The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
This Practice Note has been archived and is not maintained.
Note that on 6 April 2017 the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 replaced the Insolvency Rules 1986 (IR 1986), SI 1986/1925. The changes under the Deregulation Act 2015 were incorporated by way of the IR 2016. For further reading, see: The Insolvency (England and Wales) Rules 2016—overview and related relevant notes. For further reading on any transitional provisions that may apply, see Practice Note: The Insolvency (England and Wales) Rules 2016—Schedule 2: Transitional provisions [Archived]. Destination table for forms under the Insolvency (England and Wales) Rules 2016 [Archived] sets out equivalence between the forms previously prescribed under IR 1986, SI 1986/1925 and a set of suggested templates, designed to ensure users include the prescribed information under the IR 2016, SI 2016/1024 for a given submission or filing.
Under the Deregulation Act 2015 (Commencement No 6 and Savings Provision) Order 2016 certain provisions of the Deregulation Act 2015 (DA 2015) relating to bankruptcy provisions were brought into effect on 6 April 2017. The provisions include the replacement of the requirement in a bankruptcy based on a creditor’s petition to submit a statement of affairs to the official receiver with a power for the official receiver to require a statement of affairs. For more detail see: LNB News 24/10/2016 111.
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When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise may be:•joint•several, or•joint and severalWhether an undertaking is joint, several, or joint and several in contract is a question of construction
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or transaction•in the form of a document, notwithstanding the form of the underlying document, fact, event or transactionThe purpose of the notarial act is
This Practice Note identifies the main torts (bar negligence and nuisance, which are covered elsewhere in our related content) and their key characteristics. Specifically:•trespass to land•trespass to the person•privacy/defamation•liability for animals•employers' liability•product
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