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Caroline Clark#897

Caroline Clark

Caroline Clark's insolvency career began over 30 years ago and includes senior responsibility for a portfolio of cases as well as regulatory experience working for the Joint Insolvency Monitoring Unit and national responsibility for compliance and technical matters working for major UK practices. Caroline is now a director of RMCSC, giving high quality insolvency compliance and management advice. As well as being a qualified insolvency practitioner Caroline has an MBA. This, together with experience outside the insolvency profession means that Caroline is qualified to advise about strategic and operational management as well as insolvency. Caroline is also a member of Mensa. Caroline has experience in most areas of personal and corporate insolvency but areas of particular interest include:- Compliance with statute and the principles of best practice including SIPs Strategy, systems and policies Risk analysis Complaints Progress reports Remuneration Regulation and fee estimates The practical and commercial application of legal and regulatory insolvency requirements Conflicts of interest
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Is it acceptable for a liquidator and the only creditor in an insolvency situation to be represented by the same solicitor? Or is this a conflict?
Is it acceptable for a liquidator and the only creditor in an insolvency situation to be represented by the same solicitor? Or is this a conflict?
Q&As
Is the official receiver entitled to 15% of the ‘assets realised’ if the only asset is cash (and therefore arguably not realized in the same way another asset may need to be realized), under Schedule 1 of the Insolvency Proceedings (Fees) Order 2016, SI 2016/692 fees payable in insolvency proceedings? Is there any case law on this point?
Is the official receiver entitled to 15% of the ‘assets realised’ if the only asset is cash (and therefore arguably not realized in the same way another asset may need to be realized), under Schedule 1 of the Insolvency Proceedings (Fees) Order 2016, SI 2016/692 fees payable in insolvency proceedings? Is there any case law on this point?
Q&As
Is there a right of set-off for a company in a Company Voluntary Arrangement?
Is there a right of set-off for a company in a Company Voluntary Arrangement?
Q&As
On the filing of a notice of intention to appoint administrators (NOI) by the company or its directors, an interim moratorium becomes effective under paragraph 44 of Schedule B1 to the Insolvency Act 1986. What is the effect of that interim moratorium on claims that have been commenced against the company prior to the filing of the NOI? Are those claims automatically stayed such that deadlines within the proceedings are 'extended'? What is the effect of the interim moratorium on claims that are filed following the filing of the NOI? Are those claims invalid given the consent of the administrators and the court has not been obtained?
On the filing of a notice of intention to appoint administrators (NOI) by the company or its directors, an interim moratorium becomes effective under paragraph 44 of Schedule B1 to the Insolvency Act 1986. What is the effect of that interim moratorium on claims that have been commenced against the company prior to the filing of the NOI? Are those claims automatically stayed such that deadlines within the proceedings are 'extended'? What is the effect of the interim moratorium on claims that are filed following the filing of the NOI? Are those claims invalid given the consent of the administrators and the court has not been obtained?
Q&As
The appointment of administrators by a qualifying floating charge holder (QFCH) suspends a pending winding up petition. If the appointing QFCH was granted their charge while the company was subject to a pending petition (and section 127 of the Insolvency Act 1986 (IA 1986) potentially applies), what would be the status of the administrators' appointment (i) while in office and (ii) once the administration ceased and the winding up petition was reinstated—assuming a winding up order (WO) was subsequently made on it? Would the appointment be valid prior to the winding up order being made (notwithstanding the risk of IA 1986, s 127 biting later); and would the subsequent application of IA 1986, s 127 on the WO render it invalid and a nullity (or would it still have been valid)?
The appointment of administrators by a qualifying floating charge holder (QFCH) suspends a pending winding up petition. If the appointing QFCH was granted their charge while the company was subject to a pending petition (and section 127 of the Insolvency Act 1986 (IA 1986) potentially applies), what would be the status of the administrators' appointment (i) while in office and (ii) once the administration ceased and the winding up petition was reinstated—assuming a winding up order (WO) was subsequently made on it? Would the appointment be valid prior to the winding up order being made (notwithstanding the risk of IA 1986, s 127 biting later); and would the subsequent application of IA 1986, s 127 on the WO render it invalid and a nullity (or would it still have been valid)?
