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Debt Relief Order
Debt relief orders (DROs) are a simplified, quicker and cheaper alternative to bankruptcy as an bankruptcy in the United Kingdom, insolvency measure in the United Kingdom, which came into effect in England and Wales on 6 April 2009, and are also offered in Northern Ireland. Debt relief orders are suitable for debtors who have relatively low liabilities, little surplus income and few assets; can (depending on eligibility) be a viable alternative to other insolvency measures, such as Individual Voluntary Arrangements (IVAs), and when bankruptcy would be disproportionate; and allow vulnerable people trapped in debt to have a fresh start. It is possible to apply for a DRO without attending court and the fee is £90. The fee may be paid by installments prior to applying for the order. Background Debt relief orders were introduced under Chapter 4 of the Tribunals, Courts and Enforcement Act 2007, as a major amendment to the Insolvency Act 1986, and minor amendments to the Company Dire ... [...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] |
Citizens Advice
Citizens AdviceCitizens Advice is the operating name of The National Association of Citizens Advice Bureaux which is the umbrella charity for a wider network of local advice centres. The abbreviation CitA is sometimes used to refer to this national Citizens Advice organization. Citizens Advice does not use an apostrophe in its title something the organisation dropped during the 1980s. However it appears in earlier usage for instance Margaret Brassnett's 1964 publication ''The Story of the Citizens' Advice Bureau''. (previously Citizens Advice BureauThe abbreviation CABx, short for Citizens Advice Bureaux, is sometimes used to refer collectively to local Citizens Advice offices. and also known as Cyngor ar BopethCyngor ar Bopeth translates as 'advice on everything' in Welsh) is an independent organisation specialising in confidential information and advice to assist people with legal, debt, consumer, housing and other problems in the United Kingdom. The twin aims of the Citizens ... [...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] |
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] |
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a major settlement for two millennia. The City of London, its ancient core and financial centre, was founded by the Romans as '' Londinium'' and retains its medieval boundaries.See also: Independent city § National capitals The City of Westminster, to the west of the City of London, has for centuries hosted the national government and parliament. Since the 19th century, the name "London" has also referred to the metropolis around this core, historically split between the counties of Middlesex, Essex, Surrey, Kent, and Hertfordshire, which largely comprises Greater London, governed by the Greater London Authority.The Greater London Authority consists of the Mayor of London and the London Assembly. The London Mayor is distinguished fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AdviceUK
AdviceUK is a membership body for organisations and services that provide free and independent advice across England, Scotland and Wales and a charity registered with the Charity Commission. Typically its members are charities and community groups that work in a particular geographical location or with a clearly defined client group. It was formed in 1979 as the Federation of Independent Advice Centres (FIAC). AdviceUK is a member of the Advice Services Alliance and has been designated as a Competent Authority to administer Debt Relief Order Debt relief orders (DROs) are a simplified, quicker and cheaper alternative to bankruptcy as an bankruptcy in the United Kingdom, insolvency measure in the United Kingdom, which came into effect in England and Wales on 6 April 2009, and are also of ...s. It is also listed as an umbrella body for not-for-profit providers of generalist or specialist social welfare advice. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thinkmoney
Thinkmoney, stylised as thinkmoney, is a UK-based banking services provider that primarily offers current accounts for a fixed monthly fee with no overdraft or transaction charges. Thinkmoney's online system offers a budgeting service that sees customers money split into two accounts, one for spending and one for bills – an approach sometimes known as jam jar banking. Thinkmoney's current account has received a four-star mark by the Fairbanking Foundation. In 2012 customers of thinkmoney (then known as thinkbanking) were left without access to their money, due to a computer failure at Royal Bank of Scotland which it relies on for access to the payments infrastructure. A similar failure at RBS left some thinkmoney customers without access to their incomes again in June 2015. See also *Managed account *List of companies based in Greater Manchester Greater Manchester is home to various companies which operate in the United Kingdom or further afield in Europe and around th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
StepChange Debt Charity
StepChange Debt Charity, formerly the Consumer Credit Counselling Service (CCCS), is the trading name of the Foundation for Credit Counselling, and is a debt counselling charity in the United Kingdom. The organisation offers free debt advice and money management and can be contacted through its freephone telephone helpline or online through its online debt advice tool. In 2020, around half a million people contacted the charity for help. The charity also campaigns to change policies and practices that trap people in problem debt. Its current Chair is John Griffith-Jones, replacing Sir Hector Sants in January 2019. The Chief Executive of the charity is Phil Andrew, who took over from Mike O'Connor in November 2017. Services StepChange provides free debt advice to clients both over the telephone and through their online service. Clients have their financial situation evaluated, and receive a recommendation for one of a range of debt solutions, including Debt Management Plans an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interim Order
The term interim order refers to an order issued by a court during the pendency of the litigation. It is generally issued by the Court to ensure Status quo. The rationale for such orders to be issued by the Courts is best explained by the Latin legal maxim "''Actus curiae neminem gravabit''" which, translated to English, stands for "''an act of the court shall prejudice no one''". Therefore, to ensure that none of the interests of the parties to the litigation are harmed, the court may issue an interim order. Interim orders issued by the court may be of various kinds. The nature of the order essentially depends on the direction issued by the Court. Some examples of court orders classified as interim orders include: * Restraining orders (also called ''Injunction''), which are issued to stop either party from acting in a particular manner during the pendency of the civil action. These are essentially issued by the court to prevent situations in which either party may suffer harm beca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
