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Phoenix Company
A phoenix company is a successful commercial entity which has emerged from the collapse of another through insolvency. Unlike " bottom of the harbour" and similar schemes that strictly focus on asset stripping, the new company is set up as a legal successor, to trade in the same or similar trading activities as the former, and is able to present the appearance of "business as usual" to its customers. It has been described as "one that arises amidst or from the disarray and demise of its predecessor." A phoenix company may be classified either "innocent"/"bona fide" or abusive. Nature of phoenix activity Types of phoenix company operators A study by the Australian Securities and Investments Commission has identified three groups of operators that practice phoenix activity: Such activity can also be characterized as either "basic" (involving replacement of one entity by another) or "sophisticated" (which has regard for the intricacies of corporate groups, where management and dir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Person
In law, a legal person is any person or 'thing' (less ambiguously, any legal entity) that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for the term "''legal'' person" is that some legal persons are not people: companies and corporations are "persons" legally speaking (they can legally do most of the things an ordinary person can do), but they are not people in a literal sense. There are therefore two kinds of legal entities: human and non-human. In law, a human person is called a ''natural person'' (sometimes also a ''physical person''), and a non-human person is called a ''juridical person'' (sometimes also a ''juridic'', ''juristic'', ''artificial'', ''legal'', or ''fictitious person'', la, persona ficta). Juridical persons are entities such as corporations, firms (in some jurisdictions), and many government agencies. They are treated in law as if they were persons. Whil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enterprise Act 2002
The Enterprise Act 2002 is an Act of the Parliament of the United Kingdom which made major changes to UK competition law with respect to mergers and also changed the law governing insolvency bankruptcy. It made cartels illegal with a maximum prison sentence of 5 years and states that level of competition in a market should be the basis for investigation. Structure *Part 1: The Office of Fair Trading (ss 1-11) *Part 2: The Competition Appeal Tribunal (ss 12-21) *Part 3: Mergers **Chapter 1: Duty to make references (ss 22-41) **Chapter 2: Public interest cases (ss 42-58) **Chapter 3: Other special cases (ss 59-70) **Chapter 4: Enforcement (ss 71-95) **Chapter 5: Supplementary (ss 96-130 *Part 4: Market Investigations **Chapter 1: Market investigation references (ss 131-138) **Chapter 2: Public interest cases **Chapter 3: Enforcement **Chapter 4: Supplementary (ss 168-184) *Part 5: The Competition Commission (ss 185-187) *Part 6: Cartel offence (ss 188-202) *Part 7: Miscellaneous C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liability (financial Accounting)
In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is ''obliged'' to make to other entities as a result of past transactions or other ''past'' events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future. Characteristics A liability is defined by the following characteristics: * Any type of borrowing from persons or banks for improving a business or personal income that is payable during short or long time; * A duty or responsibility to others that entails settlement by future transfer or use of assets, provision of services, or other transaction yielding an economic benefit, at a specified or determinable date, on occurrence of a specified event, or on demand; * A duty or responsibility that obligates the entity to another, leaving it little or no discretion to avoid settlement; and, * A transaction or event obligating the entity t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bad Debt
Bad debt, occasionally called uncollectible accounts expense, is a monetary amount owed to a creditor that is unlikely to be paid and for which the creditor is not willing to take action to collect for various reasons, often due to the debtor not having the money to pay, for example due to a company going into liquidation or insolvency. There are various technical definitions of what constitutes a bad debt, depending on accounting conventions, regulatory treatment and the institution provisioning. In the USA, bank loans with more than ninety days' arrears become "problem loans". Accounting sources advise that the full amount of a bad debt be written off to the profit and loss account or a provision for bad debts as soon as it is foreseen. Doubtful debt Doubtful debts are those debts which a business or individual is unlikely to be able to collect. The reasons for potential non-payment can include disputes oversupply, delivery, the condition of the item, or the appearance of fina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Daily Telegraph
''The Daily Telegraph'', known online and elsewhere as ''The Telegraph'', is a national British daily broadsheet newspaper published in London by Telegraph Media Group and distributed across the United Kingdom and internationally. It was founded by Arthur B. Sleigh in 1855 as ''The Daily Telegraph & Courier''. Considered a newspaper of record over ''The Times'' in the UK in the years up to 1997, ''The Telegraph'' generally has a reputation for high-quality journalism, and has been described as being "one of the world's great titles". The paper's motto, "Was, is, and will be", appears in the editorial pages and has featured in every edition of the newspaper since 19 April 1858. The paper had a circulation of 363,183 in December 2018, descending further until it withdrew from newspaper circulation audits in 2019, having declined almost 80%, from 1.4 million in 1980.United Newspapers PLC and Fleet Holdings PLC', Monopolies and Mergers Commission (1985), pp. 5–16. Its si ... [...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] |
