, but also secret profits and other benefits obtained by directors in breach of their fiduciary duties. 7

8 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer Contacts Andrew Evans Partner t: +44 (0) e: Robert Cooke Partner t: +44 (0) e: This publication is not a substitute for detailed advice on specific transactions and should not be taken as providing legal advice on any of the topics discussed. Copyright Field Fisher Waterhouse LLP All rights reserved. Field Fisher Waterhouse LLP is a limited liability partnership registered in England and Wales with registered number OC318472, which is regulated by the Solicitors Regulation Authority. A list of members and their professional qualifications is available for inspection at its registered office, 35 Vine Street London EC3N 2AA. We use the word partner to refer to a member of Field Fisher Waterhouse LLP, or an employee or consultant with equivalent standing and qualifications. 8

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

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

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

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

An Introduction To Insolvency - Part 1

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

More information

Insolvency 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

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

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

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

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

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

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

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

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

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

Insolvency: a glossary of terms

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

More information

Insolvency: a 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

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

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 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

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

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

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

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

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

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: 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

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

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

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

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

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

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

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

More information

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 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

Liquidating an insolvent Jersey company

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

More information

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

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 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

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

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

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: 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

Brief guide to English Corporate Insolvency Law

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

More information

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

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

More information

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

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

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

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

QUESTIONNAIRE ON INSOLVENCY LAW AND COMPANY LAW UK ANSWERSET

QUESTIONNAIRE ON INSOLVENCY LAW AND COMPANY LAW UK ANSWERSET QUESTIONNAIRE ON INSOLVENCY LAW AND COMPANY LAW Preamble: UK ANSWERSET In the UK, the regime can broadly be summarised as follows: for CVAs, s and receiverships shareholders rights can only be altered

More information

Bermuda. Jonathan Betts and Sarah-Jane Hurrion Cox Hallett Wilkinson Limited. Country Q&A. Restructuring and Insolvency Handbook 2011/12.

Bermuda. Jonathan Betts and Sarah-Jane Hurrion Cox Hallett Wilkinson Limited. Country Q&A. Restructuring and Insolvency Handbook 2011/12. Restructuring and Insolvency Handbook 2011/12 Bermuda Jonathan Betts and Sarah-Jane Hurrion Cox Hallett Wilkinson Limited www.practicallaw.com/9-505-8289 FORMS OF SECURITY 1. What are the most common forms

More information

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

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

More information

Winding Up Petition Guide how to deal with one

Winding Up Petition Guide how to deal with one A Practical Guide for Directors and Shareholders prepared by K2 Business Rescue a trading name of K2 Partners (Rescue) Limited Winding Up Petition Guide how to deal with one 1. INTRODUCTION This Guide

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

Cayman Islands Insolvency Law

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

More information

If you can t pay your business debts when they become due or if the assets of your business are less than your debts, you are insolvent.

If you can t pay your business debts when they become due or if the assets of your business are less than your debts, you are insolvent. If you can t pay your business debts when they become due or if the assets of your business are less than your debts, you are insolvent. Insolvency can be a confusing subject involving many technical terms.

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

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

A guide to Liquidation

A guide to Liquidation A guide to Liquidation Liquidation Regrettably, it is often not possible to sell a business, perhaps because the type of business is no longer viable or because the economic climate makes trading too difficult.

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

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

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

LPA Receivers. June 2011

LPA Receivers. June 2011 June 2011 1 Introduction Difficult economic conditions and a depressed property market have seen lenders reviewing their enforcement options. LPA receivership is a longstanding remedy for lenders holding

More information

A Brief Guide to Corporate Insolvency in England and Wales

A Brief Guide to Corporate Insolvency in England and Wales A Brief Guide to Corporate Insolvency in England and Wales International Investor Series No. 8 AUSTRALIA BELGIUM CHINA FRANCE GERMANY HONG KONG SAR INDONESIA (ASSOCIATED OFFICE) ITALY JAPAN PAPUA NEW GUINEA

More information

Guide on. Winding up / Dissolution. of Companies

Guide on. Winding up / Dissolution. of Companies SEC Guide SERIES SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Guide on Winding up / Dissolution of Companies NIC Building, Jinnah Avenue, Islamabad, Pakistan Ph. No. : 051-9207091-4, Fax: 051-9204915

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

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

Winding Up of Companies

Winding Up of Companies Winding Up of Companies 1. Introduction 2. Winding Up & Dissolution 3. Reasons for Winding Up A Company 4. Modes of Winding Up A Company 5. Grounds for Compulsory Winding Up 6. Power of the Court after

More information

Singapore: Insolvency Law Review Committee Recommendations.

