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Insolvency law : corporate and personal

Author: Andrew R Keay; Peter Walton
Publisher: Bristol : Jordans, [2012]
Edition/Format:   Print book : English : Third editionView all editions and formats
Summary:
Covering the subject of insolvency law, this text contains detailed academic analysis where necessary and also covers areas of debate and controversy in the subject. Insolvency is set in its social, economic and historical context and brief extracts for judgements and statutes are given.
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Document Type: Book
All Authors / Contributors: Andrew R Keay; Peter Walton
ISBN: 9781846615030 1846615038
OCLC Number: 806494296
Description: lxxxii, 730 pages ; 25 cm
Contents: Machine generated contents note: pt. I Introduction --
ch. 1 Introduction --
The context --
Historical background --
General --
Bankruptcy --
Corporate insolvency --
Modern developments --
Terminology --
The effects of insolvency --
ch. 2 The Meaning of Insolvency --
Introduction --
The tests for insolvency --
Shortcomings of the tests for insolvency --
What the legislation says --
What the courts say --
Cash flow insolvency --
Balance sheet insolvency --
ch. 3 Purposes, Principles and Theory --
Introduction --
The purposes --
Principles --
Theory --
The creditors' bargain theory --
Communitarian theory --
Multiple values approach --
Other approaches --
Conclusion --
ch. 4 The Administration of Insolvency Regimes --
Introduction --
The courts --
The Insolvency Service --
Official receivers --
The Secretary of State for Business, Innovation and Skills --
Qualified insolvency practitioners (office-holders) --
ch. 5 Options for Insolvents and the Layout of the Book Note continued: Options for insolvents --
Personal insolvency --
Bankruptcy --
Individual voluntary arrangement --
Corporate insolvency --
Liquidation --
Receivership --
Administration --
Company voluntary arrangement --
The layout of the book --
pt. I References --
pt. II Non-Terminal Insolvency --
ch. 6 Receivership --
Introduction --
Types of security --
Types of receiver --
Appointment --
Mode of appointment --
Validity of appointment --
Agency of receivers --
Theoretical basis of appointment --
Effect of appointment of an administrative receiver --
Powers of receivers --
Mechanics of power of sale --
Actions against the debenture holder --
Contractual liability of receivers --
New contracts --
Existing contracts --
Repudiation of existing contracts --
Contracts of employment --
Other creditors --
Duties of receivers at common law and in equity --
Formalities of administrative receivership --
Publicity of administrative receivership Note continued: Information gathering and imparting --
Ending of administrative receivership --
Effect of winding up --
Distribution of proceeds --
Termination --
Availability of administrative receivership after the Enterprise --
Act 2002 --
ch. 7 Administration --
Introduction --
Changes under the Enterprise Act 2002 --
Nature of administration --
Appointment of administrator --
Procedure and grounds for appointment under the old regime --
Purpose of administration under the new regime --
Procedure for appointment under the new regime --
Appointment by the court --
Appointment by a floating charge holder --
Appointment by the company or its directors --
Process of administration --
Effect of administration --
Moratorium on actions --
Interim moratorium --
Moratorium following administrator's appointment --
Permission of the court --
Formalities upon appointment --
Administrator's proposals --
Duties of an administrator --
Powers of an administrator Note continued: Disposal of assets charged to, or belonging to, another --
Disposal of assets without a creditors' meeting --
Pre-packs --
Creditor disenfranchisement --
Conflict of interest and duty or conflict of duty and duty? --
Government intervention --
Remuneration and expenses of the administrator --
Contractual liability in administration --
Existing contracts --
New contracts --
Employment contracts --
Ending administration --
Distributions to creditors --
Automatic end (paras 76-78) --
Court ending on application of administrator (paras 79, 81 and 82) --
Termination of administration where objective achieved (para 80) --
Converting administration into creditors' voluntary liquidation --
Administration to dissolution --
ch. 8 Company Voluntary Arrangements --
Introduction --
What is a company voluntary arrangement? --
Procedure --
Procedure to approve a company voluntary arrangement --
Procedure under Schedule Al --
Transparency --
Effect of approval Note continued: Creditors with no notice of the meeting --
The unknown creditor --
Future or contingent creditors --
Other effects --
Unfair prejudice or material irregularity --
Unfair prejudice --
Unfair prejudice and the football creditor rule --
Material irregularity --
Theoretical basis of voluntary arrangements --
Duties of the nominee and supervisor --
Variation of a voluntary arrangement --
Termination of a voluntary arrangement --
