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The court supervised process whereby the assets of an insolvent individual are realised for the benefit of his creditors.
An individual is declared bankrupt by an order of the court made after the presentation of a bankruptcy petition. Several categories of persons may present a bankruptcy petition including the debtor's creditors, the debtor himself and the supervisor of, or someone who is bound by, an individual voluntary arrangement in relation to the debtor.
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Notice of general meeting or annual general meeting—checklist Who is entitled to receive notice of general meeting or annual general meeting? Notice of the general meeting (GM) or annual general meeting (AGM) must be sent to: • every member of the company, ie those appearing on the register of members (including those entitled to a share in consequence of the death or bankruptcy of a member, if the company has been notified of their entitlement) • every director of the company, and • the company’s auditors Check the company’s articles in particular for provisions relating to: • giving notices to joint, untraceable or overseas shareholders, and • cut-off dates by which time a member needs to be registered on the register of members to receive a notice. Where a company's shares are held in CREST, a member must be registered in the register of members at least 21 days before the date the notice is sent Form of notice Notice of a GM must be given: • in hard copy...
Debt relief orders (DROs)—checklist Debt relief orders Debt relief orders (DROs) are an alternative to bankruptcy and are dealt with in sections 251A–251X and Schedule 4ZA to the Insolvency Act 1986 (IA 1986), and supplemented by the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, Pt 9. They provide protection from debts by prohibiting further legal process against the debtor without the court's permission and, after a year, discharges the debtor from those debts. The big difference between a DRO and bankruptcy is that DROs are available only to debtors with no substantial assets and no income over and above what is necessary for the debtor's 'reasonable needs', and there are no provisions for the collection, realisation and distribution of the debtor's estate on the basis there will be nothing to distribute. As set out in R (on the application of Payne) v Secretary of State for Work and Pensions, DROs are a 'a new and simplified way of wiping the slate clean for debtors who are...
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The position of a personal pension on bankruptcyA bankrupt’s estate automatically vests in the official receiver (or an insolvency practitioner if instead appointed at the time) as first trustee in bankruptcy (trustee) on the making of a bankruptcy order. Various items are excluded in this respect, including tools and equipment required by the bankrupt for business purposes, and clothing etc necessary for satisfying the bankrupt’s basic domestic needs (IA 1986, s 283(2)).This Practice Note addresses the issue of what happens to an individual’s pension rights on the making of a bankruptcy order. It considers the effect of bankruptcy on occupational, personal and state pension arrangements.Bankruptcies predating 29 May 2000This section applies to persons made bankrupt as a result of bankruptcy petitions presented before 29 May 2000.Rights acquired in relation to both personal pension schemes and occupational pension schemes are ordinarily recoverable by the bankrupt’s trustee. A debtor’s contractual rights under such schemes are regarded as choses in action falling within the wide definition of property provided by section 436 of...
Coronavirus (COVID-19): the coronavirus pandemic has caused the UK to expedite new insolvency provisions, both of a temporary and permanent nature. For news and guidance as to the implications from a property perspective see: Coronavirus (COVID-19)—implications for property [Archived] — Property Insolvency.Bankruptcy is an insolvency process for individuals, which commences on the day the bankruptcy order is made.Until 6 April 2016, unlike its corporate equivalent liquidation, only the court could make an individual bankrupt. However, on 6 April 2016, the new bankruptcy applications regime came into force replacing debtors' bankruptcy petitions (but not creditors' petitions), meaning that any individual who wishes to be made bankrupt must make a bankruptcy application which is determined by an adjudicator, and not by the court.The making of a bankruptcy order—whether by the court or by the adjudicator—will free the debtor from the debts due to their creditors (and will prevent unsecured creditors from commencing, or continuing with, any legal process against the bankrupt or their property). In return, a trustee in bankruptcy (trustee) is...
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Connection agreement for private wires Date of Agreement _____________________________________20[XX] Parties 1 [name of company], a company incorporated in [insert jurisdiction] (registered number [insert co. number]) whose registered office is at [insert address] (Company); and 2 [name of company], a company incorporated in [insert jurisdiction] (registered number [insert co. number]) whose registered office is at [insert address] (Customer). Background (A) The Customer is the owner and operator of the Customer’s Installation. (B) The Company is the owner and operator of the Distribution System. (C) The Customer wishes to export electricity generated by the Customer’s Installation to the Company’s Distribution System. (D) [The Parties wish to enter into a contract on or about the date of this Agreement, under which the electricity generated by the Customer’s Installation shall be supplied to the Company by the Customer (‘Power Supply Agreement’). (E) In consideration of the Parties entering into the Power Supply Agreement, the Company shall allow the electricity generated by the Customer’s Installation to be exported to the Distribution System in...
