Insolvency Practitioner meaning

This Checklist sets out the matters a landlord ought to weigh up where a tenant faces insolvency, highlighting the options open to the landlord, such as Commercial Rent Arrears Recovery (CRAR), forfeiture, drawing on a rent deposit, and pursuing former tenants, guarantors and sub-tenants. It further addresses practical considerations for the landlord, including steps for securing and marketing the property, and contacting the insolvency practitioner. What type of insolvency scenario applies to the tenant? The remedies that can be exercised, and the limits that will bite, differ depending on the particular insolvency arrangement affecting the tenant. Each procedure brings distinct constraints and options. For a table summarising the restrictions, see Practice Note: Quick guide to landlord’s remedies in tenant insolvency. Has contact been made with the insolvency practitioner? It is vital to liaise with the relevant insolvency practitioner to assess the tenant’s position and to evaluate what, if any, prospect exists of outstanding sums being repaid, future rents being protected, or the tenant emerging from the...

This Checklist This Checklist highlights the different avenues for bringing a joint venture (JV) to a close or facilitating an exit, and the factors to weigh depending on the pathway chosen. For guidance on addressing a JV dispute, see Practice Note: Joint venture disputes—how to respond. For further detailed guidance on terminating joint ventures where a specially created or nominated joint venture company (JVC) is involved, see the following Practice Notes: Termination—corporate joint ventures Tax implications of operating and terminating a joint venture company Corporate joint venture dispute—dealing with deadlock: initial considerations Majority-minority joint venture dispute—a practical illustration Entering a JV relationship usually calls for significant planning and effort from the JV parties, who opt to work together for mutual advantage (often by sharing cost, resources and expertise). You will need to assess the full ramifications of ending or exiting the JV, including whether there are sound reasons to be prepared to see that investment lost if the JV is...

Flowchart This Flowchart explains the requirements that must be met for the court to determine that a transaction constitutes an extortionate credit transaction and to provide relief. It should be reviewed alongside Practice Note: Extortionate credit transactions—corporate and personal insolvency...

This flowchart outlines the prerequisites that need to be met to prove a misfeasance claim...

Restructuring & Insolvency weekly highlights—6 June 2024 In this issue: Key R&I law developments Insolvency litigation Restructuring Corporate insolvency processes The office-holder Daily and weekly news alerts New content Key R&I law developments Digital Markets, Competition and Consumers Act 2024 This Act introduces regulation of competition within digital markets, revises the Competition Act 1998 and the Enterprise Act 2002 with additional competition law measures, and enhances consumer protection by providing and extending rights, together with related purposes. Certain provisions took effect on 24 May 2024; the remainder will commence on a day set by Regulations made by the Secretary of State. See: LNB News 04/06/2024 9. Insolvency litigation Monies paid to a bankrupt’s son were after-acquired property (Hyde v Djurberg) It is uncommon for a bankrupt to receive a significant payment that a trustee in bankruptcy may claim as after-acquired property. Rarer still is an instance where such a payment is received...

Practice Note: Insolvency practitioner bonding Review...

INSOL Europe/LexisR&I joint project on implementation of EU Directive 2019/1023—Bulgaria Lexis R&I and INSOL Europe are gathering articles from INSOL Europe’s membership and Country Coordinators, explaining how EU Member States have put into practice Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures designed to enhance the efficiency of procedures relating to restructuring, insolvency and discharge of debt, which also amends Directive (EU) 2017/1132 (the EU Directive). A summary table of the outcomes prepared by INSOL Europe in association with Lexis R&I can be accessed here: INSOL Europe/Lexis+® UK Joint Project on EU Harmonisation Directive 2019/1023: consolidated table. As a general rule, you should seek advice from local lawyers in the relevant jurisdiction to confirm the measures currently in effect and the implications of any particular circumstances or nuances of your case. Question 1: When did/will the new restructuring law come into force? What is/are the name...

What is a CVA? A company voluntary arrangement (CVA) is a form of insolvency that permits a company to enter a binding agreement with its creditors to compromise unsecured debts or otherwise agree how its affairs are handled. The directors continue to run the business, under the oversight of an insolvency practitioner. Retailers, particularly those with extensive property portfolios, frequently adopt so‑called ‘landlord CVAs’ to reset rental commitments and shut loss‑making stores. This note outlines how property law and landlord and tenant considerations may emerge under such a CVA. It highlights provisions commonly included in CVAs and explains how they tend to work in practice. Nevertheless, each CVA will vary according to the precise terms proposed. It is therefore vital to examine the CVA proposal carefully to assess its effect on creditors. This note does not provide detailed guidance on the mechanics of approving and implementing a CVA. For Practice Notes addressing the CVA procedure, see: Company voluntary arrangements—an introductory guide The CVA proposal and...

