Provisional liquidator

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What is a provisional liquidator?

A provisional liquidator is either the official receiver or a licensed insolvency practitioner (IP) who is appointed under section 135 of the Insolvency Act 1986 (IA 1986) in respect of a company which is subject to a winding-up petition before the company is wound up by the court, or the winding-up petition has been heard or dealt with.

IA 1986, s 135 is supplemented by the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, rr 7.33–7.39.

Why are provisional liquidators appointed?

The main reason why a provisional liquidator is appointed is because urgent steps are required to take control of the company and secure its assets due to the risk that the company's creditors will otherwise suffer loss. The appointment of a provisional liquidator is therefore necessary to preserve the company's assets until the company is wound up by the court and a liquidator

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Insolvency Service reports Derby businessman jailed for BBL fraud

The Insolvency Service has reported that a Derby-based businessman, Temidola Ojelabi, has been sentenced to two years and four months’ imprisonment at Derby Crown Court on 10 December 2025 for fraudulently obtaining £80,000 through two separate Bounce Back Loan (BBL) applications for Platinum Gates Limited. Ojelabi has also been disqualified as a company director for eight years. Ojelabi secured £35,000 in May 2020 after declaring a turnover of £150,000, followed by a second loan of £45,000 in June 2020 claiming a turnover of £180,000, despite businesses being entitled to only one loan. Within days of receiving each loan, the funds were transferred into his personal account, with £29,800 subsequently moved to share dealing platforms, instead of being used to support business operations as required. The Insolvency Service is pursuing recovery of the fraudulently obtained funds under the Proceeds of Crime Act 2002 (POCA 2002).

Restructuring & Insolvency weekly highlights—11 December 2025

This week's edition of Restructuring & Insolvency weekly highlights includes: an analysis of the influential role played by creditors in special administration appointments (Eisenberg v JNFX Ltd), clarification by the BVI Court of Appeal of the duties owed by directors to creditors (Byers & Richardson v Chen Ningning), the commencement of the Property (Digital Assets etc) Act 2025, plus a round-up of other news and cases for restructuring and insolvency professionals.

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