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Administration In United Kingdom Law
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. It is the equivalent of Chapter 11, Title 11, United States Code, although with significant differences. While creditors with a security interest over all a company's assets could control the procedure previously through receivership, the Enterprise Act 2002 made administration the main procedure. History The Insolvency Act 1986, Schedule B1 contains the procedure for a company entering administration, as updated by the Enterprise Act 2002. It was first introduced following the Cork Report's priorities for transparency, accountability and collectivity and, crucially, fostering a rescue culture for business. Appointment In general the conditions for a court to grant an a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Insolvency Law
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. "Insolvency" means being unable to pay debts. Since the Cork Report of 1982, the modern policy of UK insolvency law has been to attempt to rescue a company that is in difficulty, to minimise losses and fairly distribute the burdens between the community, employees, creditors and other stakeholders that result from enterprise failure. If a company cannot be saved it is "liquidated", so that the assets are sold off to repay creditors according to their priority. The main sources of law include the Insolvency Act 1986, the Insolvency Rules 1986 (replaced in England and Wales from 6 April 2017 by the Insolvency Rules (England and Wales) 2016 – see below), the Company Directors Disqualification Act 1986, the Employment ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue And Customs Commissioners V Maxwell
''Revenue and Customs Commissioners v Maxwell'' 010EWCA Civ 1379is a UK insolvency law case, concerning pre-pack insolvencies. Facts HMRC argued that at a creditors’ meeting to approve a prepack insolvency for the Mercury Tax Group Ltd it should have been given £8m worth of votes, rather than £1.5m admitted by the chairman, Edward Klempka. He was an insolvency practitioner appointed by Mercury’s directors, and was attempting to effect a sale of the business to the management. They argued there were impermissible deductions for payments to employee benefit trusts and substantial loans to directors. The Judge held that only the liquidated debts had to be counted for the purpose of assessing the votes at the meeting, and it was within Klempka’s discretion to not count the HMRC debts. Judgment Lord Neuberger MR allowed the appeal. The judge’s role was to form her own view, not merely review the chairman’s decision under IR 1986 r 2.39, and had been wrong to make up his ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re T&D Industries Plc
''Re T&D Industries plc'' 000BCC 956 is a UK insolvency law case, concerning the policy of administration of a company in financial distress. It held that administrators have the clear power to deal with the company's property as is necessary if under the pressure of time before there is a creditors' meeting. Facts The two administrators of T&D Industries plc (from PWC) wished to dispose of the company's assets before a creditors' meeting had taken place as required by the Insolvency Act 1986 s 24 (now Schedule B1, para 51). Section 17(2)(a) (now updated in schedule B1, para 1) contained the ambiguously worded provision that an administrator can manage the affairs, business and property of the company, Counsel for the administrators argued that this should be taken, on a first interpretation, to mean that the administrator could do anything, unless it was prohibited under the administration order for their appointment. Failing that, a second interpretation was that any disposal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Neuberger, Baron Neuberger Of Abbotsbury
David Edmond Neuberger, Baron Neuberger of Abbotsbury (; born 10 January 1948) is an English judge. He served as President of the Supreme Court of the United Kingdom from 2012 to 2017. He was a Lord of Appeal in Ordinary until the House of Lords' judicial functions were transferred to the new Supreme Court in 2009, at which point he became Master of the Rolls, the second most senior judge in England and Wales. Neuberger was appointed to the Supreme Court, as its President, in 2012. He now serves as a Non-Permanent Judge of the Hong Kong Court of Final Appeal and the Chair of the High-Level Panel of Legal Experts on Media Freedom. Early life Neuberger was born on 10 January 1948, the son of Albert Neuberger, Professor of Chemical Pathology at St Mary's Hospital, University of London, and his wife, Lilian. His uncle was the noted rabbi Herman N. Neuberger. All three of his brothers are or were professors: James Neuberger is Professor of Medicine at the University of Birmin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rescue
Rescue comprises responsive operations that usually involve the saving of life, or the urgent treatment of injuries after an accident or a dangerous situation. Tools used might include search and rescue dogs, mounted search and rescue horses, helicopters, the "jaws of life", and other hydraulic cutting and spreading tools used to extricate individuals from wrecked vehicles. Rescue operations are sometimes supported by rescue vehicles operated by rescue squads. Rescue is a potent theme in human psychology, both from mortal perils and moral perils, and is often treated in fiction, with the rescue of a damsel in distress being a notable trope. Psychoanalyst Sigmund Freud introduced the concept of "rescue fantasies" by men pursuing "fallen women" in his 1910 work "A Special Type of Choice of Object Made by Men"; Freud's insight into this aspect of male psychology might retain merit, though his proposed Oedipus complex used to frame this concept is no longer in vogue ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