ch. 9 Individual Voluntary Arrangements --
Introduction --
Procedure --
Procedure where an interim order is made --
Effect of the interim order --
Nominee's report on debtor's proposal --
Procedure where no interim order is made --
Creditors' meeting --
Effect of approval --
Unfair prejudice or material irregularity --
`Fast track' individual voluntary arrangement --
Implementation and supervision of the IVA --
Ending of the IVA --
ch. 10 Other Types of Arrangement --
Introduction --
Informal arrangements --
The `London Approach' Note continued: Formal arrangements for companies --
Schemes of arrangement under Part 26 of the Companies Act 2006 --
Formal arrangements for individuals --
Debt relief orders --
County court administration orders --
Enforcement restriction orders --
Debt management schemes --
pt. II References --
pt. III Provisional Liquidation --
ch. 11 Provisional Liquidation --
Introduction --
The applicant --
Creditors --
Contributories --
The company --
The Secretary of State for Business Innovation and Skills --
The application --
The basis for an appointment --
The order --
The effect of an appointment --
The provisional liquidator --
The termination of the appointment --
pt. III References --
pt. IV Winding Up --
ch. 12 Introduction to Winding Up --
The nature of winding up --
The purposes of winding up --
An overview of winding up --
ch. 13 Creditors' Voluntary Winding Up --
Introduction --
The procedure --
No declaration of solvency --
The members' meeting Note continued: The creditors' meeting --
Liquidator decides the company is insolvent --
After the creditors' meeting --
ch. 14 Compulsory Winding Up --
Introduction --
The basis for winding up --
Petitioners for winding up --
The hearing of the petition --
Winding up unregistered companies --
The making of a winding-up order --
An order following voluntary winding up --
Creditors' petitions --
The creditor as petitioner --
Insolvency as a ground for winding up --
Statutory demand --
(a).The demand --
(b).The debt --
(c).Service --
(d).Opposing a demand --
Unsatisfied execution --
Injunction to restrain the presentation or the advertising of the petition --
Winding-up procedure --
Presenting the petition --
Service of the petition --
Giving notice of the petition --
Substitution of creditors --
The hearing --
Disputed debt --
Abuse of process --
(a).Generally --
(b).Costs --
(c).Claims for abuse of process --
Creditor opposition to the petition Note continued: Stay of winding-up proceedings --
ch. 15 The Aftermath of the Advent of Winding Up --
Introduction --
On the company itself --
The entity and powers of the company --
Name --
Ownership of property --
Dispositions of property --
Compulsory winding up --
(a).Disposition of property --
(b).Remedies --
(c).Validation of dispositions --
Effect of the making of a void disposition --
The impact of the Human Rights Act 1998 --
On directors --
Powers --
Office --
Responsibilities --
On company contracts --
On members --
On legal proceedings --
Proceedings commenced against the company --
Compulsory winding up --
(a).Generally --
(b).Leave to proceed --
Voluntary winding up --
Proceedings on behalf of the company --
On creditors --
ch. 16 The Players in a Liquidation --
Introduction --
The official receiver --
The general meeting of the company --
The liquidation committee --
Compulsory liquidation --
Creditors' voluntary liquidation Note continued: Position of committee members --
Powers --
The Insolvency Service --
The Secretary of State for Business Innovation and Skills --
ch. 17 The Liquidator --
Introduction --
Appointment --
The appointee --
The method of appointment --
Liquidator's position --
Duties of liquidators --
Fiduciary duties --
Refraining from a conflict of duty and interest --
A duty to act with impartiality --
Duties of skill and care --
Duty to exercise discretion --
Specific duties --
Publishing and filing notice of appointment --
Providing statement of affairs and report --
Settling a list of contributories --
Retaining records, books and accounts --
The collection of property --
The investigation of the affairs of the company --
The preserving of assets --
The realisation of assets --
Determining and discharging liabilities --
Powers of the liquidator --
Statutory powers --
Compulsory winding up --
(a).Effecting compromises --
(b).Commencing or defending proceedings Note continued: (c).Selling company assets --
(d).Acting for the company --
(e).Appointing agents --
(f).The incidental power --
Supplementary powers --
Delegated powers --
Voluntary winding up --
Remuneration --
The end of the appointment --
Resignation --
Removal --
The supervision of liquidators --
Court examination of the conduct of liquidators --
Review of the acts or decisions of liquidators --
Control of the court --
ch. 18 Dissolution --
Introduction --
The process --
Compulsory winding up --
Voluntary winding up --
Early dissolutions --
Administration to dissolution --
The consequences of dissolution --
Proceedings --
Property --
Restoration --
pt. IV References --
