Members' voluntary liquidation

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Change of position and proving irreversibility (Atkinson & Mummery v Varma)

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Change of position and proving irreversibility (Atkinson & Mummery v Varma)

Reservation of the right to pursue an insolvent company upon settlement with a co-defendant (Re A C Norton Ltd (in liquidation))

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Reservation of the right to pursue an insolvent company upon settlement with a co-defendant (Re A C Norton Ltd (in liquidation))

INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Ireland

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Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

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What do insolvency searches at The Gazette reveal?

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The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

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Debt for equity swaps

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The Loan Market Association

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Practice notes

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is madeStatutory declaration of solvencyA company...

Produced in partnership with Robert Smailes of Leonard Curtis Business Solutions Group & Simon Hunter of Three Stone 19th May

Practice notes

Insolvency searches for companies at the Central Registry

Insolvency searches for companies at the Central RegistryWhat is the Central Registry of Winding-up Petitions?The Central Registry of Winding-up...

Produced in partnership with Stephen Allinson 19th May

Practice notes

Recapitalisations

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Produced in partnership with Alice Morgan of Sidley Austin LLP 19th May

Practice notes

US bankruptcy financing—debtor-in-possession (DIP) financing

US bankruptcy financing—debtor-in-possession (DIP) financingDIP financing generallyDebtor-in-possession financing (DIP financing) is new,...

Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 19th May

In-house

Practice notes

What is a pre-pack administration sale?

What is a pre-pack administration sale?Stop pressOn 8 October 2020, the Insolvency Service published the outcome of its review conducted into the...

19th May

Practice notes

Marshalling debt

Marshalling debtWhat is marshalling?Marshalling is where two or more creditors are owed money by the same debtor, and one creditor has more than one...

Produced in partnership with Karen Jacobs of Dentons 19th May

Practice notes

Statement of Insolvency Practice 16 (SIP 16)—pre-packaged sales in administration

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19th May

Practice notes

Role, powers, functions and duties of a liquidator

Role, powers, functions and duties of a liquidatorCoronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further...

19th May

Q&As

The wording of paragraph 83 of Schedule B1 to the Insolvency Act 1986 suggests that an administrator only needs to think that the total amount which each creditor is likely to receive has been set aside, not that the secured creditor(s) have been or will be paid in full. Where an administrator is pursuing office-holder claims—such that any recoveries will not be caught by any security—can the administrator convert the administration to a creditors’ voluntary liquidation where secured creditors will not be paid in full or at all? The consent of secured and other creditors to extend the administration has not been forthcoming.

The wording of paragraph 83 of Schedule B1 to the Insolvency Act 1986 suggests that an administrator only needs to think that the total amount which...

Produced in partnership with Caroline Clark 19th May

Practice notes

Annulment of bankruptcy orders

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19th May

Practice notes

Equitable charges v legal charges—impact on saleability

Equitable charges v legal charges—impact on saleabilityThis Practice Note considers the position of a security holder who has an equitable mortgage or...

Produced in partnership with Jonathan Titmuss of Hardwicke 19th May

Practice notes

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986

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19th May

In-house

Practice notes

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986It is possible for a claim to be brought under section 423 of the...

19th May

In-house

Precedents

Certificate of urgency for applications in insolvency proceedings

Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...

19th May

Practice notes

What is a statutory demand?

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19th May

Practice notes

Covenant waivers and resets

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19th May

Most recent Members' voluntary liquidation content

Q&As

How are a company’s assets to be distributed in an MVL? What constitutes debts to members 'as members'?

How are a company’s assets to be distributed in an MVL? What constitutes debts to members 'as members'?Company’s assets upon winding upThe company's...

1st Aug

Q&As

If land, an asset of a company in member’s voluntary liquidation (MVL), which was due to be distributed in specie to the sole director or shareholder of the company in MVL, was in fact transferred directly to another company owned and controlled by that same director’s (rather than transferred into their sole name as shareholder of the company in MVL): Could this transfer be attacked at a later stage? And what steps should be taken now to rectify this transfer so that the transferee can take good title?

If land, an asset of a company in member’s voluntary liquidation (MVL), which was due to be distributed in specie to the sole director or shareholder...

Produced in partnership with Caroline Clark 1st Aug

Q&As

Paragraph 6 of the Temporary Insolvency Practice Direction Supporting the Insolvency Practice Direction covers the scenario where statutory declarations can take place via video conference. What if the parties involved are unable to access computers or smart phones. Can statutory declarations for a members' voluntary liquidation be made via telephone conference and/or proxy?

Paragraph 6 of the Temporary Insolvency Practice Direction Supporting the Insolvency Practice Direction covers the scenario where statutory...

1st Aug

Q&As

How do you wind up a company limited by guarantee? Does this differ to the options available to a company limited by shares?

How do you wind up a company limited by guarantee? Does this differ to the options available to a company limited by shares?A company limited by...

1st Aug

Q&As

Is a shareholder prevented from future involvement in a trade where entrepreneurs’ relief has been claimed on a distribution of assets as a part of a members' voluntary liquidation?

Is a shareholder prevented from future involvement in a trade where entrepreneurs’ relief has been claimed on a distribution of assets as a part of a...

1st Aug

Q&As

Can voluntary liquidation be used, so long as a company is solvent, to bring a lease liability to an end by disclaimer, without the landlord having any recourse for its lost income? By way of example, could a commercial tenant (say, a retailer) with ten years left of its lease to run, deciding that it wants to close that shop, simply go into voluntary liquidation to pay off its current debts and leave the landlord, who thought he had a tenant's rental income stream for the next ten years, with an empty unit?

