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Insolvency

 

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...

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...

Lord Jackson States LASPO Insolvency Exemption Should End

Sally Bradshaw
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Lord Jackson has announced that the insolvency exemption to the changes introduced by the Legal Aid, Sentencing and Punishment of Offenders Act 2012 ("LASPO"), which removed the recovery of "no win no fee" legal cost agreements with...

URGENT: Changes affecting Insolvency Practitioners and Directors from today

Sally Bradshaw
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As from today Regulations have introduced the key provisions of the Small Business, Enterprise and Employment Act 2015 (“the Act”) as regards its affect on Directors and Insolvency Practitioners.  This introduces very...

Bankruptcy Limits Increased

Sally Bradshaw
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As from today the Insolvency Act 1986 (Amendment) Order 2015 (SI 2015/922 has amended Section 267(4) of the Insolvency Act 1986 such as to increase the bankruptcy level for a creditor's bankruptcy petition from £750 to...

Will the court impose any conditions on a person when granting permission pursuant to Section 17 of the Company Director Disqualification Act 1986?

Andy Wilks
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The answer is yes. It will apply conditions it believes are needed to protect the public from what happened before, happening again. ...

What can a person do if he / she can't get their application pursuant to section 17 of the Company Director Disqualification Act 1986 heard within 21 days?

Andy Wilks
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The person resigns his/her position and waits until they can obtain a court date to hear the application. The person could alternatively apply for an extension to the 21 day period whilst he/she gets the application in order. The individual could apply...

What happens if the person who obtains permission then breaches a condition of his / her director disqualification order?

Andy Wilks
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If a condition in the director disqualification order imposed by the court is breached, the following happens: The permission ceases to exist. The person concerned would then be in possible breach of the original director...

Can the court grant permission for a limited period only?

Andy Wilks
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The answer is yes. It may do this because: It wants to be convinced that the company can trade on a solvent basis in the future and thus allow permission for a short period of time to allow the person making the application time to convince the court that...

Can a person remain a sole director of his / her business when seeking permission to remain a director pursuant to Section 17 of the Company Director Disqualification Act 1986?

Andy Wilks
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The answer is no.  The court will require a co-director of sufficient standing to be appointed – normally a qualified accountant or someone of similar standing. The longer the period of disqualification – the more qualified that...

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