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Can a charge-holder appoint an administrator after a company has been wound up?

Tim Francis
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Ordinarily, once a company is wound up there is a ban on the appointment of an administrator. However, there is a rarely used exception in the Insolvency Act 1986, Paragraph 37 of Schedule B1, which allows a qualifying charge-holder to apply to the court...

Why are fixed and floating charges necessary?

Tim Francis
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Francis Wilks & Jones is regularly instructed to advise lenders in the alternative finance market. This includes Asset Based Lenders (ABLs), platform finance providers and private lenders. The most important thing to any lender is ensuring that risk is...

Offer to Insolvency Practitioners (Before its too late)

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The ability to recover premiums due on After the Event Insurance in insolvency claims, and the ability to recover the uplifted "success fee" under a Conditional Fee Agreement with a solicitor in insolvency claims, will no longer...

Compensation Orders/Undertakings can they be changed?

Stephen Downie
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The Small Business, Enterprise and Employment Act 2015 incorporates a new Section 15C into the Company Directors Disqualification Act 1986 which allows an application to court to vary the compensation payable under a Compensation Undertaking and even to seek...

Risks that Directors Face: Personal Liability Notices

Stephen Downie
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Section 121C of the Social Security Administration Act 1992 provides HMRC with the powers to recover unpaid National Insurance Contributions, plus any interest and penalties, from the Directors or other officers of the company. “Other officers”...

What do Companies House generally Prosecute Directors for?

Stephen Downie
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Part 15 of the Companies Act 2006 is the legal framework outlining what accounts and reports that must be filed at Companies House.  These sections also deal with the consequences of failing to file such accounts and reports with the Registrar of...

Risks that Directors Face: Prosecution for failing to file Accounts or Returns

Stephen Downie
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Under the Companies Act 2006 all Directors of a Company can be subject to criminal proceedings for failing to file Annual Financial Accounts and/or Annual Returns in accordance with the statutory deadlines.  The requirements in respect of Annual Returns...

Prosecutions of Directors by Companies House

Stephen Downie
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There are certain requirements that a Company must abide by at law, to give effect to the transparency of corporate information and to ensure that the legal vehicle of the Company (especially its limited liability) is not abused.   As Directors may...

Risks that Directors Face: Director Disqualification

Stephen Downie
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Once the Company has been placed into an insolvency process, the Official Receiver or the nominated Administrator or Liquidator is required by law to make a report on the conduct of all Directors in the period leading up to the commencement of the insolvency...

How do I avoid being personally liable for a Breach of my Fiduciary Duties?

Stephen Downie
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The first answer to this is obviously always going to be, don’t breach such fiduciary duties. Directors are expected to achieve a certain standard of behaviour in decision-making, and whether there is any doubt as to the validity of a decision made...

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