pt. V Bankruptcy --
ch. 19 Introduction to Bankruptcy --
Introduction --
Outline of bankruptcy procedure --
Who can be made bankrupt? --
Who can petition? --
ch. 20 Debtor's Petition --
Introduction --
Consideration of possible voluntary arrangement --
Consideration of possible debt relief order Note continued: ch. 21 Creditor's Petition --
Introduction --
The petition --
Statutory demand --
Expedited petition --
Application to set aside a statutory demand --
Unsatisfied execution --
Procedure --
ch. 22 Effects of Bankruptcy --
Introduction --
Dispositions of property by the bankrupt after the petition --
Loss of property --
Reasonable replacement --
After-acquired property --
Income of the bankrupt --
Pension rights --
Bankrupt's home --
Release from creditor harassment --
Personal consequences --
Criminal liability --
Personal restrictions --
ch. 23 The Trustee in Bankruptcy --
Introduction --
Appointment of the trustee --
Creditors' meeting --
Commencement of appointment of trustee --
Creditors' committee --
Administering the estate --
Trustee's duties --
Trustee's powers --
Trustee's remuneration --
Resignation, removal or vacation of office by the trustee --
Distribution to creditors --
Ending the administration of the bankruptcy --
ch. 24 Discharge Note continued: Introduction --
Automatic discharge --
Effect of discharge --
Restrictions on the bankrupt after discharge --
Effect of BRO or BRU --
Annulment --
pt. V References --
pt. VI International Insolvency --
ch. 25 Cross-Border Insolvency --
Introduction --
Approaches to cross-border insolvencies --
Territorial approach --
Universal approach --
Other approaches --
Developments --
The provision of judicial assistance --
The common law --
The model law --
The Cross-Border Insolvency Regulations 2006 --
Introduction --
Proceedings --
Main proceedings --
Non-main proceedings --
Centre of main interests --
Miscellaneous --
The future --
ch. 26 European Insolvency Proceedings --
Introduction --
Introduction and background to the EC Regulation on Insolvency Proceedings 2000 --
Definitions --
Centre of main interests --
Proceedings --
Main proceedings --
Secondary proceedings --
Territorial proceedings --
Conflict --
Forum-shopping --
Which law applies? Note continued: Recognition of insolvency proceedings --
Creditor claims --
Co-operation --
Summary --
pt. VI References --
pt. VII Administration of Insolvent Estates --
ch. 27 Investigations and Examinations --
Introduction --
Investigations --
General --
The official receiver --
Compulsory winding up --
Bankruptcy --
Company liquidators --
Trustees in bankruptcy --
Public examinations --
General --
Pre-examination issues --
The examination --
Private examinations --
Rationale for examinations --
The function of examinations --
The nature of examinations --
The examinee --
The extent of examinations --
The examination --
Conclusion --
ch. 28 Funding --
Introduction --
Legal proceedings --
The options --
Creditor indemnity --
Fighting funds --
Conditional fee agreements --
Third party funding arrangements --
Insurance --
Conclusion --
ch. 29 Disclaimer --
Introduction --
Scope of the power --
Introduction --
The process --
The effect of a disclaimer --
Freehold land Note continued: Leasehold land --
Contracts --
ch. 30 Distribution of Property in Insolvent Estates --
Introduction --
The pari passu principle --
Exceptions to pari passu --
Set-off --
Debt subordination --
Liquidation and bankruptcy expenses --
Preferential creditors --
Summary --
The anti-deprivation principle --
Distribution of the estate-a matter of priorities --
Liquidation --
The expenses of winding up --
(a).Expenses properly incurred in preserving, realising, getting in company assets or in the Preparation or Conduct of Any Legal Proceedings(rule 4.218(3)(ii)) --
(b).Expenses incurred or disbursements made by the official receiver (rule 4.218(3)(b)) --
(c).Fees payable under section 414 and remuneration payable to the official receiver (rule 4.218(3)(c)) --
(d).Security provided by a provisional liquidator, liquidator or special manager (rule 4.218(3)(e)) --
(e).Remuneration of any provisional liquidator (rule 4.218(3)(f)) Note continued: (f).Costs in respect of the petition for the winding-up order --
(g).Necessary disbursements made by the liquidator in the course of winding up (rule 4.218(3)(m)) --
(h).Liquidator remuneration up to that payable to the official receiver (rule 4.218(3)(o)) --
(i).The balance of the liquidator's remuneration (rule4.218(3)(q)) --
Preferential debts --
(a).The priority scheme --
(b).Employee priority --
Unsecured debts --
Post-liquidation interest on debts --
Deferred debts --
Bankruptcy --
Costs and expenses of bankruptcy (section 328(2), rule 6.224) --
Pre-preferential debts --
Preferential debts (section 328(1)) --
General body of ordinary unsecured creditors (section 328(3)) --
Post-bankruptcy interest on debts (section 328(4)) --
Deferred debts --
Surplus (if any payable to the bankrupt) --
Statutory subrogation --
Payment of dividends --
General --
Procedure for payment --
