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Personal insolvency

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Latest Restructuring & Insolvency News

End of insolvency temporary provisions—introduction of new temporary provisions

End of insolvency temporary provisions—introduction of new temporary provisions

The following Banking & Finance news provides comprehensive and up to date legal information on End of insolvency temporary provisions—introduction of new temporary provisions

Restructuring & Insolvency weekly highlights—16 September 2021

Restructuring & Insolvency weekly highlights—16 September 2021

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency weekly highlights—16 September 2021

Managing Franchisee Debt—update on new insolvency laws and tips for minimising franchisor financial exposure

Managing Franchisee Debt—update on new insolvency laws and tips for minimising franchisor financial exposure

The following Commercial news provides comprehensive and up to date legal information on Managing Franchisee Debt—update on new insolvency laws and tips for minimising franchisor financial exposure

UK parking nightmare—what is happening with NCP’s restructuring plan?

UK parking nightmare—what is happening with NCP’s restructuring plan?

The following Property Disputes news provides comprehensive and up to date legal information on UK parking nightmare—what is happening with NCP’s restructuring plan?

Featured Restructuring & Insolvency content

What do insolvency searches at The Gazette reveal?

What do insolvency searches at The Gazette reveal?

What do insolvency searches at The Gazette reveal?What is The Gazette?The Gazette provides a permanent official public record of important statutory...

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016The primary...

Debt for equity swaps

Debt for equity swaps

Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in...

The Loan Market Association

The Loan Market Association

The Loan Market AssociationAims of the Loan Market AssociationThe Loan Market Association (LMA) was established in 1996 as a trade body with a key...

Practice notes

Interference with goods in an insolvency situation

Interference with goods in an insolvency situationApplication to insolvencyFollowing an appointment, an office-holder will need to establish what...
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19th May
Practice notes

Role, powers, functions and duties of a liquidator

Role, powers, functions and duties of a liquidatorCoronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further...
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19th May
Practice notes

The deemed consent procedure, decision-making procedure, and meetings—the position under the Insolvency (England and Wales) Rules 2016

The deemed consent procedure, decision-making procedure, and meetings—the position under the Insolvency (England and Wales) Rules 2016The Insolvency...
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Produced in partnership with Richard Bowles 19th May
Practice notes

Secured creditors under a CVA—including effect on guarantees

Secured creditors under a CVA—including effect on guaranteesNeither the company nor its creditors may approve a company voluntary arrangement (CVA)...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 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...
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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...
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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...
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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...
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Produced in partnership with Eleanor Holland and Karl Anderson of 4 Stone Buildings 19th May
Practice notes

Coronavirus (COVID-19)—Changes to the court process in insolvency proceedings

Coronavirus (COVID-19)—Changes to the court process in insolvency proceedingsThe UK Government’s policy of social distancing in order to slow the...
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19th May
tag iconCOVID-19
Q&As

Can a claim be made against a company for trading whilst insolvent? If the company is conducting litigation, does this constitute ‘trading’? If so, can a director be held personally liable?

Can a claim be made against a company for trading whilst insolvent? If the company is conducting litigation, does this constitute ‘trading’? If so,...
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19th May
Practice notes

Annulment of bankruptcy orders

Annulment of bankruptcy ordersThis Practice Note looks at the annulment of bankruptcy orders under section 282 of the Insolvency Act 1986 (IA 1986)...
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19th May
Practice notes

Equitable charges v legal charges—impact on saleability

Equitable charges v legal charges—impact on saleabilityThis Practice Note considers the position of a security holder who has an equitable mortgage or...
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Produced in partnership with Jonathan Titmuss of Hardwicke 19th May
Practice notes

Bankruptcy petitions—process and procedure

Bankruptcy petitions—process and procedureBefore the hearing of the creditors’ bankruptcy petition takes place, there are a number of steps that must...
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19th May
Practice notes

Compulsory winding up of a company—the process and procedure

Compulsory winding up of a company—the process and procedureSTOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on...
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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...
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19th May
tag iconIn-house
Practice notes

A guide to independent business reviews

A guide to independent business reviewsThis Practice Note looks at independent business reviews (IBRs) and aims to:•provide high level guidance around...
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Produced in partnership with Allan Kelly of RSM 19th May

Most recent Personal insolvency content

Q&As

Can an employee serve a statutory demand for unpaid wages?

Can an employee serve a statutory demand for unpaid wages?For information on wages generally, see Practice Note: Pay and wages.Statutory demands can...
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17th Sep
Q&As

B and C have a joint and several liability for a debt to A. B and C are subsequently made bankrupt. Some years later B discharges the joint and several debt owed to A. B then lodges a claim for a contribution from C in C’s bankruptcy. Is B’s claim in C’s bankruptcy a provable debt as the original joint and several liability was outstanding before the bankruptcy orders were made, or is it a non-provable post-bankruptcy liability as there was no obligation to pay between B and C until B discharged the original debt?

B and C have a joint and several liability for a debt to A. B and C are subsequently made bankrupt. Some years later B discharges the joint and...
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13th Sep
Practice notes

Issuing bankruptcy petitions—where to issue, the fee to pay and the documents to file

Issuing bankruptcy petitions—where to issue, the fee to pay and the documents to fileBankruptcy in England and Wales is the process whereby an...
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8th Sep
Q&As

A debtor has not included or mentioned a creditor client’s debt in their individual voluntary arrangement (IVA) (which has been approved without notice to the client) or a property (which the debtor intends to use the sale proceeds of to repay the client). If the client reaches terms of settlement with the debtor, is there any risk of being challenged over the funds the client might be paid from the property sale proceeds?

