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Covid restrictions on corporate insolvency action to end

We have been continuing to monitor the Corporate Insolvency and Governance Act 2020 (the “Act”) closely since it came into effect on 26 June 2020.  The Act imposed a number of restrictions on insolvency action, designed to give companies breathing space during the Covid-19 pandemic. Under the Act there was a bar on creditor statutory…

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Suspending a bankrupt’s automatic discharge from bankruptcy

What is a discharge from bankruptcy? A discharge from bankruptcy is a statutory process which frees a bankrupt from:- the restrictions and disabilities of bankruptcy; and most of their bankruptcy debts. A bankrupt is usually automatically discharged from bankruptcy on the 12-month anniversary of being made bankrupt. Once discharged from bankruptcy, a debtor generally has no further liability for their bankruptcy debts under section 281 of the Insolvency…

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Various Covid-19 restrictions on creditors taking corporate insolvency have ended

We have been monitoring the Corporate Insolvency and Governance Act 2020 (the “Act”) closely since it came into effect on 26 June 2020. Under the Act, as it currently stands, the relevant period of the temporary restrictions and moratorium periods can be extended pursuant to the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of…

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An introduction to directors disqualification proceedings

Below we discuss common questions that arise when an individual faces the threat of directors disqualification proceedings. When do director disqualification proceedings arise? Below we discuss common questions that arise when an individual is threatened with disqualification proceedings by either the Secretary of State or a liquidator and following disqualification. When do director disqualification proceedings…

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A liquidator has been appointed to run my company. What does this mean?

What is a liquidator? A liquidator is either an Official Receiver or an authorised insolvency practitioner, who is appointed when a company either chooses voluntary liquidation, or enters compulsory liquidation following a winding-up order. The role of a liquidator is to deal with the affairs of a company that is in the process of being…

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Responding to a bankruptcy petition

Below we focus on the ways in which you, as the debtor, can challenge a bankruptcy petition that has been presented by a creditor. We have specifically raised some of the common grounds to defend bankruptcy proceedings, the procedural process, the effect of a petition if you decide not to defend it and other key…

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Brett Wilson LLP’s departments and lawyers recognised by Legal 500

Brett Wilson LLP has again been recommended in three categories in the prestigious Legal 500 directory of leading law firms:- Reputation Management Professional Discipline Crime (General) Media and communications law partners Iain Wilson (described as ‘superb’) and Max Campbell (noted for his ‘brilliant judgement and [standing] out among solicitors in this area for his strategic approach’) have been…

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Divorce, settlement and bankruptcy – beware of an offer that seems too good to be true

What should you do if the spouse you are divorcing is facing bankruptcy?  Can you take their offers at face value? Many of the conflicts that arise during the financial proceedings that often accompany a divorce are related to one or both parties attempting to downplay or minimise the value of assets, so as to…

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Legal Disclaimer

Articles are intended as an introduction to the topic and do not constitute legal advice.

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