Jurisdiction(s):
United Kingdom

Related legal acts

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...

Chairperson’s witness statement reporting scheme creditors’ meetings and voting results for Part 26 Companies Act 2006 scheme of arrangement (England and Wales)

Published by a LexisNexis Restructuring & Insolvency expert

Precedents

On behalf of Applicant

By: [ insert name ]
Statement No 1
Exhibits: [ insert details ]
Date: [ insert date ]
Filed: [ insert date ]
Court Reference No: [ INSERT COURT REF. NUMBER ]

Court and List

[ In the High Court of Justice, Business and Property Courts [of England and Wales] at [ insert location ], Insolvency and Companies List (ChD); or in the County Court at [ insert location ], Business and Property Courts List; or in the High Court of Justice, Chancery Division ]

In the matter of

[ insert Company name ]

And in the matter of the Companies Act 2006

Statement of [ Insert full name ]

I, [ Insert full name ], of [ insert firm/company name ] of [ insert address ], state as follows:

I serve as a [ insert role/job title eg licensed insolvency practitioner and Fellow of the Institute of Chartered Accountants of England and Wales ] within [ insert firm/company name ]. [ Insert details of any relevant experience, such as Advising on the implementation of creditor schemes of arrangement and acting as supervisor of such schemes ].

...

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Geraldine Quirk

Bryan Cave Leighton Paisner

Gerry has over 15 years’ experience advising clients in the insurance sector on a broad range of non—contentious issues. Gerry is one of the leading experts on portfolio transfer schemes, particularly in the legacy/run-off industry, and has developed a reputation as one of the ‘go to’ lawyers in this area. She is also a regulatory expert, advising on Solvency II, perimeter guidance, governance and conduct....

Web page updated on 22/05/2026

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