|
Re Kayley Vending Ltd
''Re Kayley Vending Ltd'' 009EWHC 904 (Ch) is a UK insolvency law case concerning the pre-packaged administration procedure when a company is unable to repay its debts. Facts Kayley Vending Ltd’s directors faced a winding up petition from HMRC because it had not yet paid £79,000 in taxes on its business of running cigarette machine vending machines in pubs. The directors applied to court for an administration order under IA 1986, Sch B1, para 12(1)(b). It planned a pre-packaged administration, which had been negotiated with the insolvency practitioners and the company’s competitors, who were likely to buy the business for the most. (HMRC’s petition precluded an out of court appointment under IA 1986, Sch B1, paras 25 and 22.) They contended the vending machines in pubs could not be sold off where they were, so the business would be worth far less if the company went into liquidation. Judgment HH Judge Cooke held administration had a reasonable prospect of achieving a bette ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Administration (law)
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 administ ... [...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 Rig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pre-packaged Administration
Pre-packaged insolvency (a "pre-pack") is a kind of bankruptcy procedure, where a restructure plan is agreed in advance of a company declaring its insolvency. In the United States pre-packs are often used in a Chapter 11 filing. In the United Kingdom, pre-packs have become popular since the Enterprise Act 2002, which has made administration the dominant insolvency procedure. Such arrangements are also available in Canada under the Companies' Creditors Arrangements Act. United Kingdom The term "pre-pack sale" has been defined by the Association of Business Recovery Professionals as "an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of an administrator, and the administrator effects the sale immediately on, or shortly after, his appointment".http://www.r3.org.uk/media/documents/technical_library/SIPS/SIP%2016%20E&W.pdf The difference between a pre-pack sale and a normal sale is that in a no ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HMRC
, patch = , patchcaption = , logo = HM Revenue & Customs.svg , logocaption = , badge = , badgecaption = , flag = , flagcaption = , image_size = , commonname = , abbreviation = , motto = , formed = , preceding1 = Inland Revenue , preceding2 = HM Customs and Excise , dissolved = , superseding = , employees = 63,042 FTE , volunteers = , budget = (2018–2019) , country = United Kingdom , constitution1 = Commissioners for Revenue and Customs Act 2005 , speciality1 = customs , speciality2 = tax , headquarters = 100 Parliament Street, London, SW1A 2BQ , sworntype = , sworn = , unsworntype = , unsworn = , minister1name = Andrew Griffith MP , minister1pfo = Economic Secretary to the Treasury and mi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cigarette Machine
A cigarette machine is a vending machine that dispenses packs of cigarettes in exchange for payment. Many modern cigarette machines require customers to swipe an identification card to prevent persons under the legal smoking age from purchasing tobacco. Because of their potential for misuse by underage persons, many jurisdictions restrict where cigarette machines can be located or prohibit them altogether. Bans and restrictions In order to aid the restriction of sale of tobacco to minors, cigarette machines are regulated in many countries. Japan Since July 2008, companies may face prosecution if found selling tobacco to anyone under the legal age, 20 years old. To avoid this, Japan has introduced a government registered electronic smart card, called ''Taspo'', that allows the user to purchase from the machines. To get a Taspo card, the purchaser must present their passport or ID to any government-authorized business offering the service. As an automated way of determin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IA 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] |
Pre-packaged Insolvency
Pre-packaged insolvency (a "pre-pack") is a kind of bankruptcy procedure, where a restructure plan is agreed in advance of a company declaring its insolvency. In the United States pre-packs are often used in a Chapter 11 filing. In the United Kingdom, pre-packs have become popular since the Enterprise Act 2002, which has made administration the dominant insolvency procedure. Such arrangements are also available in Canada under the Companies' Creditors Arrangements Act. United Kingdom The term "pre-pack sale" has been defined by the Association of Business Recovery Professionals as "an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of an administrator, and the administrator effects the sale immediately on, or shortly after, his appointment".http://www.r3.org.uk/media/documents/technical_library/SIPS/SIP%2016%20E&W.pdf The difference between a pre-pack sale and a normal sale is that in a no ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sandra Frisby
Sandra or SANDRA may refer to: People * Sandra (given name) * Sandra (singer) (born 1962), German pop singer * Margaretha Sandra (1629–1674), Dutch soldier * Sandra (orangutan), who won the legal right to be defined as a "non-human person" Places * Șandra, a commune in Timiș County, Romania * Şandra, a village in Beltiug Commune, Satu Mare County, Romania * Sandra, Estonia, a village * 1760 Sandra, an asteroid Other uses * "Sandra" (song), a 1975 song by Barry Manilow * "Sandra", song by Idle Eyes, 1986 * ''Sandra'' (1924 film), a lost drama film * ''Sandra'' (1965 film), an Italian film * SANDRA (research project), part of the European Union's Framework Programmes for Research and Technological Development * Tropical Storm Sandra, several tropical cyclones * ''Sandra'' (podcast), a scripted fiction podcast starring Kristen Wiig and Alia Shawkat See also * Sandro (other) Sandro is an Italian, Portuguese, Spanish, Swiss, Georgian and Croatian given name, oft ... [...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] |
