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A creditor or creditors may also petition for a bankruptcy order to be made against an individual debtor. Before a creditor presents a bankruptcy petition he must usually first serve on the debtor a statutory demand in one of the prescribed forms [1] requiring the debtor to pay the sum claimed within 21 days of service of the demand. The debtor ...
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.
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 ]
The Bankruptcy Act 1914 (4 & 5 Geo. 5. c. 59) was an Act of the Parliament of the United Kingdom which formed the primary source of UK insolvency law for approximately 70 years. [1] It came into force on 1 January 1915 repealing a number of earlier statutes. It was substantially repealed by the short-lived Insolvency Act 1985. [2]
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
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Under UK insolvency law an insolvent company can enter into a company voluntary arrangement (CVA). The CVA is a form of composition, similar to the personal IVA (individual voluntary arrangement), where an insolvency procedure allows a company with debt problems or that is insolvent to reach a voluntary agreement with its business creditors regarding repayment of all, or part of its corporate ...
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