Roles, powers, duties and functions of an insolvency office-holder

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Latest Restructuring & Insolvency News

Change of position and proving irreversibility (Atkinson & Mummery v Varma)

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Change of position and proving irreversibility (Atkinson & Mummery v Varma)

Reservation of the right to pursue an insolvent company upon settlement with a co-defendant (Re A C Norton Ltd (in liquidation))

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Reservation of the right to pursue an insolvent company upon settlement with a co-defendant (Re A C Norton Ltd (in liquidation))

INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Ireland

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Ireland

Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

Featured Restructuring & Insolvency content

Scotland: the Accountant in Bankruptcy

Scotland: the Accountant in BankruptcyThe office of the Accountant in Bankruptcy (AiB) was created by section 156 of the Bankruptcy (Scotland) Act...

Insolvency searches for companies at the Central Registry

Insolvency searches for companies at the Central RegistryWhat is the Central Registry of Winding-up Petitions?The Central Registry of Winding-up...

Recapitalisations

RecapitalisationsThe term 'recapitalisation' refers to a company changing the proportions of its debt and equity, something which can be achieved in a...

Key elements of a standstill agreement

Key elements of a standstill agreementWhen restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of...

Practice notes

US bankruptcy financing—debtor-in-possession (DIP) financing

US bankruptcy financing—debtor-in-possession (DIP) financingDIP financing generallyDebtor-in-possession financing (DIP financing) is new,...

Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 19th May

In-house

Q&As

A mortgagee in possession has sold a property at auction. The mortgagee's charge is dated 20 February 2008. There is an equitable charge created by an interim charging order in favour of a second lender, registered on the 25th October 2010. Will the sale by the mortgagee in possession overreach the subsequent equitable charge and if so, will the equitable charge simply fall away or should the purchaser take any further steps to remove it from the register?

A mortgagee in possession has sold a property at auction. The mortgagee's charge is dated 20 February 2008. There is an equitable charge created by an...

19th May

Practice notes

Role, powers, functions and duties of a trustee in bankruptcy

Role, powers, functions and duties of a trustee in bankruptcyThis Practice Note looks at the roles, powers, functions and duties of the trustee in...

19th May

Practice notes

Joint office-holder appointments

Joint office-holder appointmentsAll insolvency processes allow for the joint appointment of office-holders if required. Whether it is appropriate or...

19th May

Practice notes

Statements of Insolvency Practice (SIPs)—a quick guide

Statements of Insolvency Practice (SIPs)—a quick guideWhat are Statements of Insolvency Practice?Insolvency practitioners (IPs) are required to comply...

19th May

Practice notes

Statement of Insolvency Practice 16 (SIP 16)—pre-packaged sales in administration

Statement of Insolvency Practice 16 (SIP 16)—pre-packaged sales in administrationInsolvency practitioners (IPs) are required to comply with both...

19th May

Practice notes

Cashflow and balance sheet tests for insolvency

Cashflow and balance sheet tests for insolvencyIntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and...

Produced in partnership with South Square Chambers 19th May

Practice notes

Roles, powers and duties of an administrative receiver

Roles, powers and duties of an administrative receiverWhat is an administrative receiver?The Insolvency Act 1986 (IA 1986) sets out what an...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 19th May

Practice notes

Court-appointed receivers—when a court will appoint a receiver and who may be appointed

Court-appointed receivers—when a court will appoint a receiver and who may be appointedThis Practice Note covers receivers who are appointed by the...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 19th May

Practice notes

Practice Direction on Insolvency Proceedings

Practice Direction on Insolvency ProceedingsCoronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and...

19th May

Q&As

The wording of paragraph 83 of Schedule B1 to the Insolvency Act 1986 suggests that an administrator only needs to think that the total amount which each creditor is likely to receive has been set aside, not that the secured creditor(s) have been or will be paid in full. Where an administrator is pursuing office-holder claims—such that any recoveries will not be caught by any security—can the administrator convert the administration to a creditors’ voluntary liquidation where secured creditors will not be paid in full or at all? The consent of secured and other creditors to extend the administration has not been forthcoming.

The wording of paragraph 83 of Schedule B1 to the Insolvency Act 1986 suggests that an administrator only needs to think that the total amount which...

Produced in partnership with Caroline Clark 19th May

Practice notes

Effect on proceedings against a company being wound up and after a winding-up order is made

Effect on proceedings against a company being wound up and after a winding-up order is madeCoronavirus (COVID-19)This content contains guidance on...

Produced in partnership with Eleanor Holland and Karl Anderson of 4 Stone Buildings 19th May

Practice notes

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986What is wrongful trading?Wrongful trading is a claim which arises under...

