Debt relief restriction order meaning

Director disqualification A number of routes exist for removing a person from office as a director of a limited liability company. Most frequently, this occurs by reason of ‘unfit conduct’ while serving as a director of an insolvent company, pursuant to section 6 of the Company Directors Disqualification Act 1986 (CDDA 1986). That said, further and less commonly used provisions within CDDA 1986 and the Insolvency Act 1986 (IA 1986) also permit the disqualification of a company director. Whichever statutory route is relied upon, the effect on the disqualified individual is broadly identical and is explained in more detail in Practice Note: What is prohibited for a disqualified director? By virtue of CDDA 1986, s 7, applications for a disqualification order under s 6 are made either by the Secretary of State for Business and Trade (SoS) or, on the SoS’s direction, by the official receiver (OR) in compulsory winding up cases only. They perform equivalent functions, and references to the SoS are to be read as including the...

The rules that make up the corporate interest restriction (CIR) are extensive and intricate. To help readers, this Practice Note sets out the meanings of key terms and concepts used across the CIR legislation. Readers are referred to: Practice Note: Corporate interest restriction—quick guide for an introductory guide to the CIR and why it was introduced Practice Note: Corporate interest restriction—the main rules for a detailed look at the main operative provisions of the CIR Practice Note: Corporate interest restriction—administration for the more procedural aspects of the CIR, including the interest restriction return Practice Note: Corporate interest restriction—elections for the different elections that a group can make in their interest restriction return The CIR has applied from 1 April 2017 and the principal rules are contained in Part 10 of the Taxation (International and Other Provisions) Act 2010 (TIOPA 2010). Associated administrative provisions are found in TIOPA 2010, Sch 7A. HMRC guidance on the CIR is available in its Corporate Finance...

Introduction Part 5 of the Tribunals, Courts and Enforcement Act 2007 (TCEA 2007) set out fresh frameworks for debt management and relief, though some measures remain unimplemented. Although designed to help individuals manage indebtedness more effectively, these changes plainly carry consequences for creditors looking to enforce judgments against such individuals. Through amendments to the County Courts Act 1984, TCEA 2007, s 106 created a new administrative route for debtors without business debts whose income is above what is required for their reasonable needs. TCEA 2007, s 106 has not yet been commenced By further amendment to the County Courts Act 1984, TCEA 2007, s 107 introduced a mechanism allowing a debtor experiencing a ‘sudden and unforeseen deterioration in their financial circumstances’ to seek an enforcement restriction order (ERO). TCEA 2007, s 107 has not yet been implemented By amending the Insolvency Act 1986 (IA 1986), TCEA 2007, s 108 brought in debt relief orders (DROs) as an alternative to bankruptcy for certain debtors. A...