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GLOSSARY

Office-holder definition

Published by a LexisNexis Restructuring & Insolvency expert

What does Office-holder mean?

A generic term for an insolvency practitioner or official receiver holding office by acting either as a Trustee in bankruptcy, a Liquidator, a Provisional liquidator, an Administrator, an Administrative receiver or a Supervisor of a Company voluntary arrangement (CVA) or an Individual voluntary arrangement (IVA).

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A summary checklist and timeline for bringing misfeasance, fraudulent trading and wrongful trading claims under sections 212, 213, 246ZA, 214 and 246ZB of the Insolvency Act 1986

A summary checklist and timeline for bringing misfeasance, fraudulent trading and wrongful trading claims under sections 212, 213, 246ZA, 214 and 246ZB of the Insolvency Act 1986 Checklist This Checklist is in relation to claims under sections 212–214, 246ZA and 246ZB of the Insolvency Act 1986 (IA 1986), being commenced by an insolvency office-holder. For further reading on claims under IA 1986, ss 212–214, 246ZA and 246ZB generally, see Practice Notes: • Misfeasance claims under section 212 of the Insolvency Act 1986 • Fraudulent trading claims under sections 213 and 246ZA of the Insolvency Act 1986 • Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986 Step/action Time (days) Section/rule 1. Investigate the events and circumstances leading to the insolvency of the company and the matters giving rise to the claim(s) against the respondent(s). This would include obtaining the company's books and records, interviewing directors, former directors and any persons with information concerning the promotion, formation, business, dealings, affairs or property of the company.It...

Corporate Insolvency and Governance Act 2020—resources for commercial contracts—checklist

Corporate Insolvency and Governance Act 2020—resources for commercial contracts—checklist This Checklist of resources sets out some of the considerations when drafting, reviewing and negotiating commercial contracts to reflect the restrictions on ipso facto provisions introduced by the Corporate Insolvency and Governance Act 2020 (CIGA 2020). Corporate Insolvency and Governance Act 2020—the impact for commercial lawyers CIGA 2020 introduced reforms to the Insolvency Act 1986 (IA 1986) including provisions to ensure the continuity of essential supplies and restrict contractual termination provisions on insolvency (so-called ‘ipso facto’ clauses). The provisions that are of most relevance to general commercial practitioners when drafting and negotiating contracts are: • contractual rights to terminate for an insolvency event, or do any other thing as a result of a customer’s insolvency (so-called ‘ipso facto’ clauses) in contracts for the supply of goods and services are no longer effective • the introduction of a company moratorium available to all companies to allow companies to formulate restructuring proposals without creditor pressure • the introduction of a restructuring plan, being a new...

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Fraudulent trading claims under sections 213 and 246ZA of the Insolvency Act 1986

Fraudulent trading claims under sections 213 and 246ZA of the Insolvency Act 1986 A fraudulent trading claim arises under two separate statutory routes: • it is a criminal offence under section 993 of the Companies Act 2006 • a civil remedy arises under sections 213 and 246ZA of the Insolvency Act 1986 (IA 1986) This Practice Note deals with the latter. What is fraudulent trading? Fraudulent trading is a claim which arises under IA 1986, s 213 (liquidation) or IA 1986, s 246ZA (administration) and seeks to recover property to the company's assets where: • the company has been wound up or entered administration, and • the business of the company was carried on with the intent: ◦ to defraud its creditors, and/or ◦ to defraud creditors of any other person(s), and/or ◦ for any other fraudulent purpose(s) In the circumstances, negligence or incompetence will not be sufficient. Who can commence a fraudulent trading claim? Historically, fraudulent trading claims could only be brought by a liquidator. However,...