Short form of consultant’s appointment This Agreement is made on the [insert date] day of [insert month and year] Parties 1 [Insert Employer name] (Company Registration No. [insert number] whose registered office is at [insert office]) (the 'Employer' which term shall include all permitted assignees or other transferees under this Agreement); and 2 [Insert Consultant name] (Company Registration No. [insert number] whose registered office is at [insert office]) (the 'Consultant') Whereas (A) The Employer has entered into or proposes to enter into a contract with [insert name of contractor] of [insert contractor's address] for the [design and] construction of a [insert brief description of the project] (the ‘Project’) at [insert location of site] (the 'Building Contract'). (B) The Employer wishes to appoint the Consultant to perform the services set out in Schedule 1 (the 'Services') in accordance with the Agreement It is hereby agreed as follows 1 Definitions and Interpretation 1.1 In this Agreement the following expressions shall have the following meanings: [Beneficiaries • any and all...
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Where TUPE 2006, SI 2006/246, reg 8(7) takes effect (and therefore regs 4 and 7 of TUPE 2006 do not apply), does ERA 1996, s 218(2) still operate to preserve an employee’s continuity of service? The section 218(2) of the Employment Rights Act 1996 (ERA 1996) provides that, on the transfer of a trade, business or undertaking: • an employee’s period of employment in the trade, business or undertaking at the time of the transfer counts as a period of employment with the transferee, and • the transfer does not break the continuity of the period of employment This provision is separate from the provisions set out in the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE 2006), SI 2006/246. Ordinarily, employees who transfer to the transferee will not need to rely on ERA 1996, s 218(2) in order to establish that their continuity of employment is preserved. However, there may be cases where an employee becomes employed by the transferee but does not automatically transfer to the transferee...
Does the guidance at L4.4 of the ‘Workers and Temporary Workers—(guidance for sponsors part 1) apply for a licence‘ apply to individual voluntary agreements (IVAs)? Ie, can an individual subject to an IVA become key personnel? Para L4.4 of Part 1 of the Workers and Temporary Workers Sponsor Guidance states that none of a sponsor’s key personnel can be: • subject to a Bankruptcy Restrictions Order or Bankruptcy Restrictions Undertaking • subject to a Debt Relief Restrictions Order or Debt Relief Restrictions Undertaking • legally prohibited from being a company director Separately, there is a prohibition on persons who fall within the definition of ‘you or your’ (ie any owner, director, authorising officer, key contact, level 1 user and person involved in the day to day running of the sponsor) that they must not be legally prohibited from becoming a company director (unless the sole reason for that disqualification is that they are an undischarged bankrupt, and they are not a director, Authorising Officer or Level 1 user) (Annex L1,...
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This edition of Employment weekly highlights includes: (1) the updated Employment Rights Bill, (2) an employment tribunal decision finding that Addison Lee drivers were workers and holding that the two-year backstop on unlawful deduction claims is unlawful, (3) the Court of Appeal’s declaration that section 4(2)(a) of the State Immunity Act 1978 is incompatible with Article 6 of the European Convention on Human Rights, (4) regulations increasing the annual data protection fees payable to the Information Commissioner, (5) analysis by Katie Farmer of Trowers & Hamlins of an EAT decision that a claim for unpaid holiday pay vests in the claimant’s trustee in bankruptcy, and awarding ‘interest-like’ compensation for the payment delay, (6) the Courts and Tribunals Judiciary guidance on communicating with employment tribunals, (7) new Employment Tribunal Presidential Guidance on taking oral evidence from persons located abroad, (8) the IRLR Highlights for February 2025, (9) dates for your diary, and (10) other news items of interest to employment practitioners.
This week's edition of Restructuring & Insolvency weekly highlights includes: an analysis of the extent of the insolvency courts’ jurisdiction (Advanced Security Alarm Protection Ltd v UK Protection Ltd), an examination of when a winding-up petition is considered to have been ‘presented’ (Re A Company), a discussion of a case where a director was found liable for fraudulent trading, wrongful trading and misfeasance and ordered to pay the costs and expenses of the liquidations (Re Stacks Living Ltd (in liquidation)), plus a round-up of other news and cases for restructuring and insolvency professionals.
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