Reporting by Liquidators to the Director of Corporate Enforcement

Size: px
Start display at page:

Download "Reporting by Liquidators to the Director of Corporate Enforcement"

Transcription

1 STATEMENT OF INSOLVENCY PRACTICE S18B Reporting by Liquidators to the Director of Corporate Enforcement Contents Paragraphs Introduction 1 6 Commencement 7 9 Scope Duty to report Content of Report Application to the Court Effective date 38 Appendices 1. Section 56 report format 2. Questionnaire for directors of the insolvent company 3. Practice direction on procedures to be followed in making an application for restriction of a director Revised February 2005

2 STATEMENT OF INSOLVENCY PRACTICE S18B Reporting by Liquidators to the Director of Corporate Enforcement This Statement was developed by the Insolvency Committee IC of the Consultative Committee of Accountancy Bodies Ireland ( CCAB-I ) in consultation with the Director of Corporate Enforcement. Introduction 1. This Statement of Insolvency Practice is one of a series issued by the Institute of Certified Public Accountants in Ireland to insolvency practitioners with a view to maintaining standards by setting out required practice and harmonising members approach to particular aspects of insolvency. 2. The purpose of Statements of Insolvency Practice is to set out basic principles and essential procedures with which insolvency practitioners are required to comply. Departure from the standards set out in the Statements of Insolvency Practice is a matter that may be considered by the Institute for the purposes of possible disciplinary or regulatory action. 3. This Statement has been prepared to summarise the statutory obligation on liquidators to report to the Director of Corporate Enforcement ( the Director ) concerning directors of insolvent companies. 4. Section 56, Company Law Enforcement Act, 2001 ( the 2001 Act ) states: (1) A liquidator of an insolvent company shall, within 6 months after his or her appointment or the commencement of this section, whichever is the later, and at intervals as required by the Director thereafter, provide to the Director a report in the prescribed form. (2) A liquidator of an insolvent company shall, not earlier than 3 months nor later than 5 months (or such later time as the court may allow and advises the Director) after the date on which he or she has provided to the Director a report under subsection (1), apply to the court for the restriction under section 150 of the Act of 1990 of each of the directors of the company, unless the Director has relieved the liquidator of the obligation to make such an application. (3) A liquidator who fails to comply with subsection (1) or (2) is guilty of an offence.

3 5. The Director has issued Decision Notice 2002/3 regarding various aspects of the reporting obligation under Section 56. This notice can be accessed on his Office s website at Copies of Decision Notice 2002/3 were circulated to each practitioner with incomplete liquidations as of November Liquidators may consider it appropriate to obtain legal advice as to the nature and extent of information to be provided in the circumstances of a particular liquidation. The report by the liquidator could, in particular circumstances, be a discoverable document where legal proceedings are being brought against a director of an insolvent company. Commencement 7. Section 56 of the 2001 Act was brought into force on 1st June 2002 under Statutory Instrument 263 of Section 56 applies to liquidators appointed on or after 1st June 2002, as well as to liquidators appointed after 1st July 2001, where the relevant liquidation has not concluded by 1st June Statutory Instrument 217 of 2003, which took effect on 1st June 2003, extended the scope of Section 56 to liquidators appointed on or after 1st January 2000 where the relevant liquidation had not concluded by 1st June Scope 10. The reporting obligation applies to liquidators appointed in Court liquidations or in creditors voluntary liquidations. 11. In the circumstances of a members voluntary liquidation where the liquidator forms the opinion the company will not be able to pay its liabilities in full, the obligation to file a Section 56 report applies. In such circumstances, legal advice received by the CCAB-I is that the Section 56 report must be made within six months of the date of the Section 261 meeting. 12. The reporting obligation does not apply to liquidations completed prior to 1st June Completion in a court liquidation is when final orders have been made for dissolution of the company and for disposal of the company s books and records (Section 249 (1), Companies Act, 1963). In the case of a creditors voluntary liquidation completion is when final meetings in accordance with Section 273, Companies Act, 1963, have been held. Duty to Report

4 13. Section 56 obliges the liquidator of an insolvent company within 6 months after his or her appointment or the commencement of this section, whichever is the later to provide the Director, on the prescribed form, with a report on each director of the insolvent company. 14. A report is required on each director regardless of the extent to which he or she was involved in the day-to-day activities of the company. 15. The reporting obligation under Section 56 applies even in circumstances where the liquidator has already made application to the Court seeking restriction of one or more directors under Section 150, Companies Act, 1990 ( the 1990 Act ). Content of Report 16. As provided for under Section 56, the Minister has specified a prescribed report format in the Company Law Enforcement Act 2001 (Section 56) Regulations 2002 S.I. 324 of The report format is reproduced in Appendix The stage of the liquidator s examination of the insolvent company s affairs, as of the date the Section 56 report is being made, may mean that the liquidator will indicate his/her response to certain questions in the report format is based on the position as at the date of the report. 18. In completing the Section 56 report, the liquidator will, in respect of certain information for example, copies of previous years audited accounts, details of other directorships held, etc., be relying on documentation and information available at the insolvent company and from its directors. In such circumstances, the source of the data relied upon should be stated. 19. The liquidator is not expected to verify this data obtained at the insolvent company with information at the Companies Registration Office or other source. Where such data is not available at the company, the liquidator is not required to seek it from third parties. 20. The liquidator may find it useful to invite each director of the insolvent company to provide the liquidator with a written summary of their involvement in the company s activities, particularly the actions taken by them to identify and address the financial difficulties which led to the company s insolvency. An example of questionnaire formats, one of which each director could be invited to complete, the other being completed by one director on behalf of all the directors, are reproduced in Appendix The liquidator considers whether it may be appropriate for the liquidator to write to the directors of the insolvent company, in circumstances where the liquidator proposes not to seek relief under Section 56, advising them of that fact, informing them of the

