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There is also a UK insolvency law which applies across the United Kingdom, since bankruptcy refers only to insolvency of individuals and partnerships. Other procedures, for example administration and liquidation, apply to insolvent companies. However, the term 'bankruptcy' is often used when referring to insolvent companies in the general media.
United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006.
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
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.
The full list of organisations approved by the Insolvency Service as competent authorities are listed on the .Gov.UK web site. [10] Upon receipt of the application and payment of the fee, an Official Receiver may make the order, administratively, without the involvement of the court if it appears that the applicant meets the requirements.
People and companies go bankrupt every so often—but in the U.K., cities are going bankrupt, too. Nottingham, home to 323,700 residents, well-known universities and fictional character Robin Hood ...
After a piece of software incorrectly showed that money had gone missing, a trusted, centuries-old British government corporation used its financial and legal might to convict and bankrupt ...
A century after the 1871 act, the Banking and Financial Dealings Act 1971 (c. 80), which currently regulates bank holidays in the UK, was passed. [14] The majority of the current bank holidays were specified in the 1971 Act: however New Year's Day and May Day were not introduced throughout the whole of the UK until 1974 and 1978 respectively. [15]