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United Kingdom
United Kingdom
Key definition
Insolvency definition What does Insolvency mean? In practice, insolvency describes a financial state where a debtor cannot meet liabilities when due, triggering remedies such as administration, liquidation or bankruptcy and informing directors’ duties and avoidance claims. For companies in England & Wales, Scotland and Northern Ireland, the Insolvency Act 1986, s 123 sets two alternative tests: - Cash‑flow insolvency: an inability to pay debts as they fall due. The inquiry is practical and forward‑looking, not confined to today’s bills (Re Patrick & Lyon Ltd [1933] Ch 786; BNY Corporate Trustee Services Ltd v Eurosail [2013] UKSC 28). - Balance‑sheet insolvency: liabilities (including contingent and prospective liabilities) exceed assets on...
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Insolvency and Education Administration for Further Education and Sixth Form College Corporations (England and Wales)
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Practice notes
This Practice Note outlines the Insolvency regime brought in by the Technical and Further education Act 2017 (TAFEA 2017), the Further Education Bodies (Insolvency) Regulations 2019 (FEBR 2019), SI 2019/138, and the Education Administration Rules 2018 (EAR 2018), SI 2018/1135, which took effect on 31 January 2019. TAFEA 2017 establishes the structure of an insolvency framework applying to further education and sixth form colleges in England and Wales. It also introduces a special administration regime designed to protect the interests of learners where a college becomes insolvent.
Background
The Further and Higher education Act 1992 (FHEA 1992) created a new further education Sector providing full-time education for 16–18 year olds and introduced a distinct corporate legal entity, the ‘further education corporation’. The Association of Colleges reports that over 95% of institutions in the sector are either further education corporations or sixth form college corporations founded under FHEA 1992. The Education Act 2011 (EA 2011) broadened the powers of further education and sixth form colleges and conferred greater financial autonomy. In 2015, a series of area reviews was undertaken, underpinned by the need to review the existing...
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Web page updated on 22/05/2026
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Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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