Insolvency Support Services

Legal Guidance and Research / Experts / Organisations / Insolvency Support Services

1 Experts

Clear all filter
Eileen Maclean
Eileen Maclean

Insolvency Support Services

Read More Right Arrow

2 Contributions by Insolvency Support Services Experts

Members’ Voluntary Liquidations in Scotland: Law and Procedure under the Insolvency (Scotland) (Receivership and Winding Up) Rules 2018 and 2021 (Amendment) Rules
PRACTICE NOTES
Members’ Voluntary Liquidations in Scotland: Law and Procedure under the Insolvency (Scotland) (Receivership and Winding Up) Rules 2018 and 2021 (Amendment) Rules
The Insolvency (Scotland) (Receivership and Winding up) Rules 2018 The Insolvency (Scotland) (Receivership and Winding up) Rules 2018 (ISRWR 2018), SSI 2018/347, were presented to the Scottish Parliament on 14 November 2018 and took effect from 6 April 2019. As a result, these Rules altered the procedure for members’ voluntary liquidations (MVLs) in Scotland. Later, the Insolvency (Scotland) (Receivership and Winding Up) (Amendment) Rules 2021 (ISRWAR 2021), SI 2021/1025, were placed before the Scottish Parliament on 9 September 2021 and commenced on 1 October 2021. These subsequent Regulations amend the original Rules. Accordingly, this Practice Note addresses the law, procedures and practice governing Scottish MVLs from 6 April 2019 onwards, as contained in ISRWR 2018, SSI 2018/347, Part 3, and ISRWAR 2021, SI 2021/1025, Part 2. What is an MVL? An MVL is the procedure whereby a company’s members pass a special resolution to cease trading and
Restructuring & Insolvency
Scotland: Remuneration of insolvency office‑holders in corporate liquidation, administration, receivership and CVAs: basis, approval, accounting periods, reporting, pre‑appointment costs, appeals and court reporter practice
PRACTICE NOTES
Scotland: Remuneration of insolvency office‑holders in corporate liquidation, administration, receivership and CVAs: basis, approval, accounting periods, reporting, pre‑appointment costs, appeals and court reporter practice
Introduction and background The Bankruptcy (Scotland) Act 1985 (B(S)A 1985) took effect in 1986 and laid out, in detail, the processes for managing sequestration (Scottish bankruptcy). When the Insolvency (Scotland) Rules 1986, SI 1986/1915, were issued shortly afterwards for corporate insolvency in Scotland, they drew upon the newly enacted B(S)A 1985 provisions and tailored them for liquidation, particularly for adjudication of claims, accounting periods, and approval of the liquidator’s remuneration. Accordingly, the 1986 liquidation rules directed readers to the relevant parts of B(S)A 1985, with instructions to read ‘liquidation’ for ‘sequestration’ and ‘liquidator’ for ‘trustee’. With the advent of the ‘new’ administration regime in 2003 under the Enterprise Act 2002, the administration rules covering adjudication of claims, accounting periods and approval of the administrator’s remuneration simply cross-referenced the liquidation rules, which themselves referred back to sequestration and B(S)A 1985. Thus, the approach to
Restructuring & Insolvency
If you expected to see yourself on this page, click here.