Insolvency
- Created by: Ambxr_K
- Created on: 05-04-22 18:00
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Clues
- -Fraudulent Trading S123 IA 1986 -Wrongful Trading s124 IA 1986 (3, 5, 2, 7)
- Approaches through which an insolvent but viable company may be rescued / supported to overcome financial difficulties. Eg., Administration, Voluntary Arrangements, etc. (9, 6)
- Automatic: 1 yr after administration began; may be extended by court. On application by the admin.: where objectives have been achieved. Where person stops being an admin. he's discharged from liability in respect of any of his actions as admin. (6, 14)
- Co. unable to pay debts’ as fall due: S. 123 IA 1986. Business can't make enough income to pay debts. Definition of inability to pay debts: Letter of demand, no payment 3 weeks after. Financially insolvent co. can't be rescued / supported, so wound up. (10)
- In 28 days of proposal notice. Report to court. Set creditors’ meeting (decide CVA approval, special resolution (in value)). Set members’ meeting (Insolvency Rules 1986 apply, majority(in value)). CVA effective if meetings or creditors in favour. (3, 7)
- Insolvency practitioner like liquidator, receiver, administrator, supervisor (in voluntary agreements), or trustee (in bankruptcy) takes control over business & employees should apply to this person for relevant forms. (4, 10)
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