Local authority use of insolvency procedures

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Local authority use of insolvency procedures guidance:

Before the hearing of the creditors' bankruptcy petition takes place, there are a number of steps that must be taken to comply with the procedural requirements set out in...

Practice Note

Grounds to challenge an individual voluntary arrangement An application can be made to challenge the approval of an individual voluntary arrangement (IVA) on one or both...

Practice Note

This Practice Note sets out the position from 6 April 2017. It does not necessarily reflect the position pre–6 April 2017. Drafting and serving a statutory demand This...

Practice Note

Bankruptcy in England and Wales is a process by which the court or the bankruptcy adjudicator adjudicates an individual bankrupt by making a bankruptcy order. While a...

Practice Note

What is a CVA? A company voluntary arrangement (CVA) is an arrangement between a company and its creditors, supervised by an IP (who is known as the supervisor once the...

Practice Note

STOP PRESS: The Insolvency (England and Wales) Rules 2016, SI 2016/1024, came into force on 6 April 2017, entirely replacing the Insolvency Rules 1986. For...

Practice Note

Introduction Part 5 of the Tribunals, Courts and Enforcement Act 2007 (TCEA 2007) introduced new regimes for debt management and relief, although not all of them have...

Practice Note

At the heart of the bankruptcy legislation is the concept of a bankrupt surrendering their estate for the benefit of creditors in return for protection from...

Practice Note

Conditions for making a bankruptcy order When hearing a bankruptcy petition and deciding whether a bankruptcy order should be made, the court needs to be satisfied that...

Practice Note

Effect of IVA on unsecured creditors The effect of the approval of an individual voluntary arrangement (IVA) is set out in section 260(2) of the Insolvency Act 1986 (IA...

Practice Note

This Practice Note looks at factors that the court will consider and the test it will apply when faced with an application by a trustee in bankruptcy (trustee), seeking...

Practice Note

Duration of an individual voluntary arrangement An individual voluntary arrangement (IVA) is an agreement entered into between an individual and their creditors under the...

Practice Note

Once the bankruptcy petition and supporting documents have been presented (or issued) at court, the first step the petitioning creditor will need to take is to effect...

Practice Note

An income payments agreement (IPA) is an alternative to an income payments order (IPO), used in circumstances where the bankrupt voluntarily agrees to their surplus...

Practice Note

An income payments order (IPO) made under section 310 of the Insolvency Act 1986 (IA 1986) allows for the court to direct the income (or a proportion of it) of the...

Practice Note

Nature of an individual voluntary arrangement An individual voluntary arrangement (IVA) is an agreement entered into between an individual and their creditors (and...

Practice Note

Bankruptcy in England and Wales is the process whereby an individual is found to be insolvent, and that they should enter a formal process allowing the assets comprising...

Practice Note

Administration of the scheme The scheme document will need to specify how the scheme of arrangement (scheme) will be administered and by whom. In circumstances where...

Practice Note

The purpose of a bankruptcy order is two-fold: • firstly, it is to secure the bankrupt's estate for the benefit of the bankrupt's creditors so that it can be realised to...

Practice Note

Trustee in bankruptcy’s remuneration The trustee in bankruptcy (trustee) will usually look to the estate for their remuneration. The remuneration of the trustee is an...

Practice Note

General duties of the trustee in bankruptcy The main function and duty of a trustee in bankruptcy (trustee) is to get in, realise and distribute the bankrupt's estate in...

Practice Note

Definition of property and some general principles Property is defined very widely in section 436 of the Insolvency Act 1986 (IA 1986), and includes 'money, goods, things...

Practice Note

This Practice Note looks at what a statutory demand is and what it seeks to achieve in both corporate and personal insolvency. It assumes that the debtor is based in...

Practice Note