Singapore: Insolvency Law Review Committee Recommendations. November 2013 Singapore: Insolvency Law Review Committee Recommendations. Contents 1 Background In December 2010, the Minister of Law of Singapore (the MoL ) appointed the Insolvency Law Review Committee

More information

At the EGM, the shareholders decide to put the company into liquidation and vote for the insolvency practitioner that they wish to be appointed.

At the EGM, the shareholders decide to put the company into liquidation and vote for the insolvency practitioner that they wish to be appointed. For a Director My Company is Insolvent What Should I Do? There are a number of options available; Creditors Voluntary Liquidation (CVL) Compulsory Liquidation (Winding Up) Informal wind down or dissolution

More information

Bermuda Winding-Up Procedures

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

More information

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

GUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA

GUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA GUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Statutory Liquidation Procedures: an Overview 2 3. Compulsory Winding-up 2 4. Creditors Voluntary Winding-up 4 5. Related

More information

Information for shareholders of Arrium Limited (Administrators Appointed)

Information for shareholders of Arrium Limited (Administrators Appointed) Information for shareholders of Arrium Limited (Administrators Appointed) KordaMentha Restructuring 22 April 2016 What is Voluntary Administration? It is an insolvency procedure where the directors of

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

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

Void and voidable transactions on insolvency

Void and voidable transactions on insolvency Restructuring and Insolvency briefing Spring 2012 Void and voidable transactions on insolvency Summary and implications When a company enters into a formal insolvency process, the administrator or liquidator

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

STATEMENT OF INSOLVENCY PRACTICE 13 (E&W) ACQUISITION OF ASSETS OF INSOLVENT COMPANIES BY DIRECTORS ENGLAND AND WALES

STATEMENT OF INSOLVENCY PRACTICE 13 (E&W) ACQUISITION OF ASSETS OF INSOLVENT COMPANIES BY DIRECTORS ENGLAND AND WALES STATEMENT OF INSOLVENCY PRACTICE 13 (E&W) ACQUISITION OF ASSETS OF INSOLVENT COMPANIES BY DIRECTORS 1. INTRODUCTION ENGLAND AND WALES 1.1 This statement of insolvency practice is one of a series issued

More information

Liquidation: a guide for creditors

Liquidation: a guide for creditors Liquidation: a guide for creditors If a company is in financial difficulty, its shareholders, creditors or the court can put the company into liquidation. This information sheet provides general information

More information

Lexis PSL Restructuring & Insolvency Practice Note

Lexis PSL Restructuring & Insolvency Practice Note Lexis PSL Restructuring & Insolvency Practice Note Unwinding unlawful Stop Press: The Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) received Royal Assent on 26 March 2015 and introduced

More information

Companies Act 2006. Capital reductions and share buybacks. April 2008

Companies Act 2006. Capital reductions and share buybacks. April 2008 Companies Act 2006 Capital reductions and share buybacks April 2008 Introduction Under the Companies Act 2006, private companies will from 1 October 2008 be able to make a reduction of capital without

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

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

Higher National Unit specification. General information. Unit code: H49N 35. Unit purpose. Outcomes. Credit points and level.

Higher National Unit specification. General information. Unit code: H49N 35. Unit purpose. Outcomes. Credit points and level. Higher National Unit specification General information Unit code: H49N 35 Superclass: EC Publication date: June 2013 Source: Scottish Qualifications Authority Version: 01 Unit purpose This Unit is designed

More information

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

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

More information

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

Regulated Mortgages. March 2012

Regulated Mortgages. March 2012 Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section

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

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

Company administration

Company administration BRIEFING PAPER Number CBP04915, 12 April 2016 Company administration By Lorraine Conway Inside: 1. Over view 2. The administration procedure 3. Advantages and disadvantages 4. What is a pre-pack? 5. Will

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

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

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