5 principal grounds for the decision, and offering them an opportunity to comment, within a specified time period, prior to the Section 56 report actually being made. The comment period will end on a date sufficiently early to enable the Section 56 report if still being made to be submitted within the statutory deadline. 22. Documentation arising from such consultation can, if necessary, be provided to this Court in cases where the liquidator decides not to seek relief, or, where the liquidator has sought relief, but the Director has insisted that a Section 150 application be made. 23. The Director has confirmed that the liquidator s statement (Section 7 of the report), that details are true, correct and complete, to the best of my knowledge and belief, does not extend to documentation which originated with third parties for example, the Statement of Affairs prepared by the directors. 24. If the liquidator considers that he or she has insufficient time to complete the Section 56 report within the prescribed six months period, or the liquidation investigations are incomplete, he or she considers seeking additional time from the Office of the Director of Corporate Enforcement in order to complete the report`. 25. Members attention is drawn to Section 5: Proceedings of the prescribed report format which, in addition to referring to Section 150, enquires as to whether: (i) Actions are being taken under Section 160, Companies Act, 1990; or (ii) Other proceedings are being taken, or are contemplated, by the liquidator against one or more of the officers of the insolvent company; or (iii) Other civil or criminal proceedings are being taken, or are contemplated, by third parties against the insolvent company or its officers; or (iv) A report will be made under Section 299, Companies Act, Application to the Court 26. The liquidator is obliged to make a Section 56 report and, unless relieved by the Director, make an application to the Court for restriction of each of the company s directors whether or not there are sufficient assets in the liquidation to fund such application. The Director must be included as a notice party in all such applications. 27. Unless advised to the contrary by the Director, no earlier than three months, and no later than five months (or such later time as the Court may allow), after the date on which the liquidator of an insolvent company has made the required report to the Director, the liquidator must apply to the Court for a restriction order in respect of each director of the insolvent company under Section 150 of the 1990 Act.

6 28. The Office of the Director of Corporate Enforcement proposes to advise the liquidator in each case whether he or she has been relieved (in whole or in part) from the obligation to make an application to the Court within four months of receipt of the Section 56 report. 29. Nevertheless, should the liquidator receive no response from the Director to the Section 56 report, an application to the Court for a restriction order must be made. 30. Unless relieved by the Director, the liquidator must make application to the Court even if the liquidator in the Section 56 report has expressed the opinion the director of the insolvent company has demonstrated that he or she acted honestly and responsibly in relation to the company s affairs. 31. In the Decision Notice 2002/3 the Director sets out the following circumstances in which it is unlikely a liquidator will be relieved from the obligation to make an application. there has been a suspected breach of the Companies Acts, 1963 to 2001, by a director, including any failure to keep proper books of account; a director has placed his or her personal interests ahead of that of the company, including a situation where liabilities to a bank to which he or she has given personal guarantees are discharged prior to liquidation; a director has purchased company assets below market values, particularly if the company s financial position was fragile at the time; there has been misapplication or retention by a director of company money or property; a company has continued trading while the company was insolvent and the director knew or ought to have known that the company was insolvent; a company has continued trading without reasonable prospect of paying creditors claims, especially where a company accepts consumer prepayments/deposits while insolvent; there has been a selective discharge of company debts by the company in the period prior to liquidation and a consequent failure to discharge debts due to State Authorities; there has been evidence of past Phoenix Syndrome practices (e.g., where significant assets were acquired from an earlier failed company in a similar business sector near the time of the previous failure having taken place);

7 there is evidence of suspected future Phoenix Syndrome practices, such as unexplained disposals of assets or transfers of staff to another company, particularly if such a disposal/transfer occurred in the twelve months prior to the commencement of the liquidation; there is evidence of an undervaluing or overvaluing of transactions; a company director has failed to co-operate with, or has refused to give reasonable assistance, to the liquidator. 32. The President of the High Court issued a Practice Direction on Monday, 24th March 2003, effective from that date, specifying the applicable procedures to be followed when making an application to the Court for a restriction order under Section 150, Companies Act, The text of the Practice Direction is reproduced in Appendix The affidavit supporting the application for a restriction order must set out all the facts which the liquidator considers the Court should be apprised of to determine (i) whether each of the respondents has acted honestly in relation to the conduct of the affairs of the company (ii) whether each of the respondents has acted responsibly in relation to the conduct of the affairs of the company. (iii) whether there is any other reason for which it would be just and equitable to restrict any of the respondents. (iv) apply if appropriate whether any of the circumstances set out in s. 150(2)(b) 35. Applications in respect of several directors of one company shall be made on one Notice of Motion except where the circumstances otherwise require. 36. The issue of legal costs and liquidator s costs arising from a Section 150 application is a matter for the Court. Insolvency practitioners should be aware that in the event of the director being restricted following such application, costs could be awarded in the liquidator s favour at a level which may be insufficient to discharge the actual costs incurred. Where significant time and expense has been incurred in investigating the company s affairs because of the lack of cooperation from the directors and/or the provision by them of misleading information to the liquidator, the liquidator considers applying for the costs of the investigation. 37. In certain circumstances for example, where the liquidator sought relief from the obligation to make a Section 150 application, but the Office of the Director of

8 Corporate Enforcement did not grant this waiver, or where the Court decides that the director should not be restricted, costs could be awarded against the liquidator. Legal advice should be obtained in advance of an application to the Court concerning the legal and investigation costs arising in relation to this process. EFFECTIVE DATE 38. This Statement is effective from 1st May 2005.

9 STATEMENT OF INSOLVENCY PRACTICE S18B Reporting by Liquidators to the Director of Corporate Enforcement Appendix 1 Liquidator s Report under Section 56 of The Company Law Enforcement Act 2001 (Please refer to the Guidance Notes when completing this Report. These are available from the ODCE website at Name of Company: Registration Number: Please indicate if this is the first, second, etc. or final Report filed for the above company: Section 1: LIQUIDATOR DETAILS (Question 1 to be completed in every Report. Questions 2 to 9 to be completed as part of the first Report and in every subsequent Report where a change in details arises.) 1. Name of Liquidator: 2. Name of Liquidator s firm (if applicable): 3. Address of Liquidator: 4. If you are a member of a professional body, please state which one: 5. Liquidation Type (please tick one): Creditors Voluntary Liquidation: Official Liquidation: 6. If a Creditors Voluntary Liquidation, were you the members nominee? Yes: No:

10 7. Date of your appointment as Liquidator: 8. Name of Liquidator s staff member with day-to-day responsibility for the Liquidation (where applicable): 9. Contact Details for (please tick one): The Liquidator: Staff Member: Telephone Number(s): Fax Number Address: Section 2: COMPANY DETAILS (To be completed as part of the first Report and every subsequent Report where a change in details arises) 10. Business/Trading Name(s) (please include all those used in the 12 months prior to the date of commencement of the winding up): 11. Address of Current Registered Office:

