The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
If, during the course of a liquidator's or administrator's investigations into the events and circumstances of the company's insolvency, it is apparent that the directors of the company have profited from their position as directors (other than by remuneration), or have used company property for their own benefit, it is incumbent on the liquidator or administrator to take steps to recover that property. Such conduct by the directors may also expose them (in a liquidation only) to a misfeasance claim by the liquidator under section 212 of the Insolvency Act 1986 (IA 1986).
The liquidator or administrator can also apply to court seeking an order to restore any disposition of company property which contravenes the relevant provisions of the IA 1986, being IA 1986, s 127 (only in a compulsory liquidation) and IA 1986, ss 238, 239, 240 and 423—these are generally referred to as antecedent transactions. Therefore, a liquidator or administrator can make an application to court to unwind transactions entered into before the company was wound-up or entered into administration. Whether the particular transaction will be unwound will depend on its own circumstances.
Since 25 April 2017, it has been mandatory to use electronic filing (e-filing) in all jurisdictions of the Rolls Building, which includes the Insolvency and Companies List (formerly the
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