Members’ voluntary liquidation (MVL) definition

View the related checklists about Members’ voluntary liquidation (MVL)

Checklist—Making and administering a statutory declaration by video conference in insolvency proceedings

Checklist—Making and administering a statutory declaration by video conference in insolvency proceedings Background Statutory declarations are a necessary part of insolvency proceedings, most commonly where a company enters members’ voluntary liquidation (MVL) (see section 89 of the Insolvency Act 1986 (IA 1986)) and where a company enters administration by an out of court appointment (see the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, r 3.17). Section 20 of the Statutory Declarations Act 1835 (SDA 1835) prescribes the form of the statutory declaration to be given, as set out in the Schedule to SDA 1835. SDA 1835, s 19 states that a fee is payable and this is prescribed by the Commissioners for Oaths (Fees) Order 1993, SI 1993/2297. The fee is £5 for taking an affidavit, declaration or affirmation, and an additional £2 for each exhibit therein referred to and required to be marked or for each schedule required to be marked. Apart from the form of the statutory declaration and provision as to fees, no other...

View the related practice notes about Members’ voluntary liquidation (MVL)

Just and equitable winding-up—what it is and when to use it

Just and equitable winding-up—what it is and when to use it This Practice Note considers the statutory procedure of a winding-up petition on the just and equitable ground under section 122(1)(g) of the Insolvency Act 1986 (IA 1986), what it is and when it can be used to protect minority shareholders’ rights. It looks at who can bring a petition, the companies against which a petition can be brought and the grounds for ordering a company to be wound up (including unfair prejudice). It also looks at the impact of the petitioner’s conduct (including delay) and the remedies available. For a guide to terminology used in this Practice Note—see below section: Key terms encountered when applying for a winding-up on the just and equitable ground. For guidance on procedure, see Practice Note: Just and equitable winding-up—the procedure. What is a just and equitable winding-up petition? A petition to wind-up a company on the just and equitable ground is a statutory remedy, provided by IA 1986, ss 122–125....

Restructuring & Insolvency—new starter guide

Restructuring & Insolvency—new starter guide Welcome to the world of restructuring and insolvency Restructuring and insolvency covers a variety of different processes and tools designed to achieve different objectives, from rescuing a distressed business to achieving the best outcome for creditors to helping individuals achieve a clean break from their debts. There are a number of different parties involved, including the financially-troubled company or individual, the lender seeking to recover its money, the insolvency practitioner (IP) in charge of the insolvency process, not to mention the advisors engaged by the different parties. This guide is designed to give you an introduction to the different insolvency processes and point you in the direction of the relevant materials where you can find out more. It also contains links to help you make the most of our restructuring and insolvency materials including how to sign up for daily or weekly email alerts. The Insolvency Act 1986 and Insolvency (England and Wales) Rules 2016 The main legislation that restructuring and insolvency practitioners...