Q&As
The definition of ‘Capital Market Investment’ in paragraph 2(1) of Schedule 2A to the Insolvency Act 1986 refers to an investment being rated, listed or traded or designed to be rated, listed or traded. Is there any guidance on what ‘designed’ means? Could it capture notes that potentially can be rated, but end up not being rated?
The definition of ‘Capital Market Investment’ in paragraph 2(1) of Schedule 2A to the Insolvency Act 1986 refers to an investment being rated, listed or traded or designed to be rated, listed or traded. Is there any guidance on what ‘designed’ means? Could it capture notes that potentially can be rated, but end up not being rated?
Q&As
The EU Insolvency regulation does not recognise debt relief orders (DROs) granted under Part 7A of the Insolvency Act 1986 (IA 1986). If someone enters a DRO and remains in the UK, what steps could an EU creditor take to enforce their debt in the UK? Could they rely on the discretion of courts under IA 1986, s 251G, or would they simply not have a remedy unless the person went to live in the EU?
The EU Insolvency regulation does not recognise debt relief orders (DROs) granted under Part 7A of the Insolvency Act 1986 (IA 1986). If someone enters a DRO and remains in the UK, what steps could an EU creditor take to enforce their debt in the UK? Could they rely on the discretion of courts under IA 1986, s 251G, or would they simply not have a remedy unless the person went to live in the EU?
Q&As
The wording of paragraph 83 of Schedule B1 to the Insolvency Act 1986 suggests that an administrator only needs to think that the total amount which each creditor is likely to receive has been set aside, not that the secured creditor(s) have been or will be paid in full. Where an administrator is pursuing office-holder claims—such that any recoveries will not be caught by any security—can the administrator convert the administration to a creditors’ voluntary liquidation where secured creditors will not be paid in full or at all? The consent of secured and other creditors to extend the administration has not been forthcoming.
The wording of paragraph 83 of Schedule B1 to the Insolvency Act 1986 suggests that an administrator only needs to think that the total amount which each creditor is likely to receive has been set aside, not that the secured creditor(s) have been or will be paid in full. Where an administrator is pursuing office-holder claims—such that any recoveries will not be caught by any security—can the administrator convert the administration to a creditors’ voluntary liquidation where secured creditors will not be paid in full or at all? The consent of secured and other creditors to extend the administration has not been forthcoming.
Q&As
Under rule 22.4 of the Insolvency (England and Wales) Rules 2016, is it possible for a director of companies 1 and 2 to give notice that they intend to act (via company 2) in a way that would otherwise contravene section 216 of the Insolvency Act 1986. At the time of giving notice, company 1 will not have entered into creditors’ voluntary liquidation (CVL), but it is expected to do so immediately after. As soon as company 1 enters into CVL, it is intended that the director will acquire the whole or substantially the whole of the business of company 1. Is there a statutory definition of ‘insolvent company’ in this context?
Under rule 22.4 of the Insolvency (England and Wales) Rules 2016, is it possible for a director of companies 1 and 2 to give notice that they intend to act (via company 2) in a way that would otherwise contravene section 216 of the Insolvency Act 1986. At the time of giving notice, company 1 will not have entered into creditors’ voluntary liquidation (CVL), but it is expected to do so immediately after. As soon as company 1 enters into CVL, it is intended that the director will acquire the whole or substantially the whole of the business of company 1. Is there a statutory definition of ‘insolvent company’ in this context?
Q&As
We need to place a company into members’ voluntary liquidation. Some of the directors are overseas; do we need to fly them over to swear the statutory declaration at the meeting, or can we conference them in and use a local notary in Guernsey?
We need to place a company into members’ voluntary liquidation. Some of the directors are overseas; do we need to fly them over to swear the statutory declaration at the meeting, or can we conference them in and use a local notary in Guernsey?
