The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19) toolkit. For related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview.
A liquidator is the officer appointed when a company goes into liquidation who has responsibility for collecting in all of the assets of the company and settling all claims against the company before putting it into dissolution.
In basic terms, a liquidator’s function is to ensure that the company’s assets are realised and distributed to the creditors and, if there is any surplus, to distribute it to the contributories. A liquidator must fulfil this function following the duties imposed and powers granted to them under the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016, SI 2016/1024). Different powers are granted to provisional liquidators and general liquidators. Usually a provisional liquidator will be given more limited, specific functions to carry out, and therefore their powers will be limited accordingly. These powers will be set out in the order appointing them, but tend to be more a protection of the assets pending a full liquidation, rather than the realisation and distribution of those assets. For more information see: Provisional liquidation—overview.
A liquidator acts as
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Criminal offences are generally divided into two categories: •conduct crimes, and •result crimesA conduct crime is a crime where only the forbidden conduct needs to be proved. For example, an accused is guilty of dangerous driving if they drove a motor vehicle dangerously on a road or other public
There may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the shoes of one of the original parties. This is
Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.