Trading with an insolvent company

Trading with an insolvent company guidance:

This note aims to: • provide practical guidance to creditors owed money by a distressed/insolvent company • explain the position of creditors in most types of corporate...

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

Brexit: As of exit day (11pm on 31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...

Practice Note

Although suppliers are generally unsecured creditors (unless they establish a valid retention of title (ROT) claim) they may be key to a successful turnaround or pre-pack...

Practice Note

Brexit impact—cross-border insolvency (Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146) As of exit day (31 January 2020) the UK is no longer an EU Member...

Practice Note

This Practice Note covers: • what a proof of debt is • the procedure for proving a debt, and • valuation/quantification of the debt The rules applicable to proving a debt...

Practice Note

Overview Under a contract for the sale or supply of goods or services as between a supplier and purchaser, the purchaser’s causes of action and remedies are well known....

Practice Note

This Practice Note considers retention of title clauses, also known as reservation of title, ROT or Romalpa clauses. It considers the uses and limitations of retention of...

Practice Note

What is a guarantee? A guarantee is an agreement between one person/entity (the guarantor) and another person/entity (the creditor), whereby the guarantor will meet the...

Practice Note

The moratorium is at the very heart of the administration process, which is seen as one of the key tools for a company rescue or restructure of the business. This...

Practice Note

Background This Practice Note gives some guidance on trading with a company that is in a formal insolvency process, such as administration or liquidation of a company...

Practice Note

Administration can be used for a variety of different reasons, but one of the main advantages is to use the benefit of the moratorium while trying to find a purchaser for...

Practice Note

This note gives guidance as to requirement of professional advisors to deliver up the books and records of a company in liquidation or a bankrupt to the official receiver...

Practice Note

Unlawful payments—general position When a company enters into liquidation or administration, certain transactions entered into by the company prior to the opening of the...

Practice Note

Disclaimer Under sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim property belong to...

Practice Note