Final dividend --
pt. VII References --
pt. VIII Creditors Note continued: ch. 31 Secured Creditors --
Introduction --
Liquidation --
Bankruptcy --
Administrative receivership --
Administration --
Voluntary arrangements --
ch. 32 Retention of Title --
Introduction --
Liquidation --
Administrative receivership --
Bankruptcy --
Administration --
Voluntary arrangements --
ch. 33 Execution Creditors and Landlords --
Introduction --
Execution creditors --
Third party debt orders --
Charging orders --
Writ of fieri facias --
Execution creditors and insolvent debtors --
Administrative receivership --
Compulsory liquidation --
Voluntary liquidation --
Bankruptcy --
Voluntary arrangements --
Administration --
Rights of a landlord --
Landlord's distress --
Forfeiture of the lease --
Landlords and insolvent tenants --
Bankruptcy --
Voluntary arrangements --
Compulsory liquidation --
Voluntary liquidation --
Administrative receivership --
Administration --
ch. 34 Preferential Creditors --
Introduction --
Liquidation --
Bankruptcy Note continued: Administrative receivership --
Administration --
Voluntary arrangements --
ch. 35 Set-Off --
Introduction --
Insolvency set-off in bankruptcy, administration and liquidation --
Equitable or contractual set-off applicable in receivership --
Set-off in voluntary arrangements --
ch. 36 Proving Debts --
Introduction --
Liquidation --
Bankruptcy --
pt. VIII References --
pt. IX Swelling the Asset Pool --
ch. 37 General Principles and Concepts --
Introduction --
The legislative framework --
Applicable concepts --
The relevant time --
Insolvent --
Connected persons and associates --
ch. 38 Transactions at an Undervalue --
Introduction --
Conditions for adjustment --
The transaction --
Consideration --
Valuation --
Defences --
Court orders --
Protecting third persons --
Limitation of actions --
ch. 39 Preferences --
Introduction --
The elements to be established for adjustment --
Improvement in the position of the creditor or guarantor Note continued: Secured creditors and granting security --
Influenced by a desire --
Re MC Bacon Ltd --
The problems with desire --
After Re MC Bacon Ltd --
Commercial pressure --
Court orders --
Limitation of actions --
ch. 40 Transactions Defrauding Creditors --
Introduction --
Transactions at an undervalue --
The purpose --
Fraud and inferences --
Orders --
Limitation period --
ch. 41 Invalidation of Floating Charges --
Introduction --
The relevant time --
Void charges --
Exceptions --
The effect of invalidation --
ch. 42 Extortionate Credit Transactions --
Background to the provision --
The scope of the provisions --
Extortionate: the critical element --
Court orders --
ch. 43 Wrongful Trading --
Background --
The section --
Elements needed for liability --
The scope of the provision --
Defences --
Orders --
Limitation of action --
Some reflections --
ch. 44 Fraudulent Trading --
Introduction --
`Knowingly' --
Intent to defraud --
Fraudulent purpose Note continued: Bringing proceedings --
Court orders --
The proceeds --
ch. 45 Breach of Directors' Duties --
Introduction --
Directors' duties --
Duty to act for proper purposes --
Duty to promote the success of the company --
Duty to exercise independent judgment --
Duties of care, skill and diligence --
Duty to avoid conflicts of interest --
Duty not to accept benefits from third parties --
Duty to declare interest in proposed transaction or arrangement --
Duty to consider creditors --
Disadvantages with actions --
pt. IX References --
pt. X Misconduct --
ch. 46 Misfeasance --
Introduction --
The applicant --
The respondent --
The conduct --
Orders --
Relief for respondents --
ch. 47 Disqualification of Directors --
Introduction --
The nature of proceedings --
The bases for orders --
Directors of insolvent companies found to be unfit --
General --
The length of disqualification --
Procedure --
Leave to continue --
ch. 48 Offences --
Introduction --
Procedure Note continued: Offences in liquidations --
Fraud in anticipation of winding up --
Transactions in fraud of creditors --
Misconduct in the course of winding up --
Falsification of company books --
Material omissions from statement relating to company's affairs --
Fraudulent representations to creditors --
Restriction on re-use of company name --
Offences in bankruptcy --
Failure to disclose or inform of disposal of property --
Concealment of property --
Improper dealings with records --
False statements --
Fraudulent disposal of property --
Absconding with property --
Dealing with property obtained on credit --
Obtaining credit --
Engaging in business Offences in other administrations --
The types of proceedings --
pt. X References.
Responsibility: Andrew R. Keay, LLB, PhD, Barrister (England and Wales), Legal Practitioner (Aust), Professor of Corporate and Commercial Law, Centre for Business Law and Practice, School of Law, University of Leeds, Barrister, Kings Chambers and 13 Old Square Chambers ; Peter Walton, LLB, PhD, Reader in Law, School of Law, Social Sciences and Communications, University of Wolverhampton.

