The following Restructuring & Insolvency practice 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.
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. This is unless the liquidator was appointed by the court under section 108, when the procedure is to be instigated only if: (a) the liquidator thinks fit; (b) the court orders it; or (c) 50% in value of the creditors request it.
There appears to be no authority on when the court will order a decision procedure under section 171(3A). However, in cases on the equivalent power in MVLs the court has said
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
When defendants are guilty, they have a choice to plead guilty or to put the prosecution to proof. When they plead guilty they may benefit from a reduction in their sentence as a result, see Practice Note: Credit for guilty plea. However, the Sentencing Council's overarching guidelines on reduction
This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from early 2013 to January 2016. For the latest LMA developments since January 2016, see Practice Note: Loan Market Association (LMA)—latest news on
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