19th May

In-house

Practice notes

Prohibited names under section 216 of the Insolvency Act 1986

Prohibited names under section 216 of the Insolvency Act 1986The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act...

19th May

Practice notes

The CVA proposal and procedure—the position under the Insolvency (England and Wales) Rules 2016

The CVA proposal and procedure—the position under the Insolvency (England and Wales) Rules 2016The company voluntary arrangement (CVA) proposal will...

Produced in partnership with KPMG and Lexa Hilliard QC of Wilberforce Chambers 19th May

Practice notes

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016IntroductionSet-off refers to claims that may be set-off against...

Produced in partnership with South Square Chambers and BDO 19th May

In-house

Most recent Roles, powers, duties and functions of an insolvency office-holder content

Q&As

A company director is subject to disqualification proceedings as a result of selling assets of the company, which led to the insolvency of the company. The sale was effected following legal advice, which is privileged, and the liquidators have taken control of the company's privilege. Can the lawyer who gave the legal advice answer questions as regards the advice, or does a waiver of privilege/confirmation that privilege is not being asserted by the company need to be sought?

A company director is subject to disqualification proceedings as a result of selling assets of the company, which led to the insolvency of the...

Produced in partnership with XXIV Old Buildings 1st Aug

Q&As

A trustee in bankruptcy is required under section 305 of the Insolvency Act 1986 to get in, realise and distribute the bankruptcy estate. To what extent can a trustee exercise his discretion in relation to this requirement, for example to receive a payment into the estate from a third party in lieu of the realisation of an estate asset?

A trustee in bankruptcy is required under section 305 of the Insolvency Act 1986 to get in, realise and distribute the bankruptcy estate. To what...

Produced in partnership with Carly Schiff of Boyes Turner 1st Aug

Q&As

Is it acceptable for a liquidator and the only creditor in an insolvency situation to be represented by the same solicitor? Or is this a conflict?

Is it acceptable for a liquidator and the only creditor in an insolvency situation to be represented by the same solicitor? Or is this a conflict?Both...

Produced in partnership with Caroline Clark 1st Aug

Q&As

In a members’ voluntary liquidation (MVL), if there is a conflict between some of the shareholders, and the role of the liquidator to gather and sell company assets, who prevails, and can the liquidator override a previous agreement between the shareholders in order to carry out his duties?

In a members’ voluntary liquidation (MVL), if there is a conflict between some of the shareholders, and the role of the liquidator to gather and sell...

1st Aug

Q&As

A seller is in voluntary liquidation. The draft transfer of part to the buyer grants new easements. Can the liquidators validly grant the easements?

A seller is in voluntary liquidation. The draft transfer of part to the buyer grants new easements. Can the liquidators validly grant the...

1st Aug

Q&As

If there are joint liquidators on behalf of a company, do they both need to sign a stock transfer form or can it be done by one of them?

If there are joint liquidators on behalf of a company, do they both need to sign a stock transfer form or can it be done by one of them? Where an...

1st Aug

Q&As

When a company is in liquidation, do the directors or members retain control of the assets to the extent that they can assign them without the involvement of the insolvency practitioner appointed?

When a company is in liquidation, do the directors or members retain control of the assets to the extent that they can assign them without the...

1st Aug

Q&As

A company director directs that the company’s debtors pay to him directly the debts due to the company. Where the debtors do so, does that operate to discharge the debtors’ obligations to the company, or can a subsequently-appointed administrator of the company pursue those debtors who would then in effect be paying twice? Do the debtors have any potential defence?

A company director directs that the company’s debtors pay to him directly the debts due to the company. Where the debtors do so, does that operate to...

1st Aug

Q&As

Can an administrator reject a retention of title (ROT), and if so, what options are open to the creditor claiming the ROT to challenge that rejection?

Can an administrator reject a retention of title (ROT), and if so, what options are open to the creditor claiming the ROT to challenge that...

1st Aug

Q&As

Where proceedings are ongoing and the defendant enters creditors’ voluntary liquidation but the liquidators refuse to settle proceedings (drop hands) without payment of their costs to date, is there any authority for getting paid costs as an expense of the liquidation or attaching personal liability to the liquidators for future costs? Re Wenborn does not help as it only provides for payment of costs from the company's assets but in this case, the liquidators are adopting the proceedings where the claimant has offered drop hands.

Where proceedings are ongoing and the defendant enters creditors’ voluntary liquidation but the liquidators refuse to settle proceedings (drop hands)...