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Insolvency Law: Corporate and Personal is written in a detailed yet straightforward way, making it accessible to both practitioners and students. This comprehensive book explains legislation and  Read more...

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   schema:description "Note continued: The creditors' meeting -- Liquidator decides the company is insolvent -- After the creditors' meeting -- ch. 14 Compulsory Winding Up -- Introduction -- The basis for winding up -- Petitioners for winding up -- The hearing of the petition -- Winding up unregistered companies -- The making of a winding-up order -- An order following voluntary winding up -- Creditors' petitions -- The creditor as petitioner -- Insolvency as a ground for winding up -- Statutory demand -- (a).The demand -- (b).The debt -- (c).Service -- (d).Opposing a demand -- Unsatisfied execution -- Injunction to restrain the presentation or the advertising of the petition -- Winding-up procedure -- Presenting the petition -- Service of the petition -- Giving notice of the petition -- Substitution of creditors -- The hearing -- Disputed debt -- Abuse of process -- (a).Generally -- (b).Costs -- (c).Claims for abuse of process -- Creditor opposition to the petition"@en ;
   schema:description "Note continued: Disposal of assets charged to, or belonging to, another -- Disposal of assets without a creditors' meeting -- Pre-packs -- Creditor disenfranchisement -- Conflict of interest and duty or conflict of duty and duty? -- Government intervention -- Remuneration and expenses of the administrator -- Contractual liability in administration -- Existing contracts -- New contracts -- Employment contracts -- Ending administration -- Distributions to creditors -- Automatic end (paras 76-78) -- Court ending on application of administrator (paras 79, 81 and 82) -- Termination of administration where objective achieved (para 80) -- Converting administration into creditors' voluntary liquidation -- Administration to dissolution -- ch. 8 Company Voluntary Arrangements -- Introduction -- What is a company voluntary arrangement? -- Procedure -- Procedure to approve a company voluntary arrangement -- Procedure under Schedule Al -- Transparency -- Effect of approval"@en ;
   schema:description "Covering the subject of insolvency law, this text contains detailed academic analysis where necessary and also covers areas of debate and controversy in the subject. Insolvency is set in its social, economic and historical context and brief extracts for judgements and statutes are given."@en ;
   schema:description "Note continued: (f).Costs in respect of the petition for the winding-up order -- (g).Necessary disbursements made by the liquidator in the course of winding up (rule 4.218(3)(m)) -- (h).Liquidator remuneration up to that payable to the official receiver (rule 4.218(3)(o)) -- (i).The balance of the liquidator's remuneration (rule4.218(3)(q)) -- Preferential debts -- (a).The priority scheme -- (b).Employee priority -- Unsecured debts -- Post-liquidation interest on debts -- Deferred debts -- Bankruptcy -- Costs and expenses of bankruptcy (section 328(2), rule 6.224) -- Pre-preferential debts -- Preferential debts (section 328(1)) -- General body of ordinary unsecured creditors (section 328(3)) -- Post-bankruptcy interest on debts (section 328(4)) -- Deferred debts -- Surplus (if any payable to the bankrupt) -- Statutory subrogation -- Payment of dividends -- General -- Procedure for payment -- Final dividend -- pt. VII References -- pt. VIII Creditors"@en ;
   schema:description "Note continued: Introduction -- Automatic discharge -- Effect of discharge -- Restrictions on the bankrupt after discharge -- Effect of BRO or BRU -- Annulment -- pt. V References -- pt. VI International Insolvency -- ch. 25 Cross-Border Insolvency -- Introduction -- Approaches to cross-border insolvencies -- Territorial approach -- Universal approach -- Other approaches -- Developments -- The provision of judicial assistance -- The common law -- The model law -- The Cross-Border Insolvency Regulations 2006 -- Introduction -- Proceedings -- Main proceedings -- Non-main proceedings -- Centre of main interests -- Miscellaneous -- The future -- ch. 26 European Insolvency Proceedings -- Introduction -- Introduction and background to the EC Regulation on Insolvency Proceedings 2000 -- Definitions -- Centre of main interests -- Proceedings -- Main proceedings -- Secondary proceedings -- Territorial proceedings -- Conflict -- Forum-shopping -- Which law applies?"@en ;
