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Corporate Insolvency and Governance Act 2020

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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Latest Restructuring & Insolvency Precedents

Precedents
Draft order on an application by an insolvency office-holder under sections 234, 235, 236, 365 and 366 of the Insolvency Act 1986 to obtain property, information and/or documentation

CASE NO: [insert case number][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS OF ENGLAND AND WALESINSOLVENCY AND COMPANIES LIST (ChD)ORIN THE...
Precedents
Witness statement in support of an application by an insolvency office-holder under sections 234, 235, 236, 365 and 366 of the Insolvency Act 1986 to obtain property, information and/or documentation

Applicant(s): [insert initials and surname]: [insert number of witness statement eg 1st] Exhibit: [insert exhibit description]: Date: [insert date of...
Precedents
Letter from an insolvency office-holder to any persons or companies with information, documentation or property relevant to the business, affairs, dealings and property of the insolvent entity or individual (sections 234–236 and 365–366 of the Insolvency Act 1986)

[insert name, address and contact details/reference of author][insert date]To: [insert the name of the person or company to whom the letter is...
Precedents
Application notice for an application by an insolvency office-holder under sections 234, 235, 236, 365 and 366 of the Insolvency Act 1986 to obtain property, information and/or documentation

Note: This Precedent should be used in conjunction with an application notice template that complies with the Insolvency (England and Wales) Rules...
Precedents
Deed of assignment of insolvency claim

This DEED IS DATED THE [insert day] OF [insert month and year].Parties1[Insert name of the company] in [administration OR liquidation] a company...
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Latest Restructuring & Insolvency Q&As

Q&As
A husband and wife granted an assured shorthold tenancy (AST) to a tenant in 2014. The husband passed away and the wife became bankrupt, so trustees in bankruptcy were appointed. At the point that the residential property vests to the trustees in bankruptcy (or at any subsequent time), do they have to serve notices under section 3 of of the Landlord and Tenant Act 1985 and section 48 of the Landlord and Tenant Act 1987 on the AST tenant in order to start collecting rent and issue possession notices?
Q&As
Where a bankrupt owned property which is tenanted, would this involve just an ordinary possession and sale application in order for the trustee to be able to sell the property with vacant possession? Or would a separate application under CPR 55 be required as against the tenants?
Q&As
Are directors jointly and severally liable for each other’s overdrawn director's loan accounts if the company goes into liquidation? What case law and/or statute supports this assertion?
Q&As
A party seeks to rely on witness evidence given in a witness statement by two persons who are both deceased. These witnesses have died since the statements were served, and the deadline for exchange of witness statements has passed. The other party to proceedings is aware both witnesses are deceased and has not objected to the use of the statements. Is a hearsay notice still needed (either formal or informal)?
Q&As
How is prorogation of Parliament relevant to Brexit?
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Associated legal terms

Company voluntary arrangement

/ˈkʌmp(ə)ni/ /ˈvɒlənt(ə)ri/ /əˈreɪn(d)ʒm(ə)nt/

An alternative to an insolvent liquidation, whether a creditors' voluntary winding up or a compulsory winding up, whereby a company enters into a binding arrangement with its creditors to compromise its debts.

Earning arrestments

A court order that requires a debtor's employer to deduct a portion of the debtor's earnings form their salary and remit them to their creditor

Individual Voluntary Arrangement

An alternative to bankruptcy whereby a debtor enters into a binding arrangement with his creditors to compromise his debts.
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