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A court appointment, often of the official receiver, made at any time after the presentation of a winding up petition usually to protect the company's assets, preserve the company's books and records or to protect the public pending the making of a winding up order.
An appointment will often be made where for instance there is evidence of a genuine risk of dissipation of the company's assets or, in the case of public interest petitions in particular, on the basis of a risk of books and records being destroyed or harm to the public. A provisional liquidator is appointed to carry out such functions as the court may confer on him and his powers may be limited by the order appointing him.
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In-house lawyers: enforcing against insolvent companies and individuals—checklist Your method of recovery will depend on whether the company or individual is close to insolvency (pre-insolvency proceeding) or whether a formal insolvency proceeding has been entered (such as administration or liquidation for a company or bankruptcy for an individual). Pre-insolvency proceeding • if the debt is disputed you will have to issue a claim form and sue the company or individual in court • if the debt is not disputed by the company (and you do not suspect the company of dissipating its assets or putting them beyond the reach of creditors), consider issuing a statutory demand which may then form the basis of a winding-up petition where the debt is valued at £750 or more. For further information, see Practice Note: Company statutory demand • if you suspect the company of dissipating its assets or putting them beyond the reach of creditors, consider issuing winding-up proceedings immediately and appointing a provisional liquidator to preserve value. You cannot do this for...
What to do if your tenant stops paying rent Options available to landlord This flowchart considers the options available to a landlord when a corporate tenant stops paying rent in relation to a commercial property and the steps that may be taken to recover rent due. At each step the impact of restrictions under the insolvency regime must be considered and these can be found at Insolvency regime restrictions—table below. Insolvency regime restrictions Corporate Tenant (Company) 1. If the tenant has filed for a moratorium, the landlord needs the leave of the court to take any enforcement action (IA 1986, s A21). 2. An interim moratorium freezes the enforcement
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This Practice Note gives guidance as to when and how to apply for the appointment of a provisional liquidator after the presentation of a petition but before the making of the winding-up order.Applying for the appointment of a provisional liquidatorThe appointment of a provisional liquidator under section 135 of the Insolvency Act 1986 (IA 1986) is very much an application of last resort and one that should only be made after careful consideration of all the relevant evidence and the possible cost consequences to the applicant:•the appointment of a provisional liquidator to a trading company is one of the most serious steps a court can take, since it is likely in many cases to have a terminal effect on the company’s trading life. See Revenue & Customs Commissioners v Rochdale Drinks Distributors•given the potential seriousness of the appointment of a provisional liquidator, in the case of a creditor’s petition, the petitioner must show as a threshold test that they were likely to obtain a winding-up order on the hearing of...
The Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules 2016, SI 2016/1024 give insolvency office-holders in certain situations the power to obtain property (which includes cash, books, records and documents) of the insolvent company or bankrupt. IA 1986 requires certain individuals and entities to co-operate with the office-holder and imposes sanctions in the event that they fail to do so. In addition, certain individuals or entities are required to deliver up accounts and explanations (either orally, in person, or by way of a sworn statement) detailing their dealings with the affairs and property of the insolvent individual or company. The purpose of these powers is to allow the office-holder to reconstitute the knowledge of the insolvent company or individual, which may allow previously unknown assets to be realised for the benefit of creditors.While this Practice Note sets out the basic principles of delivering up information and property to the office-holder (eg the administrator, liquidator or trustee in bankruptcy (trustee)), it does not deal with the powers the...
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Witness statement in support of an application seeking the appointment of an interim receiver under section 286 of the Insolvency Act 1986 Court Reference No: [INSERT COURT REF. NUMBER] [ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT LOCATION]] INSOLVENCY AND COMPANIES LIST (ChD) OR IN THE COUNTY COURT AT [INSERT LOCATION] [BUSINESS AND PROPERTY COURTS LIST] OR IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION [INSERT LOCATION] DISTRICT REGISTRY ] IN BANKRUPTCY IN THE MATTER OF [INSERT DEBTOR’S OR BANKRUPT’S NAME] AND IN THE MATTER OF THE INSOLVENCY ACT 1986 BETWEEN [Full name of applicant]        Applicant –and– [Full name of respondent]        Respondent Witness statement of [Insert] I, [Insert name of witness] will say as follows: Introduction 1 I am a [•]. 2 I make this witness statement in support of the Applicant’s application dated [•] 20[•] (the Application) for the appointment of [•] as interim receiver of [•] pursuant to section 286 of the Insolvency...
Legal charge to secure overage payments Date [date] Parties 1 [name of Buyer] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Buyer) 2 [name of Seller] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Seller) 1 Definitions In this Deed, the following definitions apply: [Affordable Housing • [social rented, affordable rented and intermediate subsidised housing available to persons who cannot afford to rent or buy housing generally available on the open market OR has the meaning given to that expression in Annex 2 of the National Planning Policy Framework current today];] Competent Authority • any: (a) local authority, highway authority, government department or other authority, body or person exercising powers under statute or by Royal Charter; or (b) utility service or supply company; Costs • are any costs, losses, damages and liabilities, whether or not resulting from claims, demands, actions or proceedings incurred in, or incidental...
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If an insurance company goes into liquidation, who can a claimant make a claim against? Who should court proceedings be issued against? An insurance company may be wound up on either a compulsory or a voluntary basis, although a long-term insurance company may not be wound up voluntarily without the consent of the Prudential Regulation Authority (PRA). A liquidator is also obliged to inform the Financial Conduct Authority and the PRA immediately on the appointment becoming effective. For more information generally on voluntary liquidation see: Creditors' voluntary liquidation (CVL)—overview, and for more information generally on compulsory liquidation see: Compulsory liquidation—overview. Alternatively, a provisional liquidator may be appointed under section 135 of the Insolvency Act 1986 (IA 1986) (which has the effect of imposing a moratorium on proceedings, but falls short of a liquidation). As with any company, when an insurance company goes into liquidation, a liquidator is appointed over the company. A liquidator acts as an agent on behalf of the company. The liquidator does not stand in the shoes...
How does a creditor wishing to wind up a registered society do so? Is it with a Corporate Insolvency and Governance Act 2020, Sch 10 notice, winding-up petition, and then notify the regulator as required by the Housing and Planning Act 2016? The following Practice Note: Compulsory winding-up of a company—the process and procedure, provides guidance as to the practice and procedure which applies on the winding up of a company (the debtor) pursuant to a creditors’ winding-up petition. However, this must be read in conjunction with Practice Note: Corporate Insolvency and Governance Act 2022—winding-up petitions from 1 October 2021 to 31 March 2022 [Archived] which sets out the temporary requirements applicable (presently until 31 March 2022) to winding-up proceedings (including the giving of a so-called Condition B notice to the debtor company in advance of the presentation of a winding-up petition). Section 104(1)–(2) of the Housing and Planning Act 2016 (HPA 2016)
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Commercial Analysis: James Petts, barrister at The 36 Group, discusses the effects of section 14 of the Corporate Insolvency and Governance Act 2020 (CIGA 2020) for the supply of goods and services. The analysis touches upon the differing protection available to customers and suppliers, and provides practical guidance for contracting parties in the process of negotiating and drafting new agreements.
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