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Archive for the ‘Useful Information’ Category

Key changes to insolvency rules in April 2017

Introduction

The most significant changes to insolvency legislation (in England & Wales) in the last three decades will be introduced on the 6th April 2017, aimed at modernising and updating present procedures. The Insolvency Act was introduced in 1986 and any existing rules and amendments will be consolidated into a single piece of legislation, which should streamline systems and communication.

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Understanding Transactions at an Undervalue and Preferences when a Company is Insolvent

Introduction

When a company is insolvent and the Directors believe it has no future, they should be careful before entering in to transactions or making payments to creditors and stakeholders, which are not in the interest of the company.  A Liquidator or Administrator (also referred to as the Office Holder) has a duty to investigate such transactions or payments, and has the power to apply to the court to set them aside if necessary.

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