   schema:description "Note continued: Leasehold land -- Contracts -- ch. 30 Distribution of Property in Insolvent Estates -- Introduction -- The pari passu principle -- Exceptions to pari passu -- Set-off -- Debt subordination -- Liquidation and bankruptcy expenses -- Preferential creditors -- Summary -- The anti-deprivation principle -- Distribution of the estate-a matter of priorities -- Liquidation -- The expenses of winding up -- (a).Expenses properly incurred in preserving, realising, getting in company assets or in the Preparation or Conduct of Any Legal Proceedings(rule 4.218(3)(ii)) -- (b).Expenses incurred or disbursements made by the official receiver (rule 4.218(3)(b)) -- (c).Fees payable under section 414 and remuneration payable to the official receiver (rule 4.218(3)(c)) -- (d).Security provided by a provisional liquidator, liquidator or special manager (rule 4.218(3)(e)) -- (e).Remuneration of any provisional liquidator (rule 4.218(3)(f))"@en ;
   schema:description "Note continued: Administrative receivership -- Administration -- Voluntary arrangements -- ch. 35 Set-Off -- Introduction -- Insolvency set-off in bankruptcy, administration and liquidation -- Equitable or contractual set-off applicable in receivership -- Set-off in voluntary arrangements -- ch. 36 Proving Debts -- Introduction -- Liquidation -- Bankruptcy -- pt. VIII References -- pt. IX Swelling the Asset Pool -- ch. 37 General Principles and Concepts -- Introduction -- The legislative framework -- Applicable concepts -- The relevant time -- Insolvent -- Connected persons and associates -- ch. 38 Transactions at an Undervalue -- Introduction -- Conditions for adjustment -- The transaction -- Consideration -- Valuation -- Defences -- Court orders -- Protecting third persons -- Limitation of actions -- ch. 39 Preferences -- Introduction -- The elements to be established for adjustment -- Improvement in the position of the creditor or guarantor"@en ;
   schema:description "Note continued: Position of committee members -- Powers -- The Insolvency Service -- The Secretary of State for Business Innovation and Skills -- ch. 17 The Liquidator -- Introduction -- Appointment -- The appointee -- The method of appointment -- Liquidator's position -- Duties of liquidators -- Fiduciary duties -- Refraining from a conflict of duty and interest -- A duty to act with impartiality -- Duties of skill and care -- Duty to exercise discretion -- Specific duties -- Publishing and filing notice of appointment -- Providing statement of affairs and report -- Settling a list of contributories -- Retaining records, books and accounts -- The collection of property -- The investigation of the affairs of the company -- The preserving of assets -- The realisation of assets -- Determining and discharging liabilities -- Powers of the liquidator -- Statutory powers -- Compulsory winding up -- (a).Effecting compromises -- (b).Commencing or defending proceedings"@en ;
   schema:description "Note continued: (c).Selling company assets -- (d).Acting for the company -- (e).Appointing agents -- (f).The incidental power -- Supplementary powers -- Delegated powers -- Voluntary winding up -- Remuneration -- The end of the appointment -- Resignation -- Removal -- The supervision of liquidators -- Court examination of the conduct of liquidators -- Review of the acts or decisions of liquidators -- Control of the court -- ch. 18 Dissolution -- Introduction -- The process -- Compulsory winding up -- Voluntary winding up -- Early dissolutions -- Administration to dissolution -- The consequences of dissolution -- Proceedings -- Property -- Restoration -- pt. IV References -- pt. V Bankruptcy -- ch. 19 Introduction to Bankruptcy -- Introduction -- Outline of bankruptcy procedure -- Who can be made bankrupt? -- Who can petition? -- ch. 20 Debtor's Petition -- Introduction -- Consideration of possible voluntary arrangement -- Consideration of possible debt relief order"@en ;
   schema:description "Note continued: Formal arrangements for companies -- Schemes of arrangement under Part 26 of the Companies Act 2006 -- Formal arrangements for individuals -- Debt relief orders -- County court administration orders -- Enforcement restriction orders -- Debt management schemes -- pt. II References -- pt. III Provisional Liquidation -- ch. 11 Provisional Liquidation -- Introduction -- The applicant -- Creditors -- Contributories -- The company -- The Secretary of State for Business Innovation and Skills -- The application -- The basis for an appointment -- The order -- The effect of an appointment -- The provisional liquidator -- The termination of the appointment -- pt. III References -- pt. IV Winding Up -- ch. 12 Introduction to Winding Up -- The nature of winding up -- The purposes of winding up -- An overview of winding up -- ch. 13 Creditors' Voluntary Winding Up -- Introduction -- The procedure -- No declaration of solvency -- The members' meeting"@en ;
   schema:description "Note continued: Stay of winding-up proceedings -- ch. 15 The Aftermath of the Advent of Winding Up -- Introduction -- On the company itself -- The entity and powers of the company -- Name -- Ownership of property -- Dispositions of property -- Compulsory winding up -- (a).Disposition of property -- (b).Remedies -- (c).Validation of dispositions -- Effect of the making of a void disposition -- The impact of the Human Rights Act 1998 -- On directors -- Powers -- Office -- Responsibilities -- On company contracts -- On members -- On legal proceedings -- Proceedings commenced against the company -- Compulsory winding up -- (a).Generally -- (b).Leave to proceed -- Voluntary winding up -- Proceedings on behalf of the company -- On creditors -- ch. 16 The Players in a Liquidation -- Introduction -- The official receiver -- The general meeting of the company -- The liquidation committee -- Compulsory liquidation -- Creditors' voluntary liquidation"@en ;