11 12. Address of any other Registered Office used in the 12 months prior to the date of commencement of the winding up: 13. Principal Trading Address(es) (please include all those used in the 12 months prior to the date of commencement of the winding up, if different from the Registered Office(s) above): 14. Nature of the Company s Business: a. Please state the most relevant NACE Classification at the date of commencement of the liquidation (see Guidance Notes): b. Please give a precise description of the Company s activities at the date of commencement of the liquidation:

12 15. Number of Company employees at the date of commencement of the liquidation: 16. Turnover for each of the last three financial years preceding the date of commencement of the liquidation: Financial Year Ended (date): Turnover: (Euro) Financial Year Ended (date): Turnover: (Euro) Financial Year Ended (date): Turnover: (Euro) 17. Trading Details (please state as a minimum month and year): a. Date of Commencement of Trading: b. Date of Cessation of Trading (if applicable): 18. Please state, in your opinion, the reasons for the liquidation of the Company, and cite the evidence to support this opinion on a separate sheet. 19. Has there been any Scheme of Arrangement/Receivership/ Examinership/Liquidation in the Company in the 36 months prior to the date of this report? Yes: No: If yes, please provide relevant information, including type, name and address of any office-holder(s), date(s) of appointment/termination of appointment, copies of all notices of appointment and reports of receivers/examiners/liquidators or other office holders of the Company during the period.

13 20. Is there a deficiency in any tax return or payment of taxes? Yes: No: If so, please specify the periods, if any, for which returns are overdue and/or the amounts due 21. Have you any information which may lead you to believe that there was a person acting as a shadow director of the Company? (Please note that the expression shadow director may include an individual or a body corporate): Yes: No: If yes, please provide the following details for the individual/body corporate in question: a. Full Name: b. Current or last known address: c. What was the person s role in the Company? d. Has the person demonstrated to you that s/he has acted honestly and responsibly in relation to the conduct of the Company s affairs? Yes: No:

14 Please provide on a separate sheet details of the factors which support this answer and any other relevant information. Section 3: COMPANY DIRECTORS (To be completed as part of the first Report and every subsequent Report where a change in details arises) 22. In this Section, you are required to include every person who appears to you to be, or have been, a director of the Company at the date of commencement of the winding up or at any time in the 12 months prior to the date of commencement of the winding up. A separate copy of this Section should be used for each Person. a. Full name (including other known names): b. Current or last known address: c. Date of birth: d. PPS number: e. Period as director: From (date): To (date): f. What was the person s role in the Company?

15 g. Has the person demonstrated to you that s/he has acted honestly and responsibly in relation to the conduct of the Company s affairs? Yes: No: Please provide on a separate sheet details of the factors which support this answer. h. Other Directorships (please provide full details of present/past companies of which this Person is/was, a Director in the period from 12 months prior to the date of commencement of the winding up of the Company and include the company registration number, the date(s) of appointment/termination of the period as Director in each case and please indicate if any of these companies operated in a sector similar to the Company in liquidation): Section 4: STATEMENT OF AFFAIRS, ACCOUNTS AND REPORT TO CREDITORS (To be completed as part of the first Report and every subsequent Report where a change in details arises) 23. Directors Statement of Affairs or similar document (please attach a copy to this Report. If a copy is not attached, please state why not and attach details of the known assets and liabilities of the Company):

16 24. Is there a material difference between the Statement of Affairs or similar document and the expected final position? Yes: No: If so, please provide details of the amount and the reason for this material difference on a separate sheet. 25. Audited/Other Accounts (please attach to this Report a copy of the last two sets of the audited accounts at the Company and the most recent draft or management accounts prepared after the last set of audited accounts. If the Company is exempted from audit, please provide a copy of the accounts laid before the AGM for the same period and the most recent draft or management accounts. If none are attached, please state why not.): 26. Report to Creditors and any other relevant material, e.g., minutes of creditors meeting and Chairperson s statement to meeting (please attach these documents and if they are not available. state why not): 27. Has a Committee of Inspection been appointed? Yes: No:

17 If so, please provide the names and addresses of the members: 28. Will the winding up be completed within 18 months from the date of this report? Yes: No: 29. Was there any material transfer of assets of the Company (see Guidance Notes) to any person during the period commencing 12 months prior to the date of commencement of its winding up and ending on the date of this report? Yes: No: If yes, please provide details, e.g., date(s) of transfer, nature of asset(s), beneficiary(ies), on a separate sheet. 30. On what date was the Company unable to trade out of its financial difficulties? Section 5: PROCEEDINGS (To be completed as part of the first Report and every subsequent Report where a change in details arises) 31. Are you asking the Director of Corporate Enforcement at this time to relieve you from the requirement to apply, pursuant to Section 150 of the Companies Act 1990, for the restriction of one or more of the directors of the Company? Yes: No:

18 If yes, is relief being sought for? (please tick one) All directors: Certain named directors: In either case, please name each director for which relief is sought and state the grounds upon which you consider that an application for restriction should not now be taken against each individual. In respect of any remaining directors, please name them and indicate the grounds upon which the application for restriction will be made in each case: 32. In respect of this Company will you be applying to the High Court to disqualify any person, pursuant to Section 160 of the Companies Act 1990? Yes: No:

19 If yes, please name the person(s) in question and indicate the grounds upon which the application to disqualify will be taken: 33. Are any other proceedings being undertaken, or contemplated, by you against officers of the Company? Yes: No: If yes, please specify the nature of the proceedings, the person(s) against whom the proceedings are being or may be taken and the date/expected date of commencement of the proceedings. If proceedings have commenced please state whether they are in the High Court or Circuit Court and cite the Court record number of the case: 34. Are any other civil or criminal proceedings being undertaken, or contemplated, by any other person against the Company or any of its officers? Yes: No: If yes, please specify the nature of the proceedings, the person(s) against whom the proceedings are being or may be taken, the date/expected date of commencement of the proceedings and the name, address and telephone number of the person taking or contemplating the proceedings. If proceedings have commenced, please state whether they are in the High Court or Circuit Court and cite the Court record number of the case:

20 35. Have you made, or are you contemplating making, a report to the Director of Public Prosecutions and the Director of Corporate Enforcement under Section 299 of the Companies Act 1963 (as amended by Section 51 of the Company Law Enforcement Act 2001)? Yes: No: If yes, please specify the nature of any suspected offence(s), the person(s) to whom the report relates, the relationship of each such person to the Company and the date/expected date of submission of the report:

21 Section 6: FINAL REPORT 36. Outcome of restriction application(s) to the High Court (if applicable) (please provide details for each person): 37. Outcome of any other court proceedings taken under the circumstances set out in questions 32, 33 and 34: 38. If the liquidation has been completed, please attach a copy of Form 14 as required to be submitted to the Companies Registration Office.

