The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
The Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) give insolvency office-holders in certain situations the power to obtain property (which includes cash, books and records and documents) of the insolvent company or bankrupt. The IA 1986 imposes a duty on certain individuals and entities to co-operate with the office-holder and imposes sanctions in the event that they fail to do so. In addition, certain individuals or entities are required to deliver up accounts and explanations (either orally, in person, or by way of a sworn statement) detailing their dealings with the affairs and property of the insolvent individual or company. The purpose of these powers is to allow the office-holder to reconstitute the knowledge of the insolvent company or individual, which may allow previously unknown assets to be realised for the benefit of creditors.
This Practice Note sets out the basic principles of delivering up information and property to the office-holder (eg the administrator, liquidator or trustee in bankruptcy). Although the principles relating to corporate insolvencies are similar to those in bankruptcy, this Practice Note deals with them separately. This Practice Note does not however deal with the powers the official receiver (OR) has during any insolvency process.
Where a company enters into one of the applicable insolvency processes (being,
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