High Court Of Justice
The High Court of Justice in London, known properly as His Majesty's High Court of Justice in England, together with the Court of Appeal of England and Wales, Court of Appeal and the Crown Court, are the Courts of England and Wales, Senior Courts of England and Wales. Its name is abbreviated as EWHC (England and Wales High Court) for legal citation purposes. The High Court deals at Court of first instance, first instance with all high value and high importance Civil law (common law), civil law (non-criminal law, criminal) cases; it also has a supervisory jurisdiction over all subordinate courts and tribunals, with a few statutory exceptions, though there are debates as to whether these exceptions are effective. The High Court consists of three divisions: the King's Bench Division, the #Chancery Division, Chancery Division and the #Family Division, Family Division. Their jurisdictions overlap in some cases, and cases started in one division may be transferred by court order to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accountancy Age
''Accountancy Age'' is an online trade publication for accountants and financial staff in the United Kingdom. After running from 1969 to 2011 with a circulation of over 60,000 in print, it changed with effect from May 2011 to an online-only publication. History ''Accountancy Age'' was first published on 5 December 1969, by Michael Heseltine's company Haymarket Publishing.First issue of ''Accountancy Age'' 5 Dec 1969 Haymarket later sold ''Accountancy Age'' and ''Computing'' magazine to become the mainstay journals of VNU Business Publications Ltd, which formed in 1980. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Rules 1986
The Insolvency Rules 1986 (SI 1986/1925) was a set of rules contained in a statutory instrument which set out details of procedure for UK insolvency law. The Rules were replaced by the Insolvency Rules (England and Wales) 2016 (SI 2016/1024) which came into effect on 6 April 2017. External linksInsolvency Rules 1986 Insolvency law of the United Kingdom Statutory Instruments of the United Kingdom 1986 in British law {{UK-law-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Act 1986
The Insolvency Act 1986c 45 is an Act of the Parliament of the United Kingdom that provides the legal platform for all matters relating to personal and corporate insolvency in the UK. History The Insolvency Act 1986 followed the publication and most of the findings in the Cork Report, including the introduction of the Individual Voluntary Arrangement (IVA) and Company Voluntary Arrangement (CVA) procedures. Elements of the Act have been updated by the Enterprise Act 2002 which came into enforcement on 1 April 2004 and introduced amongst other things the popular "out-of-court" administration route.Lyndon Norley, Kirkland & Ellis International LLP and Joseph Swanson and Peter Marshall, Houlihan Lokey (2008). A Practitioner's Guide to Corporate Restructuring. City & Financial Publishing, 1st edition Those considering the main Act should also refer to the Insolvency Rules 1986 and numerous Regulations and other amending legislation since 1986, and also to the best practice which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employment Rights Act 1996
The Employment Rights Act 1996 (c. 18) is a United Kingdom Act of Parliament passed by the Conservative government to codify existing law on individual rights in UK labour law. History Previous statutes, dating from the Contracts of Employment Act 1963, included the Redundancy Payments Act 1965, the Employment Protection Act 1975 and the Wages Act 1986. It deals with rights that most employees can get when they work, including unfair dismissal, reasonable notice before dismissal, time off rights for parenting, redundancy and more. It was amended substantially by the Labour government since 1997, to include the right to request flexible working time. This coincides with the Rights at Work Act 1995. Part I, Employment particulars An employee has an employment contract. ERA 1996 section 1(2) states, that the main terms of the contract must be in writing and provided to the employee within two months of the start of their employment. This document is called a "written statement o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employment Appeal Tribunal
The Employment Appeal Tribunal is a tribunal in England and Wales and Scotland, and is a superior court of record. Its primary role is to hear appeals from Employment Tribunals in England, Scotland and Wales. It also hears appeals from decisions of the Certification Officer and the Central Arbitration Committee and has original jurisdiction over certain industrial relations issues. The tribunal may sit anywhere in Great Britain, although it is required to have an office in London. It is part of the UK tribunals system, under the administration of His Majesty's Courts and Tribunals Service. The tribunal may not make a declaration of incompatibility under the Human Rights Act 1998. Membership There are two classes of members of the tribunal: *Nominated members, who are appointed from English and Welsh circuit judges, judges of the High Court and the Court of Appeal as well as at least one judge from the Court of Session. *Appointed members, who must have special knowledge or exper ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
