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Includes new legislation due to coronavirus. Temporary provisions centre around winding-up petitions, wrongful trading and ipso facto clauses. Permanent changes include the creation of two corporate insolvency processes.
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This week's edition of Restructuring & Insolvency weekly highlights includes: an examination of a liquidator’s discretion to convert a members’...
The Insolvency Service has reported the disqualification of building contractor Tahir Haq from serving as a company director for 11 years, accompanied...
Restructuring & Insolvency analysis: This judgment confirms that, if a company in members’ voluntary liquidation (MVL) is unable to pay its debts in...
The Insolvency Service reports that the Information Sharing (Disclosure by the Registrar) Regulations 2024 (SI 2024/1378), effective from 20 December...
Property Disputes analysis: English property law periodically produces epoch-making decisions of the highest court. In years to come, Waller Edwards v...
Corporate insolvency for dispute resolution practitioners: restructuring planThis Practice Note refers to:•the Companies Act 2006 as CA 2006, and •the...
Part 26A restructuring plan—key casesPart 26A restructuring plans have been available since 26 June 2020 (see Practice Notes: Part 26A restructuring...
Chief restructuring officers—role and identityA CRO is appointed to a debtor company to lead a financial or operational restructuring often during...
Market Insights Trend Report—trends in Part 26A restructuring plans in 2024What does the Market Insights Trend Report cover?The Market Insights Trend...
Extension of timeThis Practice Note looks at the circumstances in which parties may agree to extend or vary a time limit set out in the CPR, practice...
Board minutes—company restorationCompany number: [insert company number][insert company name][LIMITED OR PLC]Minutes of a meeting of the board of...
Application to court to restore a company to the register—contents of part 8 claim formNo. [insert] of [insert]In the high court of justiceBUSINESS...
Draft order declaring that a transaction is void under section 127 of the Insolvency Act 1986CASE NO: [insert case number][IN THE HIGH COURT OF...
Draft order granting permission to lift the administration moratorium under paragraph 43 of Schedule B1 to the Insolvency Act 1986CASE NO: [insert...
Court order for restoration of a company to the registerNo. [insert number] of [insert number]In the high court of justiceBUSINESS AND PROPERTY COURTS...
Role, powers, functions and duties of a liquidatorThe role and function of a liquidatorA liquidator is the officer appointed when a company goes into...
Bonds and notesThe terms ‘bonds’ and ‘notes’ are used interchangeably (and there is no legal difference between the terms), though notes tend to be...
Bankruptcy searchesBankruptcy searches at the Land Charges DepartmentWhen a bankruptcy petition is presented by a creditor, the court shall as soon as...
Basic introduction to super senior, senior, mezzanine and junior debtThe range of funding options open to companies has exploded, resulting in a vast...
Key elements of a standstill agreementWhen restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of...
How to serve a demand for paymentA demand for payment is a formal demand made in accordance with the contractual requirements underpinning the...
Receivership—an introductory guideThe appointment of a receiver is a remedy for creditors and certain third parties to protect their interest in...
Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in...
Challenging an individual voluntary arrangement (IVA)Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act...
Cashflow and balance sheet tests for insolvencyIntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and...
What is a statutory declaration of solvency, and what happens if a false declaration of solvency is madeCoronavirus (COVID-19)This content is affected...
Bankruptcy petitions—process and procedureBefore the hearing of the creditors’ bankruptcy petition takes place, there are a number of steps that must...
Role, powers, functions and duties of an administratorThe role, powers and duties of an appointed administrator are set out in the Insolvency Act 1986...
Effect on proceedings against a company being wound up and after a winding-up order is madeThis Practice Note sets out guidance as to what happens...
Insolvency searches for companies at the Central RegistryWhat is the Central Registry of Winding-up Petitions?The Central Registry of Winding-up...
Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986It is possible for a claim to be brought under section 423 of the...
Role, powers, functions and duties of a trustee in bankruptcyThis Practice Note looks at the roles, powers, functions and duties of the trustee in...
Administration expensesThis Practice Note provides an overview of what amounts to an administration expense and discusses key case law.Expenses of an...
A digital signature is an electronic signature produced using encryption technology. It is therefore a sub-category of electronic signature. Computer code representing the digital signature is inserted into, or attached to, the document being signed and serves as the electronic signature.
A generic term for an insolvency practitioner or official receiver holding office by acting either as a trustee in bankruptcy, a liquidator, a provisional liquidator, an administrator, an administrative receiver or a supervisor of a Company Voluntary Arrangement (CVA) or an Individual Voluntary Arrangment (IVA).
The official and permanent record of the sequestration process maintained by the trustee