22 Section 7: Liquidators Statement (To be completed on every occasion a report is made) I, being the liquidator of the above company, state that the details and particulars contained in this Report and all associated documentation prepared by me are true correct and complete, to the best of my knowledge and belief. Signed: Date: Please ensure that copies of the following are attached to this Report: Separate sheets (if applicable) [items 18, 22(g), 24, 29]; Copies of notices of appointment and reports of receivers/examiners/liquidators/other office-holders (if applicable) [item 19]; Statement of Affairs (or details of assets and liabilities) [item 23]; Last two sets of audited accounts and draft or management accounts subsequently prepared, if any [item 25]; Report to Creditors and other relevant material, including minutes of creditors meeting, Chairperson s statement to meeting [item 26]; Additional copies of Section 3: Details of Company Directors; Copy of CRO Form 14 (if applicable) [item 38]; Any further information or documentation that you deem to be required.

23 Appendix 2A STATEMENT MADE BY DIRECTOR, TO THE LIQUIDATOR OR HIS REPRESENTATIVE To be completed by one director on behalf of all directors NAME OF COMPANY REGISTERED OFFICE ADDRESS OF PLACE OF BUSINESS NATURE OF BUSINESS TELEPHONE NUMBER OF COMPANY NAME AND ADDRESS OF AUDITORS OF THE COMPANY: NAME AND ADDRESS OF THE SECRETARY OF THE COMPANY:

24 PLACE WHERE MEMORANDUM AND ARTICLES OF ASSOCIATION, MINUTE BOOKS, REGISTER OF MEMBERS, REGISTER OF DIRECTORS, ETC., ARE KEPT: SHARE CAPITAL OF COMPANY: Authorised: Issued: DATE OF INCORPORATION OF COMPANY AMOUNT, IF ANY, DUE ON SHARES IF NOT PAID UP IN FULL: PLEASE STATE THE LOCATION OF THE COMPANY SEAL: NAME AND ADDRESS OF COMPANY SOLICITORS: REPORTING PERIOD OF MOST RECENT SET OF AUDITED ACCOUNTS:

25 PERSON/S RESPONSIBLE FOR PREPARATION OF STATEMENT OF AFFAIRS: NAMES AND ADDRESSES OF KEYHOLDERS: ETAILS OF ALL INVESTMENTS OF THE COMPANY DETAILS OF ANY ASSETS OF THE COMPANY HELD BY THIRD PARTIES:

26 DETAILS OF ALL BANK ACCOUNTS OPERATED, OPENED, OR CLOSED BY THE COMPANY WITHIN TWO YEARS OF THE DATE OF APPOINTMENT OF THE LIQUIDATOR DETAILS OF ANY ASSETS OF THE COMPANY HELD BY THE DIRECTORS: DETAILS OF ALL PERSONS HOLDING THE POSITION OF DIRECTOR WITHIN TWO YEARS OF THE DATE OF THE ONSET OF THE INSOLVENCY: SURNAME: FORMER SURNAME: FULL FORENAMES: POSTAL ADDRESS:

27 BOOKS AND RECORDS OF THE COMPANY: Schedule below all books and records which constitute the full records maintained by the Directors of the Company up to the date of appointment of the liquidator. If the records are not on the company s premises then their location must be identified: LEGAL ACTION: Briefly identify below any pending legal action which should be brought to the notice of the liquidator DISPOSAL OF ASSETS: Detail below any assets which have been disposed of by the company other than in the ordinary course of business during the preceding year, giving nature of the asset and the date that the disposal took place: IMMOVABLE PROPERTY: Detail below the location of the Title Deeds of any immovable property which is owned by the company:

28 SECURITIES: Detail below the existence and location of any securities which have been given to creditors at any time, including mortgage bonds, and hire purchase agreements. If applicable make reference to any creditor who may be in possession of any assets belonging to the company as security for his claims against the company: INSURANCE: Are the assets of the company currently insured against fire and theft, and if so, give full details of the name of the insurance company and the cover arranged: GENERAL INFORMATION: Detail below any further information which you consider should be brought to the attention of the liquidator: I the undersigned, Director of now in liquidation, do hereby declare that the attached questionnaire has been completed by me voluntarily. The information contained in this statement is, to the best of my knowledge and belief, true and correct. I further declare that I have not withheld any information concerning assets, liabilities, or accounts of the company. The schedule of books and records, as contained in this statement, is complete and constitutes the entire records of all the company s business transactions as maintained by the company.

29 NAME OF DIRECTOR: SIGNATURE: DATE:

30 Appendix 2B STATEMENT MADE BY DIRECTOR, TO THE LIQUIDATOR OR HIS REPRESENTATIVE Separate statement to be completed by each director SURNAME FULL FORENAME POSTAL ADDRESS RESIDENTIAL ADDRESS: NATIONALITY: DATE OF BIRTH: OCCUPATION: DATE OF APPOINTMENT: DATE OF RESIGNATION: Do you have any formal contracts or agreements with the company? Yes/No If yes, please attach a copy of the said contract/agreement

STATUTORY INSTRUMENTS. S.I. No. 616 of 2015 RULES OF THE SUPERIOR COURTS (COMPANIES ACT 2014) (NO. 2) 2015

STATUTORY INSTRUMENTS. S.I. No. 616 of 2015 RULES OF THE SUPERIOR COURTS (COMPANIES ACT 2014) (NO. 2) 2015 STATUTORY INSTRUMENTS. S.I. No. 616 of 2015 RULES OF THE SUPERIOR COURTS (COMPANIES ACT 2014) (NO. 2) 2015 2 [616] S.I. No. 616 of 2015 RULES OF THE SUPERIOR COURTS (COMPANIES ACT 2014) (NO. 2) 2015 We,

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

PART 12 STRIKE OFF AND RESTORATION. Chapter 1. Strike off of company

PART 12 STRIKE OFF AND RESTORATION. Chapter 1. Strike off of company PART 12 STRIKE OFF AND RESTORATION Chapter 1 Strike off of company 726. When Registrar may strike company off register. 727. Grounds for involuntary strike off 728. Registrar s notice to company of intention

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

STATEMENT OF INSOLVENCY PRACTICE A RECEIVER S RESPONSIBILITY FOR THE MORTGAGOR S RECORDS. Contents. Introduction 1-3. Scope 4-7.

