Order of payments

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Practice notes
The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide for a revised scheme for decision making in insolvency from 6 April...
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Produced in partnership with Richard Bowles 12th Jan
Practice notes
IntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and balance sheet insolvency under section 123 of the...
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Produced in partnership with South Square 12th Jan
Practice notes
DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim...
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9th Nov
Practice notes
One of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver, which cures a temporary...
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9th Nov
Practice notes
Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...
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9th Nov
Practice notes
Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov
Practice notes
Creditors are often keen to establish proprietary claims as they create rights in rem (which attach to the property itself) rather than personal...
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9th Nov
Practice notes
The Court of Appeal has made it clear in JCAM that a moratorium cannot be obtained through the back door by filing a notice of intention to appoint an...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 12th Jan
Practice notes
This Practice Note looks at equitable accounting, what it is, how and when it applies. It does not look at how the trustee in bankruptcy (trustee)...
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9th Nov
Precedents
Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...
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9th Nov
Practice notes
The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act 1986 (IA 1986) is aimed at preventing phoenix companies from...
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9th Nov
Practice notes
IntroductionSet-off refers to claims that may be set-off against other claims. A set-off is the right of one party, Party A, who is owed money by...
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Produced in partnership with South Square and BDO LLP 12th Jan
Practice notes
BrexitBREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note....
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9th Nov
Practice notes
DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...
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Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan
Practice notes
This Practice Note looks at independent business reviews (IBRs) and aims to:•provide high level guidance around an IBR•identify when an IBR may be...
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Produced in partnership with Allan Kelly of RSM 12th Jan
Practice notes
Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov

Most recent Order of payments content

Practice notes
This Practice Note summarises a number of key and/or illustrative cases relevant to the rule against reflective loss.For further guidance on the...
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18th Jan
Practice notes
This Practice Note considers the scope of the reflective loss rule. It addresses the background to and implications of the rule against reflective...
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18th Jan
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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17th Jan
Practice notes
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...
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17th Jan
Practice notes
There are five main types of set-off:•independent set-off (sometimes known as legal set-off or statutory set-off)•transaction set-off (also known as...
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17th Jan
Practice notes
IntroductionSet-off refers to claims that may be set-off against other claims. A set-off is the right of one party, Party A, who is owed money by...
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Produced in partnership with South Square and BDO LLP 15th Jan
Practice notes
Liquidation and bankruptcyWhen a sufficient fund of assets has been collected and realised, the liquidator/trustee in bankruptcy (trustee) may begin...
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Produced in partnership with South Square and BDO LLP 15th Jan
Practice notes
After satisfying the claims of secured creditors, the trustee in bankruptcy (trustee) must distribute the remaining assets in accordance with the...
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Produced in partnership with South Square 15th Jan
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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Produced in partnership with Tom Shepherd of 4 New Square 15th Jan
Practice notes
The order of distribution in liquidation, following the realisation of security by secured creditors (other than those with floating charges) for...
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Produced in partnership with South Square 15th Jan
Practice notes
This Practice Note will give a basic overview of what amounts to an administration expense and some of the case law on this topic.Expenses of an...
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Produced in partnership with Jamil Mustafa of South Square Chambers 15th Jan
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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15th Jan
Practice notes
Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, see our Coronavirus (COVID-19) toolkit....
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15th Jan
Practice notes
The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to...
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15th Jan
Practice notes
ARCHIVED: This Practice Note has been archived and is not maintained. The Insolvency Rules 2016—coming into force and changesThe Insolvency (England...
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Produced in partnership with Madeleine Jones of South Square 15th Jan
Practice notes
What are expenses? All fees, costs, charges and other expenses incurred in the course of winding up (IR 2016, SI 2016/1024, rr 6.42 and 7.108),...
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Produced in partnership with William Willson of South Square Chambers 15th Jan
Practice notes
It has long been standard practice for administrators and liquidators to seek to limit their liability when entering into contracts on behalf of a...
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Produced in partnership with Matthew Thorn of Norton Rose Fulbright LLP 15th Jan
Practice notes
What is marshalling?Marshalling is where two or more creditors are owed money by the same debtor, and one creditor has more than one security whereas...
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Produced in partnership with Karen Jacobs of Dentons 15th Jan
Practice notes
What is the prescribed part?Background to the prescribed partWhen an insolvency office-holder is appointed, their primary role is to collect in and...
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15th Jan
Practice notes
How did the problem arise?Lehman Brothers International Europe (in administration) (LBIE) was (rather unusually) a private unlimited company and was...
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15th Jan

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