The office-holder

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?

The general position is that a liquidator acts as an agent on behalf of the company and does not stand in the shoes of the company and the company...

Produced in partnership with Carly Schiff of Gateley Plc 25th Mar

Practice notes

Role, powers, functions and duties of nominee of company voluntary arrangements

Who is the nominee and what is their role in the CVA?The nominee is a key individual in a company voluntary arrangement (CVA). For further information...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 24th Mar

Practice notes

Remuneration and expenses of nominee or supervisor of a Company Voluntary Arrangement (CVA)

The remuneration of the insolvency practitioner is governed by the Insolvency Act 1986, Statements of Insolvency Practice (SIP) 3.2, 7 and 9 and the...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 24th Mar

Practice notes

Australia—introduction to receivers, managers and controllers

AppointmentA receiver is one who is appointed to a corporation with power to receive income and other property and to pay necessary outgoings, but...

Produced in partnership with Peter Kelso, solicitor 24th Mar

Practice notes

Small Business, Enterprise and Employment Act 2015—trustees in bankruptcy [Archived]

This Practice Note has been archived and is not maintained.The Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) received Royal Assent...

16th Mar

Practice notes

Small Business, Enterprise and Employment Act 2015—changes to regulation of IPs [Archived]

This Practice Note has been archived and is not maintained.The Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) received Royal Assent...

16th Mar

Q&As

Where a subsequently-appointed office-holder wishes to bring a claim against a former administrator for misapplication of the company’s monies, does limitation begin on the date of the misapplication, or on the date of the subsequent office-holder’s appointment?

We have assumed that the claim to be brought is under paragraph 75 of Schedule B1 to the Insolvency Act 1986The Limitation Act 1980 (LA 1980)...

Produced in partnership with Eleanor Stephens 4th Mar

Practice notes

Office-holder indemnities and security

Why indemnities and security are requiredWhen an insolvency practitioner takes office they have a duty of care to creditors to act bona fide in their...

25th Feb

Practice notes

Removal of voluntary liquidator by creditors' decision procedure—the position under the Insolvency (England and Wales) Rules 2016

Removal of a voluntary liquidator following the Insolvency (England and Wales) Rules 2016 (IR 2016)A voluntary liquidator can only be removed by an...

Produced in partnership with Robert Smailes of Leonard Curtis Business Solutions Group and Simon Hunter of ThreeStone 25th Feb

Practice notes

Joint office-holder appointments

All insolvency processes allow for the joint appointment of office-holders if required. Whether it is appropriate or not to have two office-holders...

25th Feb

Practice notes

Role, powers, functions and duties of the nominee and supervisor of an individual voluntary arrangement (IVA)

Who is the nominee/supervisor and what is their role in the individual voluntary arrangement?The nominee and the supervisor are key individuals in an...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 24th Feb

Practice notes

Trustee in bankruptcy—remuneration and expenses

Trustee in bankruptcy’s remunerationThe trustee in bankruptcy (trustee) will usually look to the estate for their remuneration. The remuneration of...

23rd Feb

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?

Where an appointment or nomination of any person to the office of liquidator relates to more than one person or has the effect that the office is to...

15th Feb

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?

What notification does a company in CVL need to give to creditors and others relevant parties once it has entered into CVL?Once a company is in...

Produced in partnership with Eleanor Stephens 15th Feb

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?

In answering this Q&A, we have referred to creditors’ voluntary winding up only.A liquidator is the officer appointed when a company goes into...

15th Feb

Q&As

Are there any sanctions for a trustee in bankruptcy failing to deliver a copy of the progress report to the creditors within two months of the end of the period covered by the report as required by the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, r 18.8(6)? Under IR 2016, SI 2016/1024, r 18.6 (relating to progress reports in administration), there is an express sanction for failure to deliver a progress report in the time limit.

Progress reports are to be sent to creditors by insolvency practitioners (IPs) appointed as administrators or liquidators of companies under sections...

Produced in partnership with Caroline Clark 15th Feb

Q&As

Is the official receiver entitled to 15% of the ‘assets realised’ if the only asset is cash (and therefore arguably not realized in the same way another asset may need to be realized), under Schedule 1 of the Insolvency Proceedings (Fees) Order 2016, SI 2016/692 fees payable in insolvency proceedings? Is there any case law on this point?

The Insolvency Proceedings (Fees) Order 2016 (IP(F)O 2016), SI 2016/692 is very clear, that the official receiver is entitled to 15% of chargeable...

Produced in partnership with Caroline Clark 15th Feb

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?

Upon bankruptcy, the bankrupt’s estate vests in the trustee immediately upon their appointment taking effect (section 306 of the Insolvency Act 1986...

Produced in partnership with Chris Adams of Gosschalks 15th Feb

Q&As

A client is in voluntary liquidation and has the benefit of an overage over some land. The liquidation should be finalised shortly. Can the benefit of the overage be assigned to a third party before its finalised?

In answering this Q&A, we have considered the power of a liquidator to deal with the company’s assets after the commencement of liquidation.Section...

Produced in partnership with Simon Passfield of Guildhall Chambers 15th Feb

Q&As

Is a trustee in bankruptcy's remuneration, as in time costs, classed as being an expense or cost of dealing with the assets payable under IR 1986, r 6.224 (1) (a) and not (o) or (q)?

STOP PRESS: From 6 April 2017, the Insolvency Rules 1986, SI 1986/1925 were revoked and replaced by the Insolvency (England and Wales) Rules 2016 (IR...

15th Feb

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