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Official Receiver
An officer of the Insolvency Service of the United Kingdom, an official receiver (OR) is an officer of the court to which they are attached. The OR is answerable to the courts for carrying out the courts' orders and for fulfilling their duties under law. They also act on directions, instructions and guidance from the service's Inspector General or, less often, from the Secretary of State for Business, Energy and Industrial Strategy. Responsibilities An OR has the following responsibilities: * acting as interim receivership, receiver or provisional liquidator: At any time after a petition for an insolvency order under s122 of the Insolvency Act 1986 has been presented, the court may appoint the OR as interim receiver (for an individual) or as provisional liquidator (for a company). This is to protect a debtor's property, or take control of a company' affairs, pending the outcome of the hearing of the petition; * acting as receiver, trustee or liquidator: The OR becomes receiver ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Service
The Insolvency Service is an executive agency of the Department for Business, Energy and Industrial Strategy with headquarters in London. It has around 1,700 staff, operating from 22 locations across Great Britain. The Insolvency Service administers compulsory company liquidations and personal bankruptcies and deals with misconduct through investigation of companies and enforcement. It also makes redundancy payments in cases where a company is insolvent. Responsibilities It is responsible for authorising and regulating the insolvency profession. They: * administer and look into the affairs of bankrupts, people subject to debt relief orders, and liquidated companies, making reports of any directors’ misconduct * carry out investigations into live companies * act as trustee/liquidator where no private sector insolvency practitioner is in place * act as nominee and supervisor in fast-track individual voluntary arrangements * deal with the disqualification of unfit directors in a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Official Receiver V Wadge Rapps & Hunt
An official is someone who holds an office (function or mandate, regardless whether it carries an actual working space with it) in an organization or government and participates in the exercise of authority, (either their own or that of their superior and/or employer, public or legally private). An elected official is a person who is an official by virtue of an election. Officials may also be appointed ''ex officio'' (by virtue of another office, often in a specified capacity, such as presiding, advisory, secretary). Some official positions may be inherited. A person who currently holds an office is referred to as an incumbent. Something "official" refers to something endowed with governmental or other authoritative recognition or mandate, as in official language, official gazette, or official scorer. Etymology The word ''official'' as a noun has been recorded since the Middle English period, first seen in 1314. It comes from the Old French ''official'' (12th century), from the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In The United Kingdom
Bankruptcy in the United Kingdom is divided into separate local regimes for England and Wales, for Northern Ireland, and for Scotland. 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. Bankruptcy in England and Wales In England and Wales, bankruptcy is governed by Part IX of the Insolvency Act 1986 (as amended) and by the Insolvency Rules 1986 (as amended). The term bankruptcy applies only to individuals, not to companies or other legal entities. An individual may be made bankrupt only by court order following the presentation of a bankruptcy petition. An individual may present his own petition on the ground that he is insolvent, i.e. unable to pay his debts. A creditor or creditors may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Service Positions In The United Kingdom
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Civil may refer to: *Civic virtue, or civility *Civil action, or lawsuit * Civil affairs *Civil and political rights *Civil disobedience *Civil engineering *Civil (journalism), a platform for independent journalism *Civilian, someone not a member of armed forces *Civil law (other), multiple meanings *Civil liberties *Civil religion *Civil service *Civil society *Civil war *Civil (surname) Civil is a surname. Notable people with the surname include: *Alan Civil (1929–1989), British horn player *François Civil (born 1989), French actor * Gabrielle Civil, American performance artist *Karen Civil (born 1984), American social media an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protected Trust Deed
A protected trust deed, overseen by the Accountant in Bankruptcy, is a voluntary but formal arrangement that is used by Scottish residents where a debtor (who can be a natural person or partnership) grants a ''trust deed'' in favour of the trustee which transfers their estate to the trustee for the benefit of creditors. Any person wanting to make an application for a protected trust deed must have been a resident of Scotland for at least six months prior to making the application. This can be a way for people to deal with debt problems by protecting the debtor from the legal enforcement of debts which are included in the trust deed, but only once it has become protected. It will not reverse any action that has been taken prior to the trust deed, such as earning or bank arrestments, although the trustee may negotiate the lifting of any arrestment. Many people who enter trust deeds are able to keep their homes, but where there is equity, that equity will normally have to be reali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Administrative Receivership
