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...

Precedent: Trustee in Bankruptcy Witness Statement Supporting Income Payments Order Application (section 310 Insolvency Act 1986) (England and Wales)

Published by a LexisNexis Restructuring & Insolvency expert

Precedents

Applicant: [ insert initials and surname ]

1st statement (exhibits) 1–4: [ insert date ] 20[ insert year ]

Court Reference No: [ INSERT COURT REF. NUMBER ]

[ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [ OF ENGLAND AND WALES OR IN [ 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 [ INSERT LOCATION ] DISTRICT REGISTRY ]

IN Bankruptcy

IN THE MATTER OF [ INSERT DEBTOR’S OR BANKRUPT’S NAME ] AND IN THE MATTER OF THE INSOLVENCY ACT 1986

BETWEEN [ insert name of the trustee ] Applicant
And [ insert full name of the debtor ] Respondent

I, [ insert name of the Trustee in bankruptcy ], of [ insert the trustee in bankruptcy’s business address, firm and title ], a licensed insolvency practitioner, state as follows:

I act as the Applicant in these proceedings and serve as trustee in bankruptcy of [ insert full name of debtor ].
The facts set out in this witness statement are accurate and stem from my own knowledge, save where I expressly indicate otherwise...

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Web page updated on 29/05/2026

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