Directors' and members' issues

Directors' and members' issues guidance:

General duty of liquidators and administrators where there has been an unlawful transaction If, during the course of a liquidator's or administrator's investigations into...

Practice Note

Correct jurisdiction and parties The Court's jurisdiction CDDA 1986, s 17(1) states: 'Where a person is subject to a disqualification order made by a court having...

Practice Note

The Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) give insolvency office-holders in certain situations the power to...

Practice Note

At 11pm UK time on 31 January 2020 (exit day), the United Kingdom left the European Union in accordance with a ratified Withdrawal Agreement between the UK and the EU....

Practice Note

In the initial stages of distress, the lending group or creditors' committee may request that an independent chief restructuring officer (CRO) is appointed within the...

Practice Note

In any insolvency situation, there are a number of parties involved that require legal advice and, in certain circumstances, parties with common interests may choose to...

Practice Note

Directors of companies which become, or are likely to become, insolvent are under a duty to maximise the return to the company’s creditors. The relevant statutory...

Practice Note

Duties of a director The purpose of this Practice Note is to: • set out what additional duties arise for directors when the company is insolvent (or is verging on...

Practice Note

Directors are the agents of a company who manage its day-to-day business and owe a number of duties to it. The Companies Act 2006 (CA 2006) codified for the first time...

Practice Note

Directors of companies which become, or are likely to become, insolvent face additional considerations and are under a duty to minimise losses to the company’s creditors....

Practice Note

Setting aside a transaction on the basis that it was an extortionate credit transaction under the Insolvency Act 1986 (IA 1986) is difficult. A bargain may be hard or...

Practice Note

A fraudulent trading claim arises under two separate statutory routes. First, fraudulent trading is a criminal offence under section 993 of the Companies Act 2006 (CA...

Practice Note

The purpose of this Practice Note is to: • describe section 216 of the Insolvency Act 1986 (IA 1986) • discuss the exceptions to that section • discuss how those...

Practice Note

There are various ways in which a director can be disqualified from acting as a director of a limited liability company. The most common of these is to be disqualified...

Practice Note

Coronavirus (COVID-19) This content is affected by the proposed changes to UK insolvency laws as a result of the coronavirus (COVID-19) pandemic, including in relation to...

Precedents

What is a misfeasance claim under section 212 of the Insolvency Act 1986? Claims commenced under section 212 of the Insolvency Act 1986 (IA 1986) are procedural claims...

Practice Note

Commencement of disqualification order and undertaking Section 1(1) of the Company Directors Disqualification Act 1986 (CDDA 1986) provides that a disqualification order...

Practice Note

The purpose of section 216 of the Insolvency Act 1986 Section 216 of the Insolvency Act 1986 (IA 1986) is aimed at preventing phoenix companies from causing a...

Practice Note

A situation frequently arises where payments are made on account of dividends during a financial year, with the intention of declaring a dividend at year end. If the...

Practice Note

The protection of estate assets Where a company or an individual enters into a formal insolvency process, the insolvency office-holder has a duty to collect in and...

Practice Note

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...

Practice Note

CORONAVIRUS (COVID-19) This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19) toolkit and...

Practice Note

Section 6 of the Company Directors Disqualification Act 1986 Section 6 of the Company Directors Disqualification Act 1986 (CDDA 1986) provides that: • 'the court shall...

Practice Note

What is wrongful trading? Wrongful trading is a claim which arises under sections 214 (liquidation) and 246ZB (administration) of the Insolvency Act 1986 (IA 1986) and...

Practice Note
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