The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
Section 1(1) of the Company Directors Disqualification Act 1986 (CDDA 1986) provides that a disqualification order must be for a period specified in the order, and that 'unless the court otherwise orders, the period of disqualification...imposed...[under a disqualification order] shall begin at the end of the period of 21 days beginning with the date of the order.' This provision allowing 21 days' grace has been in place since April 2001 as a result of changes brought in by section 5(2) of the Insolvency Act 2000. It allows a short time for a director to put their house in order while still a director, but avoiding sanctions for breach.
There is court discretion to extend the period after which the order commences if it wishes, but in practice it will only do this in exceptional circumstances. For example if a defendant could show that their options under CDDA 1986, s 17 (leave to act while disqualified) were not appropriate, eg where there may be a very good case for appeal. Inevitably any extension would be limited for a short period, and may be subject to restrictions.
It is a highly unusual for the period to be extended, and therefore very unlikely to be the case simply to allow an application for a hearing to determine if CDDA 1986, s 17 leave should
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The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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Brexit: The UK's departure from the EU on exit day, ie Friday 31 January 2020, has implications for practitioners considering service out of the jurisdiction. For guidance, see: Cross border considerations—checklist—Service—Brexit specific.This Practice Note explains when an acknowledgment of
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