Q&As

What is the obligation on past directors to complete the Directors' Questionnaire on insolvency?

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Published on LexisPSL on 23/05/2017

The following Restructuring & Insolvency Q&A provides comprehensive and up to date legal information covering:

  • What is the obligation on past directors to complete the Directors' Questionnaire on insolvency?

What is the obligation on past directors to complete the Directors' Questionnaire on insolvency?

Where a company enters into one of the applicable insolvency processes (being, under section 234(1) of the Insolvency Act 1986 (IA 1986), administration, administrative receivership, liquidation, or provisional liquidation), any person may be required by the court to deliver up company property, books, papers or records to which the company appears to be entitled. Practice Note: Directors’ duties: companies in financial difficulties contains further information.

IA 1986, s 235 imposes a duty inter alia on:

  1. those who are or have at any time been officers of the company

  2. those who have taken part in the formation of the company at any time within one year before the effective date

  3. those who are in the employment of the company, or have been in its employment (including employment under a contract for services)

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