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

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Practice notes
STOP PRESS: This Practice Note is being updated for the Corporate Insolvency and Governance Act 2020 (CIGA 2020), which introduces a new insolvency...
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Produced in partnership with Stephen Allinson 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 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
This Practice Note looks at:•the key features of loan to value (LTV) covenants•possible issues with calling an event of default based on a LTV...
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Produced in partnership with Alexander Pelopidas, James Walton and Matthew Brew of Rosling King LLP 12th Jan
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
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
Practice notes
This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 12th Jan
Practice notes
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...
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9th Nov
Practice notes
A demand for payment is a formal demand made in accordance with the contractual requirements underpinning the liability which the party issuing the...
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Produced in partnership with James Hannant of Guildhall Chambers 12th Jan
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
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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Produced in partnership with South Square and BDO LLP 12th Jan

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

Practice notes
What are Statements of Insolvency Practice?Insolvency practitioners (IPs) are required to comply with both legislation and Statements of Insolvency...
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16th Apr
Practice notes
A pre-pack administration sale is a sale of a company’s business or assets, or both, which has been arranged in advance of a company entering...
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15th Apr
Practice notes
Stop pressOn 8 October 2020, the Insolvency Service published the outcome of its review conducted into the impact of the voluntary industry measures...
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14th Apr
Practice notes
The role, powers and duties of an appointed administrator are set out in the Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules...
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12th Apr
Practice notes
The power to seek directions from the courtOffice-holders in insolvency proceedings have statutory powers to seek directions from the court in...
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9th Apr
Practice notes
As part of the government’s ongoing drive to improve corporate transparency and tackle corruption, the UK became the first G20 country to establish a...
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Produced in partnership with Paul Sidle of Linklaters, Richard Bussell of Linklaters and Rebecca Jarvis of Linklaters 9th Apr
Practice notes
ARCHIVED: This Practice Note has been archived and is not maintained. The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 were laid...
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Produced in partnership with Peter Shaw, QC of 9 Stone Buildings 9th Apr
Practice notes
Powers—generalThe statutory powers conferred on an LPA/fixed charge receiver are very limited and so for a receiver to exercise the duties which his...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 9th Apr
Practice notes
This Practice Note covers the roles, powers, duties and liabilities of court-appointed receivers who are appointed pursuant to the Proceeds of Crime...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 9th Apr
Practice notes
Administration of the schemeThe scheme document will need to specify how the scheme of arrangement (scheme) will be administered and by whom. In...
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Produced in partnership with Chris Mallon of Skadden 9th Apr
Practice notes
What is an administrative receiver?The Insolvency Act 1986 (IA 1986) sets out what an administrative receiver is as follows:•a receiver or manager of...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 9th Apr
Practice notes
This Practice Note provides a summary of consumer credit law following the transfer of regulatory oversight to the Financial Conduct Authority (FCA)....
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Produced in partnership with Russell Kelsall of TLT LLP and Caroline Castle of Pinsent Masons 9th Apr
Practice notes
This Practice Note looks at the roles, powers, functions and duties of the trustee in bankruptcy (trustee). This Practice Note is drafted from the...
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9th Apr
Practice notes
What is the IPA?The Insolvency Practitioners Association (IPA) is a recognised professional body (RPB) for the purposes of authorising (licensing)...
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9th Apr
Practice notes
Brexit impactThis Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union. For further details of the impact...
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Produced in partnership with Stephen Taylor of Isonomy Limited 9th Apr
Practice notes
ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise...
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8th Apr
Q&As
The powers of the liquidator are set out in Schedule 4, Part III of the Insolvency Act 1986 (IA 1986). The liquidator’s general power to sell is found...
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Produced in partnership with Oberon Kwok of Selborne Chambers 8th Apr
Practice notes
This Practice Note has been archived and is not maintained.Note that on 6 April 2017 the Insolvency (England and Wales) Rules 2016 (IR 2016), SI...
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6th Apr

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