The following Restructuring & Insolvency news provides comprehensive and up to date legal information on A £3m gift, a diamond and a castle; the story of a successful section 423 claim (Thomas v Jones)
Role, powers, functions and duties of a liquidatorThe role and function of a liquidatorA liquidator is the officer appointed when a company goes into...
What is a statutory declaration of solvency, and what happens if a false declaration of solvency is madeCoronavirus (COVID-19)This content is affected...
Bonds and notesThe terms ‘bonds’ and ‘notes’ are used interchangeably (and there is no legal difference between the terms), though notes tend to be...
Obtaining Official Copies from HM Land RegistryThis Practice Note provides guidance in obtaining official copies of the entries on the title of a...
Future debts, contingent debts, secured debtsProvable debtsThe general rule as to what constitutes a provable debt in administration, winding-up and bankruptcy is set out in Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, r 14.2(1):‘All claims by creditors except as provided in
When money is placed into an escrow account, what is the effect in the event the payer enters an insolvency process?An escrow account is an interest-bearing bank account to which certain specified criteria are attached which must be satisfied before funds can be released from the account. These
Liability for business rates in insolvencyWhat are business rates?Business rates are a tax on property used for business purposes. They are charged on most non-domestic properties such as shops, offices and pubs.Business rates are also payable if you use part of a building for non-domestic
Waterfall of payments—a comparative guideLiquidationThe order of distribution in liquidation, following the realisation of security by fixed charge secured creditors for their benefit, is as follows:•where liquidation occurs within 12 weeks of a moratorium, any moratorium debts and ‘priority
0330 161 1234