Interim liquidator meaning

Restructuring & Insolvency weekly highlights—30 May 2024 In this issue: Key R&I law developments Insolvency litigation Document review Corporate insolvency processes Personal insolvency Restructuring Directors and insolvency Daily and weekly news alerts New content Latest Q&A Key R&I law developments Insolvency (Amendment) Regulations 2024 SI 2024/722: These Regulations modify the Insolvency Regulations 1994, SI 1994/2507, raising the hourly remuneration payable to the official receiver and their officers for specified services while the official receiver serves as interim receiver, provisional liquidator, liquidator or trustee. They take effect on 9 January 2025. See: LNB News 29/05/2024 34. New regulations complete commencement of REUL(RR)A 2023 The Retained EU Law (Revocation and Reform) Act 2023 (Commencement No 2 and Saving Provisions) Regulations 2024, SI 2024/714, commence section 6 of the Retained EU Law (Revocation and Reform) Act 2023 (REUL(RR)A 2023) on 1 October 2024. That section revises section 6 of the European Union (Withdrawal)...

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 adjudication of claims and the approval of remuneration across sequestration, liquidation and administration was broadly consistent and founded on B(S)A 1985. The Insolvency (Scotland) Amendment Rules...

This glossary sets out numerous expressions frequently encountered in the restructuring arena. Words appearing in the definitions in bold are explained in other entries in this glossary. For further banking terminology, see the principal Banking & Finance Glossary. Restructuring glossary—A Acceleration: Acceleration means the agent, acting on directions from the majority lenders after an event of default, takes formal action, for example calling for early repayment of the facility. Ad-hoc committee: A temporary creditors’ group (often contrasted with a formal committee) that lacks any entitlement to official recognition. Administration: A process under the IA 1986 in which a financially distressed company is operated by an administrator as a going concern before longer-term outcomes, such as break-up and sale, are pursued. Administrator: An Insolvency Practitioner named by the court, a Qualifying floating charge holder, the directors or the company, to take control and fulfil one of the purposes in IA 1986, Sch B1. Administrative receivership: Arises when a company breaches the terms of...

This is a glossary of common words and expressions used in Scottish insolvency law with the nearest England and Wales insolvency law equivalent (where relevant) Absolute insolvency Meaning: When a person’s liabilities are greater than the overall worth of their assets. Nearest English equivalent: Balance sheet insolvency. Accountant in Bankruptcy (AiB) Meaning: A Scottish Government agency overseeing the regulation of personal bankruptcy (sequestration and Protected Trust Deeds) in Scotland, and able to serve as trustee in sequestrations where no insolvency practitioner is appointed. It also maintains records of corporate insolvencies in Scotland (receivership and liquidations only) but does not perform the role of Official Receiver. See Practice Note: Scotland: the Accountant in Bankruptcy. Nearest English equivalent: N/A. Accountant of Court Meaning: A court-appointed officer within Scottish Courts and Tribunals who administers funds consigned to the Accountant of Court pursuant to a Court of Session interlocutor or during liquidation proceedings. They oversee Judicial Factors or Administrators appointed by the Court to manage estates...

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...