Restructuring and insolvency

The insolvency procedures outlined in this Overview are:

•
liquidation—the process of concluding or winding up the affairs of a company prior to its dissolution. There are two distinct types of liquidations: one that applies to companies that are insolvent (ie where a company's liabilities exceed its assets or it is unable to pay its debts as they fall due), also known as a creditors’ voluntary liquidation or a CVL and another for companies that are solvent also known as a members’ voluntary liquidation or MVL. Some legislation refers to a company being 'wound up' rather than 'liquidated', but there is no practical difference between these terms
•
administration—unlike other insolvency procedures, it is intended as a temporary state of affairs to facilitate the survival of the business of the company concerned and, if the rescue of the company as a going concern is not possible, the administrator seeks to achieve a higher value for the company’s assets on behalf of the creditors as a whole than would be possible by proceeding straight to winding up
•
fixed charge/Law of Property Act (LPA) receivership—a fixed charge receiver is appointed by a secured

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Tax weekly highlights—5 December 2024

This week's edition of Tax weekly highlights includes: (1) key announcements from the Scottish government’s 2025–26 Budget, (2) News Analyses of the FTT’s decisions in L v HMRC, Stage One Creative Services and Rupert Grint, (3) HMRC’s latest Stakeholder Digest and (4) the European Commission closing state aid investigations into Amazon, Fiat and Starbucks.

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