Personal insolvency

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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 30th Oct
Practice notes
The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide for a revised scheme for decision making in insolvency from 6 April...
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Produced in partnership with Richard Bowles 23rd Oct
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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22nd Oct
Practice notes
A popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or...
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15th Oct
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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15th Oct
Practice notes
Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...
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9th Oct
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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5th Oct
Practice notes
The Court of Appeal has made it clear in JCAM that a moratorium cannot be obtained through the back door by filing a notice of intention to appoint an...
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27th Sep
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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26th Sep
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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26th Sep
Practice notes
Ipso facto clauses definedContracts often contain provisions to the effect that the contracts will terminate upon the bankruptcy or insolvency of one...
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25th Sep
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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25th Sep
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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25th Sep
Practice notes
Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...
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25th Sep
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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25th Sep
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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25th Sep

Most recent Personal insolvency content

Practice notes
At the heart of the bankruptcy legislation is the concept of a bankrupt surrendering their estate for the benefit of creditors in return for...
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25th Sep
Practice notes
Trustee in bankruptcy’s remunerationThe trustee in bankruptcy (trustee) will usually look to the estate for their remuneration. The remuneration of...
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25th Sep
Practice notes
The impact that bankruptcy and divorce proceedings have on one another has been subject to several cases in both the bankruptcy and family courts....
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25th Sep
Practice notes
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 is made in respect of...
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25th Sep
Practice notes
One of the main functions of the trustee in bankruptcy (trustee) is, in accordance with section 305(2) of the Insolvency Act 1986 (IA 1986), to get...
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25th Sep
Practice notes
This Practice Note looks at the equity of exoneration: what it is, and when and how it applies. It does not look at how the trustee in bankruptcy...
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25th Sep
Practice notes
The position of a personal pension on bankruptcyA bankrupt’s estate automatically vests in the official receiver (or an insolvency practitioner if...
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25th Sep
Practice notes
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...
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25th Sep
Practice notes
This Practice Note explains when a general assignment of book debts by a bankrupt prior to their bankruptcy is invalid. See also Practice Note:...
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25th Sep
Practice notes
An income payments agreement (IPA) is an alternative to an income payments order (IPO), used in circumstances where the bankrupt voluntarily agrees to...
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25th Sep
Practice notes
General duties of the trustee in bankruptcyThe main function and duty of a trustee in bankruptcy (trustee) is to get in, realise and distribute the...
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25th Sep
Practice notes
Effect of a bankruptcy restrictions orderThe effect of a bankruptcy restrictions order (BRO) is to impose wide ranging restrictions on a bankrupt....
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25th Sep
Practice notes
A bankrupt is discharged from bankruptcy one year after their bankruptcy commences, unless the court grants a suspension of that discharge by reason...
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25th Sep
Practice notes
IntroductionPart 5 of the Tribunals, Courts and Enforcement Act 2007 (TCEA 2007) introduced new regimes for debt management and relief, although not...
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25th Sep
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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25th Sep
Practice notes
The 'three-year rule' and why it appliesThe reforms introduced by the Enterprise Act 2002 (EnA 2002) included the insertion of a new section 283A into...
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25th Sep
Practice notes
In any insolvency situation, there are a number of parties involved that require legal advice and, in certain circumstances, parties with common...
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25th Sep
Practice notes
NoteThis table provides a summary of individual personal and debt management processes from a dispute resolution perspective. Name of processNature of...
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25th Sep
Practice notes
The gap in the insolvency legislationIt is a striking gap in the drafting of the insolvency legislation that the effects of the making of a bankruptcy...
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25th Sep
Practice notes
What is a statutory demand?•a statutory demand is a formal written demand made of a company for payment of a debt (in excess of £750) within 21...
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25th Sep

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