In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in cases where a company cannot meet its financial obligations and is said to be insolvent.Philip, Ken, and Kerin Kaminski''Secured Lender'', January/February 2007, Vol. 63 Issue 1, pages 30-34,36. The receivership remedy is an equitable remedy that emerged in the English chancery courts, where receivers were appointed to protect real property. Receiverships are also a remedy of last resort in litigation involving the conduct of executive agencies that fail to comply with constitutional or statutory obligations to populations that rely on those agencies for their basic human rights. Receiverships can be broadly divided into two types: *Those related to insolvency or enforcement of a security interest. *Those where either **One is Incapable of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Administration Order
As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – in the United Kingdom colloquially called being "under administration" – is an alternative to liquidation or may be a precursor to it. Administration is commenced by an administration order. A company in administrative receivership is operated by an administrator (as interim chief executive with custodial responsibility for the company's assets and obligations) on behalf of its creditors. The administrator may recapitalize the business, sell the business to new owners, or demerge it into elements that can be sold and close the remainder. Most countries distinguish between voluntary (board-decided) and involuntary (court-decided) receivership. In voluntary administrative receivership, the admini ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidation
Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a ''creditors' liquidation'' or ''receivership'' following bankruptcy, which may result in the court creating a "liquidation trust") or voluntary (sometimes referred to as a ''shareholders' liquidation'', although some voluntary liquidations are controlled by the creditors). The ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Simplified Individual Voluntary Arrangement
In the United Kingdom, a simplified IVA (SIVA) was a proposed new form of IVA ( individual voluntary arrangement), which would have been a formal alternative of clearing debt without being declared bankrupt. The new regime was likely to have been two tiers: *Tier 1 would have had an upper limit of £25–30,000, and *Tier 2 an upper limit of £75,000. Also, the approval of an SIVA was likely to have been based on a simple majority instead of the existing 75%. The government decided not to proceed with the proposals for SIVA in November 2008. Simplified IVA plans withdrawn In December 2008 The plans announced to modify the Insolvency Act 1986 by introducing SIVAs (Simplified IVA) have been withdrawn from the regulatory marketplace. The association said that the "successful operation of the IVA ( Individual Voluntary Arrangement) Protocol has resulted in many of the desired improvements in the IVA marketplace being implemented without the need for further insolvency legislation". ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Millett
Peter Julian Millett, Baron Millett, , (23 June 1932 – 27 May 2021) was a British barrister and judge. He was a Lord of Appeal in Ordinary from 1998 to 2004. Biography Early life The son of Denis and Adele Millett, he was educated at Harrow School, London, and at Trinity Hall, Cambridge, where he received a Master of Arts in Classics and Law in 1954, graduating with a Double First. From 1955 to 1957 he served as a Flying Officer in the Royal Air Force. He was awarded an honorary fellowship by Queen Mary, University of London in 2012. Legal career Millett was called to the bar at Middle Temple in 1955. In 1959, he joined Lincoln's Inn, where he was appointed a bencher in 1980. From 1958 to 1986 he practised at the Chancery Bar and was examiner and lecturer in practical conveyancing at the Council of Legal Education from 1962 to 1976. Between 1967 and 1973, Millett was junior counsel at the Department of Trade and Industry in chancery matters, and between 1971 and 1975 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Secretary Of State For Business, Energy And Industrial Strategy
The secretary of state for business, energy and industrial strategy, is a secretary of state in the Government of the United Kingdom, with responsibility for the Department for Business, Energy and Industrial Strategy. The incumbent is a member of the Cabinet of the United Kingdom. The incumbent Business Secretary is Grant Shapps who was appointed by Rishi Sunak on 25 October 2022. Responsibilities Corresponding to what is generally known as a commerce minister in many other countries, the business secretary's remit includes: * Oversight of science, research and innovation in Britain * Relations with domestic and international business * Policy relating to climate change * Policy relating to deregulation * Policy relating to energy security * Oversight of energy policy and industrial policy History During the government of Sir Alec Douglas-Home, the then President of the Board of Trade Edward Heath was given in addition the job of Secretary of State for Industry, Trade a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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