The official receiver (OR) is designated as trustee in bankruptcy (trustee) or as liquidator to manage and investigate every bankruptcy and court-ordered winding up, including those of partnerships. The Secretary of State or the creditors may, in place of the OR, appoint an insolvency practitioner (IP) to act as trustee for personal insolvencies or as liquidator for corporate cases. Under the Insolvency Regulations 1994, SI 1994/2507, as amended (the Regulations), the OR or IP, as appropriate, is obliged to pay into the (ISA) any funds they receive while administering all bankruptcies and compulsory liquidations. Before 1 October 2011, sums from voluntary liquidations could also be lodged in the ISA; now, only unclaimed dividends in a voluntary liquidation may be paid into the ISA. Likewise, unclaimed dividends arising in an administration or an administrative receivership may be paid into the ISA once the company has been dissolved. The Regulations also permit payments out of the ISA for disbursements, expenses and distributions to creditors and, in a liquidation, to contributories, or, in...

For many companies, intellectual property rights (IPRs) constitute an increasingly important and significant asset class. Although contemporary technology firms, pharmaceutical businesses and industrial players are most closely and very commonly linked with holding portfolios rich in IPRs, even the least likely organisations may own rights that are fundamental to them and, without which, they simply could not operate (or do so as effectively or profitably) or would suffer significant loss of value. As a broad category, IPRs are wide-ranging and inherently diverse indeed. According to context, there are, in particular, rights beyond the best known (patents, trade marks and copyright) that may—or may not—be generally regarded strictly as IPRs, such as database rights, websites with their associated domain names, goodwill and contractual rights allied to IPRs. For further detail on the principal types of intellectual property rights an insolvency practitioner as office holder may encounter, see Practice Note: IP right comparison table. Patents, design rights and trade marks depend for their existence and protection on registration (at the...

Applicant: [ initials and surname ], [ insert number of witness statement eg 1st ] Exhibits: [ 1–4 ] Date: [ insert date of witness statement ] Court Reference No: [ insert case number ] [ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [ insert location ]] IN THE COUNTY COURT AT [ insert location ] INSOLVENCY AND COMPANIES LIST (ChD) BUSINESS AND PROPERTY COURTS LIST OR IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION [ insert location ] DISTRICT REGISTRY ] IN THE MATTER OF [ insert company name ] IN THE MATTER OF THE INSOLVENCY ACT 1986 [ Insert name of the administrator ], Administrator of [ insert name of company in administration ] — Applicant And [ Insert name(s) of company in administration ] in administration — [ Respondent OR Respondents ] Witness statement of [ INSERT NAME OF THE ADMINISTRATOR ], ADMINISTRATOR OF [ INSERT...

This Agreement is entered into on [ date ] Parties [ Company Name ] [ (in liquidation, etc) ] [ (the ‘ Company ’) acting through ] [ name(s) of insolvency practitioner(s) ] [ (the ‘ Liquidator ’), (the ‘ Administrator ’), etc ] [ (and all successors in title) ] [ acting as agent for the Company, except as provided in this Agreement ] ( [ together ] the ‘ Client ’) [ both ] of [ address ]; [ Firm Name and Address ] (the ‘ Firm ’). It is hereby agreed as follows: 1 Definitions 1.1 In this Agreement: Appeal means any request for permission to appeal and/or an appeal to the Court of Appeal or the Supreme Court from a lower court’s decision, or to a Judge from a decision of a District Judge, Registrar, Master or Insolvency and Companies Court Judge, in relation to the Claim Basic Costs means the fees...

date [ date ] Parties [ name of Seller ], in administrative receivership [ and also in liquidation ], incorporated in England and Wales (company registration number [ number ]), whose registered office is at [ address ] (Seller), acting through [ any one of ] its [ joint ] administrative receiver[s], [ name of (first) receiver ] (Insolvency Practitioner) [ of [ address ] OR [ and [ name of joint administrator ] (Insolvency Practitioner) [ both ] of [ address ] ] ] (Receiver[s]) [ name of Buyer ] [ of OR incorporated in England and Wales (company registration number [ number ]) whose registered office is at ] [ address ] [ and whose address for service in England and Wales is [ address ] ] (Buyer) 1 Definitions For this Agreement, the terms below shall mean: Actual Completion Date — the day when the Transfer is in fact completed; Buyer’s Solicitors —...

When one company advances funds to another, the contractual provisions govern any restriction on repaying the loan before the ten-year period first contemplated. Should the lending company enter liquidation or administration, that circumstance, by itself, does not alter the contract’s terms. The office-holding insolvency practitioner should nevertheless review the agreement to determine whether it permits earlier repayment, or repayment on alternative terms, if the lending company goes into liquidation or administration. Although that may appear improbable, it remains possible, and the officeholder ought to explore every avenue to secure accelerated repayment of the borrowing. Absent an express clause to the contrary, the insolvency of the lender does not, of itself, accelerate the debt, and timing remains governed by the bargain. It would seem that the office-holding insolvency practitioner holds an appointment that must remain open for at least ten years before the loan can be discharged and a dividend distributed to creditors...