This Practice Note has been archived and is not maintained. Introduction The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 were published and laid...
This note explains how a Limited Liability Partnership (LLP) can be placed into administration, and what powers the administrator has. This Practice Note does not apply...
Bankruptcy is an insolvency process for individuals, which commences on the day the bankruptcy order is made. Until 6 April 2016, unlike its corporate equivalent...
Equity of exoneration Where the property of a spouse is charged in order to raise money for the payment of the first spouse’s debts or otherwise for his or her benefit,...
When an individual is adjudicated bankrupt, his property (with the exception of an interest in various short-term residential tenancies in certain circumstances) vests in...
Background Certain transactions entered into by a company within a specified period before insolvency may be set aside, or otherwise adjusted, by the court on the...
General Liquidation (sometimes called winding up) is the process by which a company and its affairs are brought to an end and its assets distributed to creditors and...
This Practice Note explains how a Limited Liability Partnership (LLP) can be placed into compulsory liquidation, what powers the liquidator has, and what the obligations...
Eligibility Part VI of the County Courts Act 1984 (CCA 1984) introduces a new form of administration procedure for debtors who do not have any business debts and whose...
This note explains how a Limited Liability Partnership (LLP) can be placed into creditors’ voluntary liquidation (CVL), what powers the liquidator has, and what the...
What is a DRO? DROs are 'a new and simplified way of wiping the slate clean for debtors who are too poor to go bankrupt.' A DRO is made in respect of qualifying debts. A...
What happens when a debtor dies? A person may die insolvent. Their estate will be insolvent where its value is insufficient to meet all the debts and liabilities in full....
Transactions at an undervalue A transaction at an undervalue is a transaction which is made by a debtor: • by way of gift or otherwise for no consideration • in...
Administration was introduced by the Insolvency Act 1986 (IA 1986) and the procedure was heavily revised by the Enterprise Act 2002. Appointment Administrators may be...
Effect of appointment An administrative receiver is appointed by the holder of a floating charge (often referred to as a debenture and which may also incorporate fixed...
Effect of appointment A fixed charge receiver is appointed under a legal charge or mortgage and only has power to deal with and dispose of the charged property. Although...
Forms of liquidation 'Liquidation' or 'winding up' is the process by which a company is brought to an end. When a company is liquidated its business is terminated,...
From 8 December 2017, The Insolvency (Miscellaneous Amendments) Regulations 2017, SI 2017/1119 apply to modify the regimes applicable to Limited Liability Partnerships...
The regime A partnership cannot create a floating charge. Any partnership which can be wound up by the court in England and Wales can also be the subject of...
It is possible for a claim to be brought under section 423 of the Insolvency Act 1986 (IA 1986) against a company or individual following a transaction at an undervalue...
This Practice Note explains how a Limited Liability Partnership (LLP) can be placed into voluntary arrangement (VA). This Practice Note does not apply to Limited...
In addition to the better-known company voluntary arrangements (CVAs) and individual voluntary arrangements (IVAs), the insolvency legislation permits insolvent general...
General Liquidation (sometimes called winding up) is the process by which a company and its affairs are brought to an end and its assets distributed to its creditors and...
This Practice Note concentrates on the winding-up of an insolvent partnership as an unregistered company under the Insolvency Partnerships Order 1994 (IPO 1994), SI...