Q&As
What considerations should practitioners be taking into account when deciding whether or not the provisions on ipso facto clauses introduced by the Corporate Insolvency and Governance Act 2020 apply to IP licences? Would the considerations be different as between (a) a pure IP licence, and (b) a commercial agreement containing an element of IP licensing (eg a franchise agreement or a sponsorship agreement)?
What considerations should practitioners be taking into account when deciding whether or not the provisions on ipso facto clauses introduced by the Corporate Insolvency and Governance Act 2020 apply to IP licences? Would the considerations be different as between (a) a pure IP licence, and (b) a commercial agreement containing an element of IP licensing (eg a franchise agreement or a sponsorship agreement)?
Q&As
What documents must be served on a debtor in bankruptcy when an order is granted for substituted service of a petition?
What documents must be served on a debtor in bankruptcy when an order is granted for substituted service of a petition?
Q&As
What is the appropriate legal route to re-appoint the liquidator of a dissolved company, where the company is to be restored to a state of compulsory liquidation?
What is the appropriate legal route to re-appoint the liquidator of a dissolved company, where the company is to be restored to a state of compulsory liquidation?
Q&As
What rights does a creditor have in a members’ voluntary liquidation if their claim is rejected by the liquidator? What is the process to follow?
What rights does a creditor have in a members’ voluntary liquidation if their claim is rejected by the liquidator? What is the process to follow?
Q&As
When transferring registered land from previous trustees to new trustees (within the same trust) which are not for any value, will the transaction at an undervalue provisions of the Insolvency Act 1986 apply?
When transferring registered land from previous trustees to new trustees (within the same trust) which are not for any value, will the transaction at an undervalue provisions of the Insolvency Act 1986 apply?
Q&As
Where a company has entered into a corporate voluntary arrangement (CVA), will a disposal of land owned by it (completed after the date of the CVA appointment) be a valid disposition by the company?
Where a company has entered into a corporate voluntary arrangement (CVA), will a disposal of land owned by it (completed after the date of the CVA appointment) be a valid disposition by the company?
Q&As
Where a company is in creditors’ voluntary liquidation and HMRC's debt is being challenged by the director at the Appeals Tribunal, how does a director quantify HMRC's claim in the interim?
Where a company is in creditors’ voluntary liquidation and HMRC's debt is being challenged by the director at the Appeals Tribunal, how does a director quantify HMRC's claim in the interim?
Q&As
Where a trustee in bankruptcy obtains a possession order in respect of a property to which section 283A of the Insolvency Act 1986 applies and six years passes without that order being enforced, is the trustee still able to deal with the property, or does the trustee’s interest in the property re-vest in the bankrupt?
Where a trustee in bankruptcy obtains a possession order in respect of a property to which section 283A of the Insolvency Act 1986 applies and six years passes without that order being enforced, is the trustee still able to deal with the property, or does the trustee’s interest in the property re-vest in the bankrupt?
Q&As
Where the winding up of a partnership and the partners’ bankruptcies occurred in 2008 and have since been consolidated, if an application to court is to be made or creditors’ decision sought to appoint a trustee, will the Insolvency Rules 1986 or Insolvency (England and Wales) Rules 2016 apply?
Where the winding up of a partnership and the partners’ bankruptcies occurred in 2008 and have since been consolidated, if an application to court is to be made or creditors’ decision sought to appoint a trustee, will the Insolvency Rules 1986 or Insolvency (England and Wales) Rules 2016 apply?
Q&As
Why would a deed of indemnity in favour of a members’ voluntary liquidation cover the company (in liquidation) in addition to the liquidator? Does this not cut across the idea that a shareholder’s liability to the company is limited to the unpaid value of its shareholding?
Why would a deed of indemnity in favour of a members’ voluntary liquidation cover the company (in liquidation) in addition to the liquidator? Does this not cut across the idea that a shareholder’s liability to the company is limited to the unpaid value of its shareholding?
Q&As
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Education

  • Birmingham University
  • JIEB
  • The Queen's School, Chester
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