STATEMENT OF INSOLVENCY PRACTICE A RECEIVER S RESPONSIBILITY FOR THE MORTGAGOR S RECORDS. Contents. Introduction 1-3. Scope 4-7. S1B STATEMENT OF INSOLVENCY PRACTICE A RECEIVER S RESPONSIBILITY FOR THE MORTGAGOR S RECORDS Contents Paragraphs Introduction 1-3 Scope 4-7 Principles 8 Compliance Standards On appointment 9-10 During

More information

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

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

More information

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 This is a revised edition of the Substantive Laws, prepared by the Law Revision

More information

THE INSOLVENCY ACT AND RULES 1986 COMPANY DIRECTORS DISQUALIFICATION ACT 1986 QUESTIONNAIRE FOR DIRECTORS AND COMPANY OFFICERS/EMPLOYEES

THE INSOLVENCY ACT AND RULES 1986 COMPANY DIRECTORS DISQUALIFICATION ACT 1986 QUESTIONNAIRE FOR DIRECTORS AND COMPANY OFFICERS/EMPLOYEES THE INSOLVENCY ACT AND RULES 1986 COMPANY DIRECTORS DISQUALIFICATION ACT 1986 QUESTIONNAIRE FOR DIRECTORS AND COMPANY OFFICERS/EMPLOYEES 0813 NAME OF COMPANY Section 235 of the Insolvency Act 1986 places

More information

CORPORATE GOVERNANCE AND KEY COMPANY LAW ISSUES IN CHALLENGING ECONOMIC TIMES

CORPORATE GOVERNANCE AND KEY COMPANY LAW ISSUES IN CHALLENGING ECONOMIC TIMES CORPORATE GOVERNANCE AND KEY COMPANY LAW ISSUES IN CHALLENGING ECONOMIC TIMES INTRODUCTION Directors stand in a fiduciary relationship to the company and there are general fiduciary duties imposed upon

More information

Labuan Limited Partnerships and Limited Liability Partnerships

Labuan Limited Partnerships and Limited Liability Partnerships Labuan Limited Partnerships and Limited Liability Partnerships 1 laws OF MALAYSIA Act 707 LABUAN LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS ACT 2010 2 Laws of Malaysia Act 707 Date of Royal

More information

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

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

More information

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000 BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000 This is a revised edition of the law, prepared by the Law Revision Commissioner under

More information

INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW

INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW REPUBLIC OF CYPRUS INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW (No 47(I) of 1999) English translation prepared by The Central Bank of Cyprus ARRANGEMENT OF SECTIONS PART I PRELIMINARY AND GENERAL Section

More information

Application to incorporate a company Section 3 and 3A (inserted by section 101 Company Law Enforcement Act 2001) Companies (Amendment) Act 1982 Section 5 Companies (Amendment) Act 1983 European Communities

More information

Remuneration of Insolvency Officeholders Republic of Ireland

Remuneration of Insolvency Officeholders Republic of Ireland STATEMENT OF INSOLVENCY PRACTICE S9B Remuneration of Insolvency Officeholders Republic of Ireland Contents Paragraphs Introduction 1 6 Overview of Statutory Requirements 7 Members Voluntary Liquidations

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

TRADE UNIONS ACT (CHAPTER 333, SECTION 55) TRADE UNIONS REGULATIONS

TRADE UNIONS ACT (CHAPTER 333, SECTION 55) TRADE UNIONS REGULATIONS TRADE UNIONS ACT (CHAPTER 333, SECTION 55) TRADE UNIONS REGULATIONS Arrangement of Provisions 1 Citation. 1A Definition 2 Register. 3 Application for registration. 4 Manner of registration. 5 Certificate

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

STATEMENT OF INSOLVENCY PRACTICE GUIDANCE FOR MEMBERS OF THE COMMITTEE OF INSPECTION IN COURT AND IN CREDITORS VOLUNTARY LIQUIDATIONS.

STATEMENT OF INSOLVENCY PRACTICE GUIDANCE FOR MEMBERS OF THE COMMITTEE OF INSPECTION IN COURT AND IN CREDITORS VOLUNTARY LIQUIDATIONS. STATEMENT OF INSOLVENCY PRACTICE GUIDANCE FOR MEMBERS OF THE COMMITTEE OF INSPECTION IN COURT AND IN CREDITORS VOLUNTARY LIQUIDATIONS Contents Paragraphs Introduction 1 7 Establishment of Committee of

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

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

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

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

Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. MUTUAL FUNDS LAW. (2009 Revision)

Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. MUTUAL FUNDS LAW. (2009 Revision) Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. Mutual Funds Law (2009 Revision) MUTUAL FUNDS LAW (2009 Revision) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part),

More information

NATIONAL PAYMENT SYSTEM ACT

NATIONAL PAYMENT SYSTEM ACT LAWS OF KENYA NATIONAL PAYMENT SYSTEM ACT No. 39 of 2011 Revised Edition 2012 [2011] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev.

More information

STATEMENT OF INSOLVENCY PRACTICE ACQUISITION OF ASSETS OF INSOLVENT COMPANIES BY DIRECTORS. Contents. Introduction 1 4. Scope 5 6

STATEMENT OF INSOLVENCY PRACTICE ACQUISITION OF ASSETS OF INSOLVENT COMPANIES BY DIRECTORS. Contents. Introduction 1 4. Scope 5 6 STATEMENT OF INSOLVENCY PRACTICE ACQUISITION OF ASSETS OF INSOLVENT COMPANIES BY DIRECTORS Contents Paragraphs Introduction 1 4 Scope 5 6 Legal Obligations of Directors and Statutory Provisions 7 10 Obligations

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

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

Insolvency Guidance Note (2) - A liquidator s investigation into the affairs of an insolvent company

Insolvency Guidance Note (2) - A liquidator s investigation into the affairs of an insolvent company Statement Issued September 2005 Effective for insolvency appointments made on or after 1 October 2005 Statement Insolvency Guidance Note (2) - A liquidator s investigation into the affairs of an insolvent

More information

Queensland. Trust Accounts Act 1973

Queensland. Trust Accounts Act 1973 Queensland Trust Accounts Act 1973 Current as at 23 September 2013 Information about this reprint This reprint shows the legislation current as at the date on the cover and is authorised by the Parliamentary

More information

91. Upon the commencement of a winding-up and dissolution required under section 89 or permitted under section 90, the directors may only

