Insolvency Act 1986


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Insolvency Act 1986

see INSOLVENCY.

Insolvency Act 1986

a UK Act that sets out the procedures for dealing with insolvent companies (see INSOLVENCY). This involves a number of possible steps:
  1. a voluntary arrangement under which the company and its creditors agree to a schedule of reduced or delayed debt repayments. If the company continues to make losses, then, (b) the company may ask the bankruptcy court to appoint an administrator to try to reorganize the company and rehabilitate it. If the administrator is unable to revive the company, then, (c) he will put the company into receivership, selling company assets to pay off creditors;
  2. should the company continue to deteriorate, the administrator will wind up the company, adopting the role of liquidator and selling off remaining company assets and using the proceeds to pay back creditors, with ORDINARY SHAREHOLDERS receiving any funds that remain.
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In business, our Insolvency Act 1986 S123, enables the court to declare insolvent and wind up any company which is 21 days late after a demand for payment.
We have to operate under The Insolvency Act 1986, and to sanction the refunds as the directors of the company intended would be in breach of the Act as it would mean that the race entrants would receive preference over other creditors also owed money by the company at the time of the liquidation.
At FBC Manby Bowdler LLP, commercial litigator Gareth Ruddock has strong experience acting in contentious matters, including cases involving allegations of wrongful trading, fraud and breach of duty, as well as officeholder claims under the Insolvency Act 1986.
may be wound up by the court under the provisions of the Insolvency Act 1986.
Section 283(2) of the Insolvency Act 1986 exempts certain possessions of the bankrupt from the reach of the trustee in bankruptcy, namely tools of the bankrupt's trade, clothing, furniture and household equipment which are necessary for the bankrupt's basic domestic needs.
The petitions were presented under s124A of the Insolvency Act 1986 on 29 June 2016.
16 INSOLVENCY ACT 1986 IN BANKRUPTCY COVENTRY COUNTY COURT NO 28 of 2006 RE: ALEXANDRA NOBLE Unemployed, who at the date of the bankruptcy order 20/1/2006 resided at 9 The Lindfield, Stoke, Coventry CV3.
INSOLVENCY ACT 1986 IN BANKRUPTCY LIVERPOOL COUNTY COURT NO 464 of 2005 RE: DOROTHY EVELYN ELLIS Unemployed, who at the date of the bankruptcy order 11/08/2005, resided at 15 Torrington Drive, Liverpool, L26 1TN.
INSOLVENCY ACT 1986 IN BANKRUPTCY BIRMINGHAM COUNTY COURT NO 692 of 2007 RE: ALAN RICHARD NORRIS Who at the date of the bankruptcy order 01/03/2007 resided at 213 Evesham Road, Redditch, Worcestershire B97 5EW and carried on business as SALES CONSULTANT FROM 213 Evesham Road, Redditch, Worcestershire B97 5EW.
INSOLVENCY ACT 1986 IN BANKRUPTCY MIDDLESBROUGH COUNTY COURT NO 19 of 1988 RE: KEITH WATSON Who at the date of the bankruptcy order 23/5/1988 resided at 108A Wilton Bank, Saltburn, Cleveland; Wholesale Distributor of Pharmaceutical Products.
INSOLVENCY ACT 1986 IN BANKRUPTCY PONTYPRIDD COUNTY COURT NO 6 of 1992 RE: CERI REES Occupation unknown at the time of bankruptcy order 17/2/1992 - NOTICE OF FINAL INTENDED DIVIDEND.
The equivalent section in the United Kingdom is [section] 426 of the Insolvency Act 1986 (UK).