   schema:description "Note continued: Offences in liquidations -- Fraud in anticipation of winding up -- Transactions in fraud of creditors -- Misconduct in the course of winding up -- Falsification of company books -- Material omissions from statement relating to company's affairs -- Fraudulent representations to creditors -- Restriction on re-use of company name -- Offences in bankruptcy -- Failure to disclose or inform of disposal of property -- Concealment of property -- Improper dealings with records -- False statements -- Fraudulent disposal of property -- Absconding with property -- Dealing with property obtained on credit -- Obtaining credit -- Engaging in business Offences in other administrations -- The types of proceedings -- pt. X References."@en ;
   schema:description "Note continued: ch. 31 Secured Creditors -- Introduction -- Liquidation -- Bankruptcy -- Administrative receivership -- Administration -- Voluntary arrangements -- ch. 32 Retention of Title -- Introduction -- Liquidation -- Administrative receivership -- Bankruptcy -- Administration -- Voluntary arrangements -- ch. 33 Execution Creditors and Landlords -- Introduction -- Execution creditors -- Third party debt orders -- Charging orders -- Writ of fieri facias -- Execution creditors and insolvent debtors -- Administrative receivership -- Compulsory liquidation -- Voluntary liquidation -- Bankruptcy -- Voluntary arrangements -- Administration -- Rights of a landlord -- Landlord's distress -- Forfeiture of the lease -- Landlords and insolvent tenants -- Bankruptcy -- Voluntary arrangements -- Compulsory liquidation -- Voluntary liquidation -- Administrative receivership -- Administration -- ch. 34 Preferential Creditors -- Introduction -- Liquidation -- Bankruptcy"@en ;
   schema:description "Note continued: Recognition of insolvency proceedings -- Creditor claims -- Co-operation -- Summary -- pt. VI References -- pt. VII Administration of Insolvent Estates -- ch. 27 Investigations and Examinations -- Introduction -- Investigations -- General -- The official receiver -- Compulsory winding up -- Bankruptcy -- Company liquidators -- Trustees in bankruptcy -- Public examinations -- General -- Pre-examination issues -- The examination -- Private examinations -- Rationale for examinations -- The function of examinations -- The nature of examinations -- The examinee -- The extent of examinations -- The examination -- Conclusion -- ch. 28 Funding -- Introduction -- Legal proceedings -- The options -- Creditor indemnity -- Fighting funds -- Conditional fee agreements -- Third party funding arrangements -- Insurance -- Conclusion -- ch. 29 Disclaimer -- Introduction -- Scope of the power -- Introduction -- The process -- The effect of a disclaimer -- Freehold land"@en ;
   schema:description "Note continued: ch. 21 Creditor's Petition -- Introduction -- The petition -- Statutory demand -- Expedited petition -- Application to set aside a statutory demand -- Unsatisfied execution -- Procedure -- ch. 22 Effects of Bankruptcy -- Introduction -- Dispositions of property by the bankrupt after the petition -- Loss of property -- Reasonable replacement -- After-acquired property -- Income of the bankrupt -- Pension rights -- Bankrupt's home -- Release from creditor harassment -- Personal consequences -- Criminal liability -- Personal restrictions -- ch. 23 The Trustee in Bankruptcy -- Introduction -- Appointment of the trustee -- Creditors' meeting -- Commencement of appointment of trustee -- Creditors' committee -- Administering the estate -- Trustee's duties -- Trustee's powers -- Trustee's remuneration -- Resignation, removal or vacation of office by the trustee -- Distribution to creditors -- Ending the administration of the bankruptcy -- ch. 24 Discharge"@en ;
   schema:description "Machine generated contents note: pt. I Introduction -- ch. 1 Introduction -- The context -- Historical background -- General -- Bankruptcy -- Corporate insolvency -- Modern developments -- Terminology -- The effects of insolvency -- ch. 2 The Meaning of Insolvency -- Introduction -- The tests for insolvency -- Shortcomings of the tests for insolvency -- What the legislation says -- What the courts say -- Cash flow insolvency -- Balance sheet insolvency -- ch. 3 Purposes, Principles and Theory -- Introduction -- The purposes -- Principles -- Theory -- The creditors' bargain theory -- Communitarian theory -- Multiple values approach -- Other approaches -- Conclusion -- ch. 4 The Administration of Insolvency Regimes -- Introduction -- The courts -- The Insolvency Service -- Official receivers -- The Secretary of State for Business, Innovation and Skills -- Qualified insolvency practitioners (office-holders) -- ch. 5 Options for Insolvents and the Layout of the Book"@en ;
