The following Restructuring & Insolvency guidance note Produced in partnership with Robert Smailes of Leonard Curtis Business Solutions Group and Simon Hunter of ThreeStone provides comprehensive and up to date legal information covering:
A voluntary liquidator can only be removed by an order of the court, a meeting of members or a qualifying decision procedure by creditors.
Only the members may remove a liquidator in a members’ voluntary winding up and only the creditors in a creditors’ voluntary winding-up. This Practice Note deals only with creditors' meetings in creditors’ voluntary liquidations (CVLs).
This Practice Note sets out the position from 6 April 2017 when the Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) came into force. It does not necessarily reflect the position pre 6 April 2017.
A decision procedure must be instigated under section 171(2)(b) of the Insolvency Act 1986 (IA 1986) for the removal of the liquidator if 25% in value of the company’s creditors, excluding those connected with the company, request it.
Where a decision procedure under IA 1986, s 171(2)(b) is to be instigated or proposed, a creditor may apply for directions of the court as to the decision procedure to be used and any other matter which it appears to the court to require regulation or control. See the case of Kean v
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