The following Restructuring & Insolvency practice note Produced in partnership with Tim Cooper of Addleshaw Goddard provides comprehensive and up to date legal information covering:
The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018, SI 2018/1082 and Insolvency (Scotland) (Receivership and Winding up) Rules 2018, SSI 2018/347 together referred to as the ‘2018 Rules’, came into force on 6 April 2019. The content of this Practice Note has been updated to reflect the application of the 2018 Rules. This note does not address any transitional provision as may be applicable, on the assumption that there will be few cases remaining for which the transitional provisions would be relevant. Further information on the changes, see:
Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018, LNB News 15/10/2018 111
Insolvency (Scotland) (Receivership and Winding up) Rules 2018, LNB News 15/11/2018 7
New insolvency rules for Scotland—what the changes will mean
New changes under the Insolvency (Scotland) (Receivership and Winding up) Rules 2018
A creditors’ voluntary liquidation (CVL) in Scotland is a voluntary formal insolvency process, for the purpose of winding-up the affairs of an insolvent company (or limited liability partnership (LLP)) registered in Scotland, as an alternative to a winding-up by the court.
Save where the company is in administration and is exiting that process via a CVL, the process for an insolvent voluntary liquidation is initiated, in practice, by the directors of the company. The directors must conclude that the company is insolvent and unable to avoid liquidation (and, usually, that
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