Administration is a formal insolvency process which places a company under the control of an Insolvency Practitioner and the protection of the court. A ‘Notice of Intention to Appoint’ or ‘Notice of Appointment’ can be filed at court by the Director(s), qualifying floating charge holder, a company, or creditor to commence the process of Administration. …
Directors have a legal duty to ensure that their company is not trading whilst insolvent. But what does “trading insolvent” really mean, and how can it be correctly identified? In this article we provide an overview of the insolvency tests that can be applied to help company directors make an appropriate assessment of the situation. …
If a company is insolvent and needs to be closed then typically the directors and shareholders will decide to take the company into a creditors voluntary liquidation (CVL). Otherwise known simply as “voluntary liquidation” this is where a licenced insolvency practitioner will be appointed as Liquidator (following resolutions passed firstly by shareholders and then by creditors) over the company.
We’re often asked about the difference between Liquidation and Administration and when one should be used over the other. Here we cover the main differences between the two formal insolvency procedures,
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Paul Mallatratt (Licence No. 2039) and Louise Freestone (Licence No. 2030) are licensed to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales and are subject to their Code of Ethics, available in English at www.icaew.com[...]code-of-ethics-d
In carrying out the regulated profession of Insolvency, the firm is subject to the Insolvency Regulations and Guidance Notes at www.icaew.com/insolvency and the Statements of Practice at www.icaew.com[...]insolvency-regulations-and-standards