   schema:description "Note continued: Information gathering and imparting -- Ending of administrative receivership -- Effect of winding up -- Distribution of proceeds -- Termination -- Availability of administrative receivership after the Enterprise -- Act 2002 -- ch. 7 Administration -- Introduction -- Changes under the Enterprise Act 2002 -- Nature of administration -- Appointment of administrator -- Procedure and grounds for appointment under the old regime -- Purpose of administration under the new regime -- Procedure for appointment under the new regime -- Appointment by the court -- Appointment by a floating charge holder -- Appointment by the company or its directors -- Process of administration -- Effect of administration -- Moratorium on actions -- Interim moratorium -- Moratorium following administrator's appointment -- Permission of the court -- Formalities upon appointment -- Administrator's proposals -- Duties of an administrator -- Powers of an administrator"@en ;
   schema:description "Note continued: Creditors with no notice of the meeting -- The unknown creditor -- Future or contingent creditors -- Other effects -- Unfair prejudice or material irregularity -- Unfair prejudice -- Unfair prejudice and the football creditor rule -- Material irregularity -- Theoretical basis of voluntary arrangements -- Duties of the nominee and supervisor -- Variation of a voluntary arrangement -- Termination of a voluntary arrangement -- ch. 9 Individual Voluntary Arrangements -- Introduction -- Procedure -- Procedure where an interim order is made -- Effect of the interim order -- Nominee's report on debtor's proposal -- Procedure where no interim order is made -- Creditors' meeting -- Effect of approval -- Unfair prejudice or material irregularity -- `Fast track' individual voluntary arrangement -- Implementation and supervision of the IVA -- Ending of the IVA -- ch. 10 Other Types of Arrangement -- Introduction -- Informal arrangements -- The `London Approach'"@en ;
   schema:description "Note continued: Options for insolvents -- Personal insolvency -- Bankruptcy -- Individual voluntary arrangement -- Corporate insolvency -- Liquidation -- Receivership -- Administration -- Company voluntary arrangement -- The layout of the book -- pt. I References -- pt. II Non-Terminal Insolvency -- ch. 6 Receivership -- Introduction -- Types of security -- Types of receiver -- Appointment -- Mode of appointment -- Validity of appointment -- Agency of receivers -- Theoretical basis of appointment -- Effect of appointment of an administrative receiver -- Powers of receivers -- Mechanics of power of sale -- Actions against the debenture holder -- Contractual liability of receivers -- New contracts -- Existing contracts -- Repudiation of existing contracts -- Contracts of employment -- Other creditors -- Duties of receivers at common law and in equity -- Formalities of administrative receivership -- Publicity of administrative receivership"@en ;
   schema:description "Note continued: Bringing proceedings -- Court orders -- The proceeds -- ch. 45 Breach of Directors' Duties -- Introduction -- Directors' duties -- Duty to act for proper purposes -- Duty to promote the success of the company -- Duty to exercise independent judgment -- Duties of care, skill and diligence -- Duty to avoid conflicts of interest -- Duty not to accept benefits from third parties -- Duty to declare interest in proposed transaction or arrangement -- Duty to consider creditors -- Disadvantages with actions -- pt. IX References -- pt. X Misconduct -- ch. 46 Misfeasance -- Introduction -- The applicant -- The respondent -- The conduct -- Orders -- Relief for respondents -- ch. 47 Disqualification of Directors -- Introduction -- The nature of proceedings -- The bases for orders -- Directors of insolvent companies found to be unfit -- General -- The length of disqualification -- Procedure -- Leave to continue -- ch. 48 Offences -- Introduction -- Procedure"@en ;
   schema:description "Note continued: Secured creditors and granting security -- Influenced by a desire -- Re MC Bacon Ltd -- The problems with desire -- After Re MC Bacon Ltd -- Commercial pressure -- Court orders -- Limitation of actions -- ch. 40 Transactions Defrauding Creditors -- Introduction -- Transactions at an undervalue -- The purpose -- Fraud and inferences -- Orders -- Limitation period -- ch. 41 Invalidation of Floating Charges -- Introduction -- The relevant time -- Void charges -- Exceptions -- The effect of invalidation -- ch. 42 Extortionate Credit Transactions -- Background to the provision -- The scope of the provisions -- Extortionate: the critical element -- Court orders -- ch. 43 Wrongful Trading -- Background -- The section -- Elements needed for liability -- The scope of the provision -- Defences -- Orders -- Limitation of action -- Some reflections -- ch. 44 Fraudulent Trading -- Introduction -- `Knowingly' -- Intent to defraud -- Fraudulent purpose"@en ;
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