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Scotland: Entering a creditors’ voluntary liquidation—directors’ and members’ steps, QFCH notice, liquidator nomination, statement of affairs and timelines under IA 1986 and ISRWUP Rules 2018 (Part 4)
PRACTICE NOTES
Scotland: Entering a creditors’ voluntary liquidation—directors’ and members’ steps, QFCH notice, liquidator nomination, statement of affairs and timelines under IA 1986 and ISRWUP Rules 2018 (Part 4)
This Practice Note addresses the initiation of creditors’ voluntary liquidations (CVLs) as provided in Part IV of the Insolvency Act 1986 (IA 1986) and the Insolvency (Scotland) (Receivership and Winding up) Rules 2018 (ISRWUP Rules 2018), SSI 2018/347, r 4.1 (Part 4). It excludes the commencement of members’ voluntary liquidations (MVLs) in Scotland and does not deal with the relevant law, procedure and practice after a CVL has begun and been approved by creditors, through to exit and dissolution. Scottish Insolvency Rules 2018 The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018, SI 2018/1082, and the ISRWUP Rules 2018, SSI 2018/347 (together, the ‘2018 Rules’), took effect on 6 April 2019. This Practice Note has been revised to reflect the operation of the 2018 Rules. It does not consider any transitional provision, on the basis that few cases are expected to remain to which such
Restructuring & Insolvency
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