1st Aug

Q&As

Where a company has entered into creditors’ voluntary liquidation after issuing a claim against another company, is there a common law or CPR duty to notify a defendant of the liquidation? Furthermore, is there a common law or CPR duty to head court documents with the words ‘in liquidation’ after the claimant’s name? If there is, will future court documents need to be amended in this way?

Where a company has entered into creditors’ voluntary liquidation after issuing a claim against another company, is there a common law or CPR duty to...

Produced in partnership with Eleanor Stephens 1st Aug

Q&As

Can an insolvency office-holder disclose individual creditor proofs of debt in third party litigation to evidence the company's financial position at a particular point in time? Does disclosure of a creditor's proof of debt require the creditor's consent?

Can an insolvency office-holder disclose individual creditor proofs of debt in third party litigation to evidence the company's financial position at...

Produced in partnership with Helen Kavanagh 1st Aug

Q&As

Does a power of attorney given by a company survive administration or liquidation? Is it possible to draft the power of attorney to enable it to survive?

Does a power of attorney given by a company survive administration or liquidation? Is it possible to draft the power of attorney to enable it to...

1st Aug

Q&As

Is a trustee in bankruptcy (trustee) able to obtain copies of the bankrupt’s files from the bankrupt’s previous solicitors without incurring any copying fees? If so, what is the authority for this?

Is a trustee in bankruptcy (trustee) able to obtain copies of the bankrupt’s files from the bankrupt’s previous solicitors without incurring any...

Produced in partnership with Chris Adams of Gosschalks 1st Aug

Q&As

What, if anything, has changed by virtue of the Insolvency (England and Wales) Rules 2016 when considering this question: In a creditors voluntary liquidation, if there is a gap between the date the shareholders’ meeting appoints a liquidator, and the section 98 meeting where the creditors appoint a liquidator, what powers do the shareholders’ appointed liquidator have over the company during this short period?

What, if anything, has changed by virtue of the Insolvency (England and Wales) Rules 2016 when considering this question: In a creditors voluntary...

31st Jul

Q&As

What powers does an administrator have as an agent of a company in liquidation, and do those powers extend to the company’s subsidiaries?

What powers does an administrator have as an agent of a company in liquidation, and do those powers extend to the company’s subsidiaries?STOP PRESS:...

31st Jul

Q&As

Are there any circumstances in which an auditor owes a duty of care to a liquidator personally, as opposed to owing a duty of care to the company over which the liquidator has been appointed?

Are there any circumstances in which an auditor owes a duty of care to a liquidator personally, as opposed to owing a duty of care to the company over...

Produced in partnership with Carly Schiff of Gateley Plc 31st Jul

Q&As

A company in voluntary liquidation owns assets charged to a lender and subject to a registered charge. Can the liquidators sell the charged assets without the lender’s consent?

A company in voluntary liquidation owns assets charged to a lender and subject to a registered charge. Can the liquidators sell the charged assets...

Produced in partnership with Oberon Kwok of Selborne Chambers 31st Jul

Q&As

Where administrators are appointed to a company and the notice of appointment includes confirmation that they can act jointly and severally (as required by paragraph 100 of Schedule B1 to the Insolvency Act 1986 (IA 1986)), does the power to act jointly and severally automatically carry over into creditors voluntary liquidation (CVL) if the administration is converted to CVL pursuant to IA 1986, para 83 of Sch B1 and the same office-holders are appointed?

Where administrators are appointed to a company and the notice of appointment includes confirmation that they can act jointly and severally (as...

Produced in partnership with Eleanor Stephens 31st Jul

Q&As

Where a company in liquidation is a tenant of a residential lease, can that company enter into a new lease/surrender the existing lease, which would have the effect of extending the lease?

Where a company in liquidation is a tenant of a residential lease, can that company enter into a new lease/surrender the existing lease, which would...

Produced in partnership with Carly Schiff of Gateley Plc 31st Jul

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Roles, powers, duties and functions of an insolvency office-holder

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

Change of position and proving irreversibility (Atkinson & Mummery v Varma)

Reservation of the right to pursue an insolvent company upon settlement with a co-defendant (Re A C Norton Ltd (in liquidation))

INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Ireland

Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

Featured Restructuring & Insolvency content

Scotland: the Accountant in Bankruptcy

Insolvency searches for companies at the Central Registry

Recapitalisations

Key elements of a standstill agreement

Most recent Roles, powers, duties and functions of an insolvency office-holder content

Popular documents

European Insurance and Occupational Pensions Authority (EIOPA)

Scotland: the Accountant in Bankruptcy

TCC—preparing for and attending a pre-trial review (PTR)

Negligence—when is the duty of care breached?

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