91. Upon the commencement of a winding-up and dissolution required under section 89 or permitted under section 90, the directors may only PART IX WINDING-UP, DISSOLUTION AND STRIKING-OFF 89.A company incorporated under this Act shall commence to wind up and dissolve by a resolution of directors upon expiration of such time as may be prescribed

More information

REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections

REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009 Arrangement of Sections PART 1 INTRODUCTION 1 Interpretation... PART 2 ESTABLISHMENT OF OFFSHORE LIMITED PARTNERSHIPS 2 Offshore limited

More information

A Guide to Transactions Involving Directors. www.odce.ie

A Guide to Transactions Involving Directors. www.odce.ie A Guide to Transactions Involving Directors www.odce.ie COPYRIGHT STATEMENT The contents of this document are the copyright of the Director of Corporate Enforcement. Nothing herein should be construed

More information

Chapter 3 Financial Year

Chapter 3 Financial Year [PART 6 FINANCIAL STATEMENTS, ANNUAL RETURN AND AUDIT Chapter 1 Preliminary 269. What this Part contains and use of prefixes - Companies Act and IFRS. 270. Overall limitation on discretions with respect

More information

DRAFT NOTICE. THE INSOLVENCY ACT 2009 Notice by the Minister under the Insolvency Act 2009 [section 411(3)]

DRAFT NOTICE. THE INSOLVENCY ACT 2009 Notice by the Minister under the Insolvency Act 2009 [section 411(3)] IP Regulations v10-12 September 11 Government Notice No. of 2011 DRAFT NOTICE THE INSOLVENCY ACT 2009 Notice by the Minister under the Insolvency Act 2009 [section 411(3)] 1. Notice by the Minister in

More information

CAYMAN ISLANDS. Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION)

CAYMAN ISLANDS. Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION) CAYMAN ISLANDS Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part), 9 of 1998, 4 of

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

INVESTMENT FUNDS ACT 2006 BERMUDA 2006 : 37 INVESTMENT FUNDS ACT 2006

INVESTMENT FUNDS ACT 2006 BERMUDA 2006 : 37 INVESTMENT FUNDS ACT 2006 BERMUDA 2006 : 37 INVESTMENT FUNDS ACT 2006 Date of Assent: 28 December 2006 Operative Date: 7 March 2007 ARRANGEMENT OF PARAGRAPHS PART I PRELIMINARY 1 Short title and commencement Interpretation 2 Interpretation

More information

LIMITED LIABILITY PARTNERSHIP ACT

LIMITED LIABILITY PARTNERSHIP ACT CAP. 30A LAWS OF KENYA LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 30A Revised Edition 2012 [2011] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org

More information

Number 45 of 2013. Credit Reporting Act 2013

Number 45 of 2013. Credit Reporting Act 2013 Number 45 of 2013 Credit Reporting Act 2013 Number 45 of 2013 CREDIT REPORTING ACT 2013 CONTENTS PART 1 PRELIMINARY AND GENERAL Section 1. Short title and commencement 2. Interpretation 3. Regulations

More information

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

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

More information

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

BELIZE LIMITED LIABILITY PARTNERSHIPS ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSIDIARY LAWS AS AT 31ST OCTOBER, 2003

BELIZE LIMITED LIABILITY PARTNERSHIPS ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSIDIARY LAWS AS AT 31ST OCTOBER, 2003 BELIZE LIMITED LIABILITY PARTNERSHIPS ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSIDIARY LAWS AS AT 31ST OCTOBER, 2003 This is a revised edition of the Subsidiary Laws, prepared by the Law Revision

More information

Collection Manual Liquidation of Companies and other Company Law issues

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

More information

Liquidators, Receivers and Examiners Their duties and powers

Liquidators, Receivers and Examiners Their duties and powers Liquidators, Receivers and Examiners Their duties and powers A quick guide Introduction We have produced this information booklet to explain the powers, duties and responsibilities of liquidators, receivers

More information

CORPORATE SERVICES IMMIGRATION. Directors Duties and Responsibilities

CORPORATE SERVICES IMMIGRATION. Directors Duties and Responsibilities CORPORATE SERVICES IMMIGRATION Directors Duties and Responsibilities A. COMMON LAW DUTIES Directors are mainly responsible for the overall management of the company. In exercising their powers, they must

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

STATEMENT OF INSOLVENCY PRACTICE 4 (E & W)

STATEMENT OF INSOLVENCY PRACTICE 4 (E & W) STATEMENT OF INSOLVENCY PRACTICE 4 (E & W) DISQUALIFICATION OF DIRECTORS ENGLAND AND WALES Introduction 1 This statement of insolvency practice is one of a series issued by the Council of the Society with

More information

REPUBLIC OF ZAMBIA THE REGISTRATION OF BUSINESS NAMES ACT CHAPTER 389 OF THE LAWS OF ZAMBIA CHAPTER 389 THE REGISTRATION OF BUSINESS NAMES ACT

REPUBLIC OF ZAMBIA THE REGISTRATION OF BUSINESS NAMES ACT CHAPTER 389 OF THE LAWS OF ZAMBIA CHAPTER 389 THE REGISTRATION OF BUSINESS NAMES ACT REPUBLIC OF ZAMBIA THE REGISTRATION OF BUSINESS NAMES ACT CHAPTER 389 OF THE LAWS OF ZAMBIA CHAPTER 389 THE REGISTRATION OF BUSINESS NAMES ACT THE REGISTRATION OF BUSINESS NAMES ACT ARRANGEMENT OF SECTIONS

More information

1. The applicant for registration of this funeral fund is a: New funeral fund Previously exempt funeral fund

1. The applicant for registration of this funeral fund is a: New funeral fund Previously exempt funeral fund ABN 81 913 830 179 Application for registration of a funeral fund Funeral Funds Act 1979 Funeral Funds Regulation 2011 FEE: $507 Before completing this application, please consult the accompanying explanatory

More information

The new Hong Kong Companies Ordinance, Chapter 622 of the Laws of Hong Kong, (the New CO )

The new Hong Kong Companies Ordinance, Chapter 622 of the Laws of Hong Kong, (the New CO ) New Hong Kong Companies Ordinance Introduction The new Hong Kong Companies Ordinance, Chapter 622 of the Laws of Hong Kong, (the New CO ) came into operation on 3 March 2014. The New CO consists of 21

More information

DIFC Insolvency Regulations (IR)

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

More information

A GUIDE TO THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE

A GUIDE TO THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE A GUIDE TO THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE Issued by THE REGISTRAR OF OCCUPATIONAL RETIREMENT SCHEMES Level 16, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. ORS/C/5

More information

Part 10. Directors and Company Secretaries

Part 10. Directors and Company Secretaries Part 10 Division 1 Subdivision 1 Section 453 A4183 Part 10 Directors and Company Secretaries Division 1 Appointment, Removal and Resignation of Directors Subdivision 1 Requirement to have Directors 453.

