Role, powers, duties and functions of an insolvency office-holder—overview

The role and functions of a liquidator A liquidator must be a licensed insolvency practitioner, authorised by a recognised professional body, and must hold appropriate authorisation. Put simply, the liquidator’s role is to safeguard the company’s assets, ensure they are realised into value, and distribute the proceeds to the company’s creditors and, where any balance remains, to the company’s contributories. The liquidator must carry out this role strictly in line with the duties imposed and powers conferred by the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024. Liquidators owe a duty to promote the interests of creditors and contributories generally, as a whole, and are required to exercise a high level of care and skill. They must at all times act impartially and independently. A liquidator acts as the company’s agent, albeit in a way that differs from a typical agency, as the agent both directs the principal and acts on its behalf. The liquidator does not step into the company’s shoes, and the company’s assets do not vest in them—unlike a trustee in bankruptcy—see Re Regent Finance & Guarantee [1930] WN 84–85 (not reported by LexisNexis®). This reflects the distinct nature of the office...

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

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 ...