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Administration in United Kingdom law is the main kind of procedure in UK insolvency law when a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner whose statutory duty is to rescue the company, save the business, or get the best result possible.
In England and Wales, bankruptcy is governed by Part IX of the Insolvency Act 1986 (as amended) and by the Insolvency Rules 1986 (as amended). The term bankruptcy applies only to individuals, not to companies or other legal entities. An individual may be made bankrupt only by court order following the presentation of a bankruptcy petition.
English: An Act of the Scottish Parliament to consolidate the Bankruptcy (Scotland) Act 1985, the Bankruptcy (Scotland) Act 1993, Part 1 of the Bankruptcy and Diligence etc. (Scotland) Act 2007, Part 2 of the Home Owner and Debtor Protection (Scotland) Act 2010, the Bankruptcy and Debt Advice (Scotland) Act 2014, the Protected Trust Deeds (Scotland) Regulations 2013 and related enactments.
The Insolvency Service is responsible for authorising and regulating the insolvency profession. They: [1] administer and look into the affairs of bankrupts, people subject to debt relief orders, and liquidated companies, making reports of any directors’ misconduct
Creditors take a decision at a creditors' meeting called to consider the IVA proposal. The return to creditors is often higher than they would receive in bankruptcy. A vote is taken – by value. 75% in value of those creditors who vote at the meeting by person or by proxy must agree in order for the arrangement to be approved.
An individual may voluntarily petition the local Court with bankruptcy jurisdiction for a Bankruptcy Order (BO)to be made, usually by a District Judge. The petition will require a supporting statement of affairs. On the making of the BO, the Court notifies the Official Receiver (OR) and may in certain cases also appoint an Insolvency Practitioner.
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Since the 1970s, particularly from the time of the Bankruptcy Reform Act of 1978 in the United States, and since the Insolvency Act 1986 in the UK, two broad strands of thought emerged. The first and very prominent view, stemming primarily from work by Thomas H. Jackson and Douglas Baird is known as the "creditors' bargain model". [ 222 ]
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