A debtor has not included or mentioned a creditor client’s debt in their individual voluntary arrangement (IVA) (which has been approved without...
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Produced in partnership with Alison Curry of Insolvency Support Services 2nd Sep
Practice notes

Debt relief orders (DROs)

Debt relief orders (DROs)What is a DRO?DROs are 'a new and simplified way of wiping the slate clean for debtors who are too poor to go bankrupt.'A DRO...
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Produced in partnership with Simon Passfield of Guildhall Chambers 27th Aug
Practice notes

Debt respite scheme—applying for a moratorium

Debt respite scheme—applying for a moratoriumThe Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and...
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27th Aug
Q&As

At which court should I issue the bankruptcy petition?

At which court should I issue the bankruptcy petition?STOP PRESS: From 6 April 2017, the Insolvency Rules 1986, SI 1986/1925 were revoked and replaced...
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24th Aug
Practice notes

Challenging an individual voluntary arrangement (IVA)

Challenging an individual voluntary arrangement (IVA)Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act...
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Produced in partnership with Tom Shepherd of 4 New Square and Paul Allen of FRP Advisory LLP 24th Aug
Practice notes

Trustee in bankruptcy—remuneration and expenses

Trustee in bankruptcy—remuneration and expensesTrustee in bankruptcy’s remunerationThe trustee in bankruptcy (trustee) will usually look to the estate...
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24th Aug
Practice notes

The immediate effects of a bankruptcy order on the bankrupt

The immediate effects of a bankruptcy order on the bankruptThe purpose of a bankruptcy order is two-fold:•first, it is to secure the bankrupt's estate...
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24th Aug
Practice notes

What is a statutory demand?

What is a statutory demand?This Practice Note looks at what a statutory demand is and what it seeks to achieve in both corporate and personal...
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24th Aug
Practice notes

Unwinding unlawful transactions in bankruptcy

Unwinding unlawful transactions in bankruptcyGeneral duties of the trustee in bankruptcyThe main function and duty of a trustee in bankruptcy...
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24th Aug
Practice notes

How long does the individual voluntary arrangement last and what happens if it fails?

How long does the individual voluntary arrangement last and what happens if it fails?Duration of an individual voluntary arrangementAn individual...
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Produced in partnership with Paul Allen of FRP 24th Aug
Practice notes

Creditors' bankruptcy petitions—grounds and documents required for presentation

Creditors' bankruptcy petitions—grounds and documents required for presentationBankruptcy in England and Wales is a process by which the court or the...
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24th Aug
Practice notes

Debt management and relief for individual debtors

Debt management and relief for individual debtorsIntroductionPart 5 of the Tribunals, Courts and Enforcement Act 2007 (TCEA 2007) introduced new...
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24th Aug
Practice notes

Income payments agreements (IPAs) under section 310A of the Insolvency Act 1986

Income payments agreements (IPAs) under section 310A of the Insolvency Act 1986An income payments agreement (IPA) is an alternative to an income...
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Produced in partnership with William Willson of South Square and Robert Smailes of Leonard Curtis Business Solutions Group 24th Aug
Practice notes

Income payments orders (IPOs) under section 310 of the Insolvency Act 1986

Income payments orders (IPOs) under section 310 of the Insolvency Act 1986An income payments order (IPO) made under section 310 of the Insolvency Act...
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Produced in partnership with South Square Chambers and BDO 24th Aug
Practice notes

Bankruptcy petitions—process and procedure

Bankruptcy petitions—process and procedureBefore the hearing of the creditors’ bankruptcy petition takes place, there are a number of steps that must...
Read More >
24th Aug
Practice notes

Factors which can give rise to the court not making an order for possession and sale of the family home—and the test it will apply

Factors which can give rise to the court not making an order for possession and sale of the family home—and the test it will applyThis Practice Note...
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24th Aug
Practice notes

How to effect service of a creditor's bankruptcy petition on the debtor and what happens if service cannot be effected

How to effect service of a creditor's bankruptcy petition on the debtor and what happens if service cannot be effectedOnce the bankruptcy petition and...
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24th Aug

Popular documents

Parliamentary committees

Parliamentary committees

Parliamentary committeesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to

Claiming negligent misrepresentation or negligent misstatement—practical considerations

Claiming negligent misrepresentation or negligent misstatement—practical considerations

Claiming negligent misrepresentation or negligent misstatement—practical considerationsA claim for negligent misrepresentation may often be brought alongside or in the alternative to a claim for negligent misstatement. It is therefore useful to understand the key practical considerations in respect

Fixtures and fittings

Fixtures and fittings

When transferring an interest in land, any fixtures form part of the land and are transferred with it, unless there is express provision to the contrary. Fittings (also known as chattels) do not form part of the land and will not be included unless it has been expressly agreed otherwise. Difficulty

Guide to using the Lexis®PSL Employment Schedule of Loss application

Guide to using the Lexis®PSL Employment Schedule of Loss application

Guide to using the Lexis®PSL Employment Schedule of Loss applicationThe automated unfair dismissal schedule of loss is designed to make the preparation of a schedule more efficient, accurate and also easier to update. It:•can be used to create a schedule for a claimant or a counter-schedule for a