Execution formalities—administrators

Execution formalities—administrators This Practice Note provides practical guidance on the proper execution of simple contracts and deeds for administrators. An administrator can be appointed over a company, a partnership or a limited liability partnership. For further information, see Practice Notes: Administration—an introductory guide, Administration of a Limited Liability Partnership and Insolvency of general partnerships—administration. For the purposes of this Practice Note we are addressing execution in the context of company administrations only. Quick view The table below provides a brief overview of the execution formalities applicable to administrators and where related precedent execution clauses can be found. For further information, navigate to the document type using the links in the first column. Document type Can be made: Document can be executed by: Precedents Simple contracts By the company.See: section 43(1)(a) of the Companies Act 2006 (CA 2006). Under the common seal of the company applied by the administrator.See: paragraph 8 of Schedule 1 to the Insolvency Act 1986 (IA 1986). Execution clause—administrator—contract (Option 2). By signature of...

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Witness statement in support of an application by an insolvency office-holder under sections 234, 235, 236, 365 and 366 of the Insolvency Act 1986 to obtain property, information and/or documentation

Witness statement in support of an application by an insolvency office-holder under sections 234, 235, 236, 365 and 366 of the Insolvency Act 1986 to obtain property, information and/or documentation Applicant(s): [insert initials and surname]: [insert number of witness statement eg 1st] Exhibit: [insert exhibit description]: Date: [insert date of witness statement] CASE NO: [insert case number] [ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES INSOLVENCY AND COMPANIES LIST (ChD) OR IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS IN [insert location] INSOLVENCY AND COMPANIES LIST (ChD) OR IN THE COUNTY COURT AT [insert location] ] [ IN THE MATTER OF [insert company’s name] OR IN THE MATTER OF [insert bankrupt’s name] IN BANKRUPTCY ] AND IN THE MATTER OF THE INSOLVENCY ACT 1986 BETWEEN [Insert name(s) of the OFFICE-HOLDER(s)] Applicant(s) AND [Insert name(s) of the respondent(s)] Respondent(s) [INSERT NUMBER] Witness statement of [Insert name OF OFFICE-HOLDER] I, [insert name of the office-holder]...

Letter from an insolvency office-holder to any persons or companies with information, documentation or property relevant to the business, affairs, dealings and property of the insolvent entity or individual (sections 234–236 and 365–366 of the Insolvency Act 1986)

Letter from an insolvency office-holder to any persons or companies with information, documentation or property relevant to the business, affairs, dealings and property of the insolvent entity or individual (sections 234–236 and 365–366 of the Insolvency Act 1986) [insert name, address and contact details/reference of author] [insert date] To: [insert the name of the person or company to whom the letter is addressed] [insert the full address of the recipient] Dear [insert name of recipient] [insert the name of the insolvent company or the name of the bankrupt][(in liquidation) OR (in bankruptcy)] [(the 'Company') OR (the 'Bankrupt')] Case number: [insert case number if applicable] Our client: [insert name of client and office held] Request for [insert what the request is for ie property, information and/or documentation] concerning [the Company OR the Bankrupt] pursuant to [insert the applicable sections ie sections [234, 235 and 236 OR 365 and 366] of the Insolvency Act 1986 (IA 1986)] Introduction We act for [insert name of the office-holder], [the...

Dive into our 29 Precedents related to Office-holder

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? Both insolvency practitioners (IPs) and solicitors are members of professions that are governed by separate ethics codes. Both IPs and solicitors, before accepting an appointment or an instruction, should carry out documented procedures to ensure that there would not be a conflict of interest or breach of their ethics code in accepting the appointment or instruction. The question does not specify whether the conflict concerned would be for the solicitor or the IP and although both issues are considered, this answer deals primarily with the IP and whether the IP would have a conflict of interest. The insolvency ethics code sets out a framework approach that is to be followed in all cases to establish whether there is a conflict of interest. The IP should first of all assess whether there are any threats to the fundamental principles of integrity,...

The director of a company in liquidation has an outstanding directors loan account which the liquidator is seeking to recover. The director has promised to pay the outstanding loan amount but can only do so once his property has been sold. The liquidator wants to secure this debt in the meantime by way of a second charge over the director’s property. Would the charge be caught by the Consumer Credit Act? And if so, are any exemptions which the liquidator may be able rely on?

