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4220341
INSOLVENCY
Descripción
A company experiencing financial difficulties and is approaching insolvency or is insolvent.
Sin etiquetas
business
law
accounting
accountancy
insolvency
law of business organisations
degree
Mapa Mental por
Nadzeera Afiqah
, actualizado hace más de 1 año
Más
Menos
Creado por
Nadzeera Afiqah
hace casi 9 años
338
4
0
Resumen del Recurso
INSOLVENCY
Procedures that aim to rescue the company (Corporate Rescue)
Administration
Purposes ( S. 8 together with para 3(1) of Sch B1, IA 1986
OBJ I : RESCUE THE COMPANY AS A GOING CONCERN
Administration may save the company itself, but in practice this is unusual
OBJ II : ACHIEVE A BETTER RESULT FOR THE COMPANY'S CREDITORS AS A WHOLE THAN WOULD BE LIKELY IF THE COMPANY WERE WOUND UP
more commonly obtained with the business saved by the administrator selling off the business to a purchaser but the company itself being wound up
OBJ III : REALIZING THE PROPERTY IN ORDER TO MAKE A DISTRIBUTION TO ONE OR MORE SECURED FOR PREFERENTIAL CREDITORS
Company Voluntary Arrangement (CVA)
Standard CVA with no moratorium
CVA with moratorium for small companies
Procedure that allows secured creditors to recover monies owned
Receivership
a mechanism by which a secured creditor can recover money owed by a company
Procedure that brings the company to an end
Liquidation (Winding up)
Compulsory Winding Up
Voluntary Winding Up
Members' Winding Up
Creditors' Winding Up
Liquidation's Committee
On Ground of Public Interest
Petitions presented by the Secretary of State
Powers of a LIQUIDATOR (Sch 4, IA 1986)
The ability to pay any creditors in full
The power to bring or defend legal proceedings on behalf of the company
The power to carry on the running of the business in order to achieve a more beneficial winding up
The power to sell any of the company's property
Avoidance of transactions entered into prior to the liquidation
Transactions at an undervalue s238
Voidable Preferences s239
Extortionate Credit Transactions s244
Avoidance of floating charges s245
The personal liability of directors under INSOLVENCY ACT 1986
Fraudulent Trading s213
Wrongful Trading s214
Re Produce Marketing Consortium Ltd [1989]
Re Hawkes Hill Publishing Co Ltd [2007]
Misfeasance Proceedings s212
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