More information

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

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

More information

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

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

Liquidators, Receivers and Examiners Their duties and powers. A quick guide

Liquidators, Receivers and Examiners Their duties and powers. A quick guide Liquidators, Receivers and Examiners Their duties and powers A quick guide Contents About this guide 2 What are liquidations, receiverships and examinerships? 2 What are liquidators, receivers and examiners?

More information

NATIONAL HEALTH INSURANCE AUTHORITY. Personal Questionnaire

NATIONAL HEALTH INSURANCE AUTHORITY. Personal Questionnaire NATIONAL HEALTH INSURANCE AUTHORITY Personal Questionnaire Name of Scheme: Name of Individual: 1. Personal Details (a) Full name: Surname Forenames (b) Any previous name(s) Date(s) changed (c) (d) (e)

More information

MINORITY SHAREHOLDER RIGHTS IN ONTARIO PRIVATE COMPANIES

MINORITY SHAREHOLDER RIGHTS IN ONTARIO PRIVATE COMPANIES MINORITY SHAREHOLDER RIGHTS IN ONTARIO PRIVATE COMPANIES Phil Thompson Business Lawyer, Corporate Counsel www.thompsonlaw.ca Even without a unanimous shareholders agreement, minority shareholders in private

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

GUIDE TO INCORPORATING COMPANIES

GUIDE TO INCORPORATING COMPANIES GUIDE TO INCORPORATING COMPANIES IRELAND CURRENCY Euro ( ). EXCHANGE CONTROL There is no exchange control in Ireland. There are, however, certain other restrictions which should be noted. Pursuant to the

More information

APPLICATION FOR A LICENCE TO ACT AS AN INSOLVENCY PRACTICTIONER Pursuant to The Insolvency Act 2003 (the ACT ), Section 475(1)

APPLICATION FOR A LICENCE TO ACT AS AN INSOLVENCY PRACTICTIONER Pursuant to The Insolvency Act 2003 (the ACT ), Section 475(1) APPLICATION FOR A LICENCE TO ACT AS AN INSOLVENCY PRACTICTIONER Pursuant to The Insolvency Act 2003 (the ACT ), Section 475(1) This application form should be read in conjunction with: - the Insolvency

More information

Dealing with Employee Claims

Dealing with Employee Claims STATEMENT OF INSOLVENCY PRACTICE S15B Dealing with Employee Claims Contents Paragraphs Introduction 1 4 Statutory Entitlements 5 6 Redundancy Payments Acts 1967 to 2003 7 11 Protection of Employees (Employers

More information

GUIDANCE FOR MEMBERS CREDITORS COMMITTEES IN BANKRUPTCY

GUIDANCE FOR MEMBERS CREDITORS COMMITTEES IN BANKRUPTCY GUIDANCE FOR MEMBERS OF CREDITORS COMMITTEES IN BANKRUPTCY CONTENTS INTRODUCTION...1 GENERAL...1.1 THE TRUSTEE IN BANKRUPTCY...1.2 THE CREDITORS COMMITTEE...1.3 THE FUNCTIONS OF THE COMMITTEE...2 CONTROL

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

Management Companies A Property Owner s Guide To Company Law

Management Companies A Property Owner s Guide To Company Law Management Companies A Property Owner s Guide To Company Law For further information contact: * Office of the Director of Corporate Enforcement 16 Parnell Square Dublin 1, Ireland ( 01 858 5800 Lo-call

More information

STATUTORY INSTRUMENTS. S.I. No. 409 of 2011 THE SOLICITORS ACTS 1954 TO 2008 (PROFESSIONAL INDEMNITY INSURANCE) REGULATIONS 2011

STATUTORY INSTRUMENTS. S.I. No. 409 of 2011 THE SOLICITORS ACTS 1954 TO 2008 (PROFESSIONAL INDEMNITY INSURANCE) REGULATIONS 2011 STATUTORY INSTRUMENTS. S.I. No. 409 of 2011 THE SOLICITORS ACTS 1954 TO 2008 (PROFESSIONAL INDEMNITY INSURANCE) REGULATIONS 2011 (Prn. A11/1363) 2 [409] S.I. No. 409 of 2011 THE SOLICITORS ACTS 1954 TO

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

General Scheme of the. Irish Collective Asset-management Vehicle. Bill 2014

General Scheme of the. Irish Collective Asset-management Vehicle. Bill 2014 General Scheme of the Irish Collective Asset-management Vehicle Bill 2014 Part 1 Preliminary and General 1. Citation 2. Commencement 3. Interpretation 4. Limitation of liability 5. UCITS incorporated as

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

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

---------------------------------------------------------------------------------------------- LIMITED LIABILITY PARTNERSHIP

---------------------------------------------------------------------------------------------- LIMITED LIABILITY PARTNERSHIP ---------------------------------------------------------------------------------------------- LIMITED LIABILITY PARTNERSHIP LAW DIFC LAW NO.5 OF 2004 ----------------------------------------------------------------------------------------------

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

CHAPTER 110 THE COMPANIES ACT.