The director of a company in liquidation has an outstanding directors loan account which the liquidator is seeking to recover. The director has promised to pay the outstanding loan amount but can only do so once his property has been sold. The liquidator wants to secure this debt in the meantime by way of a second charge over the director’s property. Would the charge be caught by the Consumer Credit Act? And if so, are any exemptions which the liquidator may be able rely on? The activities which required a consumer credit licence from the office of fair trading under the Consumer Credit Act 1974 before 1 April 2014 now broadly require an authorisation, under Financial Services and Markets Act 2000 (FSMA 2000), FSMA 2000, Pt 4A, from the Financial Conduct Authority (FCA). There is a general prohibition under FSMA 2000 that no one may carry on a regulated activity in the UK, or purport to do so, without being authorised or exempt. If a person or...

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Restructuring & Insolvency weekly highlights—5 June 2025

This week's edition of Restructuring & Insolvency weekly highlights includes: an analysis of the responsibilities of directors to keep and produce appropriately detailed copies of the company’s books and records (Re New Line Polymers Ltd (in liquidation)), an examination of the meaning of section 234 of the Insolvency Act 1986 (Carvill-Biggs v Reading), a close look at office-holder costs and adjudication challenges (Sanrose Investment Ltd v Foley), plus a round-up of other news and cases for restructuring and insolvency.

New Practice Note: Official receivers—personal insolvency

The LexisNexis Restructuring & Insolvency practical guidance team has published a new Practice Note: ‘Official receivers -personal insolvency'. This Practice Note considers the role of official receivers in personal insolvency, more particularly their appointment, the appointment of deputy official receivers and staff, the persons entitled to act on their behalf, delegation to officers and others, their function and duties, disclosure of the bankrupt’s affairs, the appointment of a trustee in bankruptcy (trustee), handing over to a trustee, their release as trustee, their remuneration, fees and expenses, and their liability for costs.

Read the latest 20 News articles on Office-holder

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GLOSSARY

Office-holder definition

What does Office-holder mean?

View the related checklists about Office-holder

A summary checklist and timeline for bringing misfeasance, fraudulent trading and wrongful trading claims under sections 212, 213, 246ZA, 214 and 246ZB of the Insolvency Act 1986

Corporate Insolvency and Governance Act 2020—resources for commercial contracts—checklist

View the related practice notes about Office-holder

Fraudulent trading claims under sections 213 and 246ZA of the Insolvency Act 1986

Execution formalities—administrators

View the related precedents about Office-holder

Witness statement in support of an application by an insolvency office-holder under sections 234, 235, 236, 365 and 366 of the Insolvency Act 1986 to obtain property, information and/or documentation

Letter from an insolvency office-holder to any persons or companies with information, documentation or property relevant to the business, affairs, dealings and property of the insolvent entity or individual (sections 234–236 and 365–366 of the Insolvency Act 1986)

View the related q&as about Office-holder

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?

View the related News about Office-holder

Restructuring & Insolvency weekly highlights—5 June 2025

New Practice Note: Official receivers—personal insolvency

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GLOSSARY

Office-holder definition

What does Office-holder mean?

View the related checklists about Office-holder

A summary checklist and timeline for bringing misfeasance, fraudulent trading and wrongful trading claims under sections 212, 213, 246ZA, 214 and 246ZB of the Insolvency Act 1986

Corporate Insolvency and Governance Act 2020—resources for commercial contracts—checklist

View the related practice notes about Office-holder

Fraudulent trading claims under sections 213 and 246ZA of the Insolvency Act 1986

Execution formalities—administrators

View the related precedents about Office-holder

Witness statement in support of an application by an insolvency office-holder under sections 234, 235, 236, 365 and 366 of the Insolvency Act 1986 to obtain property, information and/or documentation

Letter from an insolvency office-holder to any persons or companies with information, documentation or property relevant to the business, affairs, dealings and property of the insolvent entity or individual (sections 234–236 and 365–366 of the Insolvency Act 1986)

View the related q&as about Office-holder

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?

View the related News about Office-holder

Restructuring & Insolvency weekly highlights—5 June 2025

New Practice Note: Official receivers—personal insolvency

Call us on

Popular Links

HELP & SUPPORT

LEGAL SOLUTIONS

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