Can voluntary liquidation be used, so long as a company is solvent, to bring a lease liability to an end by disclaimer, without the landlord having...

1st Aug

Q&As

Can a company be wound up using a members’ voluntary liquidation if there are active litigation proceedings against it? If the creditor obtained a judgment debt from the litigation proceedings, what would happen if the creditor wanted a charging order over the company’s property after the MVL and the company transferred the property intra-group before the charging order was granted?

Can a company be wound up using a members’ voluntary liquidation if there are active litigation proceedings against it? If the creditor obtained a...

Produced in partnership with Carly Schiff of Gateley Plc 1st Aug

Q&As

How can a limited company which is planning on going into liquidation as a result of coronavirus (COVID-19) pursue a civil claim where proceedings have not yet been issued? What implications will liquidation have on pursuing the claim and could the claim be pursued under an individual's name instead?

How can a limited company which is planning on going into liquidation as a result of coronavirus (COVID-19) pursue a civil claim where proceedings...

1st Aug

COVID-19

Q&As

A creditor has issued a winding-up petition. If we notify that creditor of our attention to attend a hearing, can we withdraw the notice or simply not turn up? Are there any specific steps that need to be taken?

A creditor has issued a winding-up petition. If we notify that creditor of our attention to attend a hearing, can we withdraw the notice or simply not...

1st Aug

Q&As

How can members of a company in member voluntary liquidation (where the liquidator was appointed by the court) summon/requisition a general meeting of the company for the purposes of removing the liquidator of the company?

How can members of a company in member voluntary liquidation (where the liquidator was appointed by the court) summon/requisition a general meeting of...

Produced in partnership with Phillip Patterson of Gatehouse Chambers 1st Aug

Q&As

In a members’ voluntary liquidation (MVL), if there is a conflict between some of the shareholders, and the role of the liquidator to gather and sell company assets, who prevails, and can the liquidator override a previous agreement between the shareholders in order to carry out his duties?

In a members’ voluntary liquidation (MVL), if there is a conflict between some of the shareholders, and the role of the liquidator to gather and sell...

1st Aug

Q&As

If there are joint liquidators on behalf of a company, do they both need to sign a stock transfer form or can it be done by one of them?

If there are joint liquidators on behalf of a company, do they both need to sign a stock transfer form or can it be done by one of them? Where an...

1st Aug

Q&As

A company has been voluntarily wound up by its shareholders and is then restored to the register because a claim is made against it. What is the liability of that company, its shareholders and its directors in the event of a successful claim being made? Does the answer change whether it was a creditors’ or members’ voluntary liquidation?

A company has been voluntarily wound up by its shareholders and is then restored to the register because a claim is made against it. What is the...

Produced in partnership with Ian Defty of Begbies Traynor 1st Aug

Q&As

For the purpose of benefitting from section 73 of the Solicitors Act 1974—ie that a solicitor can obtain a charging order over an interim costs order which takes priority over the client’s liquidator’s right to such sum—does the solicitor have to obtain the charging order before the client goes into liquidation, or can it be obtained after the commencement of the liquidation?

For the purpose of benefitting from section 73 of the Solicitors Act 1974—ie that a solicitor can obtain a charging order over an interim costs order...

Produced in partnership with Hannah Drozdz of Gately PLC 1st Aug

Q&As

Can a contingent creditor in a members’ voluntary liquidation (MVL) force the liquidator to continue the MVL until the contingency figure is determined at a future date, or can the liquidator insist on a valuation of the future claim in order to allow for distribution and then dissolution?

Can a contingent creditor in a members’ voluntary liquidation (MVL) force the liquidator to continue the MVL until the contingency figure is...

Produced in partnership with Alison Curry of Insolvency Support Services 1st Aug

Q&As

Can a liquidator disclaim his own contract? If a third party liquidator is appointed and disclaims the contract, what could the consequences be for the office holder who entered into the contract while the company was in administration?

Can a liquidator disclaim his own contract? If a third party liquidator is appointed and disclaims the contract, what could the consequences be for...

1st Aug

Q&As

Would a statutory declaration of solvency still be valid if only made by a minority of board directors in circumstances where there is a board resolution authorising that the declaration can be made?

Would a statutory declaration of solvency still be valid if only made by a minority of board directors in circumstances where there is a board...

1st Aug

Q&As

What rights does a creditor have in a members’ voluntary liquidation if their claim is rejected by the liquidator? What is the process to follow?

What rights does a creditor have in a members’ voluntary liquidation if their claim is rejected by the liquidator? What is the process to...

Produced in partnership with Caroline Clark 1st Aug

Q&As

We need to place a company into members’ voluntary liquidation. Some of the directors are overseas; do we need to fly them over to swear the statutory declaration at the meeting, or can we conference them in and use a local notary in Guernsey?

We need to place a company into members’ voluntary liquidation. Some of the directors are overseas; do we need to fly them over to swear the statutory...

Produced in partnership with Caroline Clark 1st Aug

Q&As

Does a power of attorney given by a company survive administration or liquidation? Is it possible to draft the power of attorney to enable it to survive?

Does a power of attorney given by a company survive administration or liquidation? Is it possible to draft the power of attorney to enable it to...

1st Aug

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Members' voluntary liquidation

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

Change of position and proving irreversibility (Atkinson & Mummery v Varma)

Reservation of the right to pursue an insolvent company upon settlement with a co-defendant (Re A C Norton Ltd (in liquidation))

INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Ireland

Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

Featured Restructuring & Insolvency content

What do insolvency searches at The Gazette reveal?

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

Debt for equity swaps

The Loan Market Association

Most recent Members' voluntary liquidation content

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