CHAPTER 110 THE COMPANIES ACT. CHAPTER 110 THE COMPANIES ACT. Commencement. I January, 1961. An Act to amend and consolidate the law relating to the incorporation, regulation and winding up of companies and other associations and to

More information

CHAPTER 318C SMALL BUSINESS DEVELOPMENT

CHAPTER 318C SMALL BUSINESS DEVELOPMENT 1 L.R.O. 2007 Small Business Development CAP. 318C CHAPTER 318C SMALL BUSINESS DEVELOPMENT ARRANGEMENT OF SECTIONS SECTION 1. Short title. 2. Interpretation. 3. Small business. 4. Approved small business

More information

[Chap4602]CHAPTER 46:02 BUSINESS NAMES REGISTRATION ARRANGEMENT OF SECTIONS SECTION. 1. Short title. 2. Interpretation

[Chap4602]CHAPTER 46:02 BUSINESS NAMES REGISTRATION ARRANGEMENT OF SECTIONS SECTION. 1. Short title. 2. Interpretation [Chap4602]CHAPTER 46:02 BUSINESS NAMES REGISTRATION ARRANGEMENT OF SECTIONS SECTION 1. Short title 2. Interpretation 3. Firms and persons to be registered 4. Registration by nominee, etc. 5. Manner and

More information

Click here for Explanatory Memorandum

Click here for Explanatory Memorandum Click here for Explanatory Memorandum AN BILLE UM THUAIRISCIÚ CREIDMHEASA, 2012 CREDIT REPORTING BILL 2012 Mar a tionscnaíodh As initiated ARRANGEMENT OF SECTIONS PART 1 Preliminary and General Section

More information

A Guide to a Debt Settlement Arrangement ( DSA )

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

More information

technical factsheet 177 Company purchase of own shares

technical factsheet 177 Company purchase of own shares technical factsheet 177 Company purchase of own shares CONTENTS 1. Introduction 2. Legal aspects 3. Taxation 4. Accounting 5. Reporting 6. General business planning issues 7. Ethical considerations for

More information

Government Notice No. 157 of 2012 THE INSOLVENCY ACT Regulations made by the Minister under section 411(1)(a) of the Insolvency Act

Government Notice No. 157 of 2012 THE INSOLVENCY ACT Regulations made by the Minister under section 411(1)(a) of the Insolvency Act 1150 Government Notices 2012 Government Notice No. 157 of 2012 THE INSOLVENCY ACT Regulations made by the Minister under section 411(1)(a) of the Insolvency Act 1. These regulations may be cited as the

More information

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

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

More information

AUDIT ACT. 2008 Revised Edition CAP. 32.02

AUDIT ACT. 2008 Revised Edition CAP. 32.02 AUDIT ACT CAP. 32.02 Audit Act CAP. 32.02 Arrangement of Sections AUDIT ACT Arrangement of Sections Section PART 1 PRELIMINARY 7 1 Short title... 7 2 Definitions... 7 PART 2 AUDITOR-GENERAL AND THE AUDIT

More information

ARTICLES OF ASSOCIATION OF

ARTICLES OF ASSOCIATION OF ARTICLES OF ASSOCIATION OF SAMPLE LIMITED 樣 板 有 限 公 司 Incorporated the 13 th day of Au gust, 9. HONG KONG No. [COPY] CERTIFICATE OF INCORPORATION * * * I hereby certify that SAMPLE LIMITED 樣 板 有 限 公 司

More information

[ ] numbers in brackets refer to the clause number in the regulations.

[ ] numbers in brackets refer to the clause number in the regulations. DMCC COMPANY REGULATIONS (1/03) AT A GLANCE This document sets out to summarise the main Company Rules and Regulations applicable within the DMCC Free Zone. You are recommended to read the full edition

More information

COMPANIES LIQUIDATION RULES, 2012

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

More information

GUIDANCE FOR MEMBERS LIQUIDATION COMMITTEES

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

More information

Application for Registration as Asset Manager

Application for Registration as Asset Manager Schedule E Application for Registration as Asset Manager Name of Applicant: This Application is for a registration as an: (please tick as appropriate): ASSET MANAGER FOR A RETIREMENT SCHEME ASSET MANAGER

More information

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

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

More information

THE COMPANIES ACT 2006 COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL ARTICLES OF ASSOCIATION SHELTERBOX TRUST. Companies Act 2006

THE COMPANIES ACT 2006 COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL ARTICLES OF ASSOCIATION SHELTERBOX TRUST. Companies Act 2006 Company No: 04612652 Charity No: 1096479 THE COMPANIES ACT 2006 COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL ARTICLES OF ASSOCIATION OF SHELTERBOX TRUST Companies Act 2006 Company limited

More information

Singapore Diamond Investment Exchange Pte Ltd SDiX Depository Pte Ltd Application for Membership -- Approved Supplier

Singapore Diamond Investment Exchange Pte Ltd SDiX Depository Pte Ltd Application for Membership -- Approved Supplier 1 Singapore Diamond Investment Exchange Pte Ltd SDiX Depository Pte Ltd Application for Membership -- Approved Supplier Explanatory Notes 1. This application form is for applicants who intend to apply

More information

GUIDELINES FOR THE ADMINISTRATION OF INSURANCE AGENTS - 2010

GUIDELINES FOR THE ADMINISTRATION OF INSURANCE AGENTS - 2010 GUIDELINES FOR THE ADMINISTRATION OF INSURANCE AGENTS - 2010 PART I - PRELIMINARY Purpose and Authorisation 1. These Guidelines are intended to provide the framework and procedure for the licencing and

More information

Voluntary liquidation under the BVI Business Companies Act 2004

Voluntary liquidation under the BVI Business Companies Act 2004 Voluntary liquidation under the BVI Business Companies Act 2004 JULY 2013 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject

More information

Company Directors' Responsibilities

Company Directors' Responsibilities Company Directors' Responsibilities CONTENTS Company Directors' Responsibilities 2 Disqualification 4 The Powers And Duties Of Company Directors 6 Basic Statutory Obligations Of A Company Under The Companies

More information

Public Audit (Wales) Act 2004

Public Audit (Wales) Act 2004 Public Audit (Wales) Act 2004 CHAPTER 23 CONTENTS PART 1 AUDITOR GENERAL FOR WALES New functions of the Auditor General for Wales 1 Transfer of functions of Assembly 2 Additional functions of Auditor General

More information

Application Form for Authorisation as a Moneylender under the Consumer Credit Act, 1995, as amended ( the Act ). Renewal Applicant

Application Form for Authorisation as a Moneylender under the Consumer Credit Act, 1995, as amended ( the Act ). Renewal Applicant Application Form for Authorisation as a Moneylender under the Consumer Credit Act, 1995, as amended ( the Act ). Renewal Applicant April 2014 Contents Contents 1 Introduction 2 Part A: Details of Applicant

More information

Update on Company Law. Hong Kong Arts Administrators Association 10 th March 2014 2:00pm 4:00pm

Update on Company Law. Hong Kong Arts Administrators Association 10 th March 2014 2:00pm 4:00pm Update on Company Law Hong Kong Arts Administrators Association 10 th March 2014 2:00pm 4:00pm 1 Introduction Rewrite of the Companies Ordinance was endorsed by the Legislative Council in mid- 2006 The

More information