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Provisional Liquidation
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. (The provisional liquidator is appointed to safeguard the assets of the company and maintain the ''status quo'' pending the hearing of the petition.) Unlike a conventional liquidator, a provisional liquidator does not assess claims against the company or try to distribute the company's assets to creditors, as the power to realise the assets comes after the court orders a liquidation. In practice most instances of applications for a provisional liquidator involve some type of allegation of fraud or other misconduct relating to the company. Application Typically, an application for the appointment of a provisional liquidator is made by either: # a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency
In accounting, insolvency is the state of being unable to pay the debts, by a person or company ( debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet insolvency. Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Undervalue Transaction
An undervalue transaction is a transaction entered into by a company who subsequently goes into bankruptcy which the court orders be set aside, usually upon the application of a liquidator for the benefit of the debtor's creditors. This can occur where the transaction was seriously disadvantageous to the company and the company was insolvent or in immediate risk of becoming insolvent. Overview Under ordinary principles of contract law, the courts will not generally look into the adequacy of the consideration provided by either side. However, if a company is in real peril of going bankrupt, many legal systems provide for a mechanism which allows these transactions to be unwound, so as to prevent prejudice to the creditors of the company. Normally, for a transaction to be set aside as an undervalue transaction, the liquidator or equivalent must demonstrate that: #the consideration received by the company in the transaction, in money or money's worth is significantly less than th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency
In accounting, insolvency is the state of being unable to pay the debts, by a person or company ( debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet insolvency. Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Provisional Liquidator
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. (The provisional liquidator is appointed to safeguard the assets of the company and maintain the ''status quo'' pending the hearing of the petition.) Unlike a conventional liquidator, a provisional liquidator does not assess claims against the company or try to distribute the company's assets to creditors, as the power to realise the assets comes after the court orders a liquidation. In practice most instances of applications for a provisional liquidator involve some type of allegation of fraud or other misconduct relating to the company. Application Typically, an application for the appointment of a provisional liquidator is made by either: # a c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Rules 1986
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, meaning 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 (SI 1986/1925, replaced in England and Wales from 6 April 2017 by the Insolvency Rules (England and Wales) 2016 (SI 2016/1024) – see below), the Company Directors Di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Act 1986
The Insolvency Act 1986 (c. 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 were updated by the Enterprise Act 2002, which came into effect 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 and the allocation of a limited amount of funding released from assets, known as the "prescribed part", which could be made available to support ordinary unsecured creditors ahead of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maples And Calder
Maples Group (previously Maples and Calder) is a multi-jurisdictional firm providing legal and financial services, headquartered in the Cayman Islands. It has offices in many financial centres around the world, including several tax neutral jurisdictions. Its law firm is a member of the offshore magic circle, and specialises in advising on the laws of the Cayman Islands, Ireland, Luxembourg, Jersey and the British Virgin Islands, across a range of legal services including commercial litigation, intellectual property, sport, and finance, in which the firm has a focus on the structuring of tax efficient legal structures (or vehicles). History MacDonald and Maples was founded by Jim MacDonald and John Maples. MacDonald later retired and Douglas Calder joined as a partner, resulting in the name of the firm being changed to Maples and Calder. Today it is referred to simply as Maples and is headquartered in Ugland House in the Cayman Islands. The Cayman Islands office was opened ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scheme Of Arrangement
Scheme or schemer may refer to: Arts and entertainment * '' The Scheme'', a BBC Scotland documentary TV series * The Scheme (band), an English pop band * ''The Scheme'', an action role-playing video game for the PC-8801, made by Quest Corporation * Schemer (comics), Richard Fisk, a Marvel Comics villain turned antihero * Horace Schemer, a fictional character in the TV series '' Shining Time Station'' * ''Schemers'' (film), a Scottish film Computing * Scheme (programming language), a minimalist dialect of Lisp * Scheme (URI), the front part of a web link, like "http" or "ftp" * Google Schemer, a former service allowing its users to share plans and interests Other uses * Classification scheme (information science), eg a thesaurus, a taxonomy, a data model or an ontology * Scheme (mathematics), a concept in algebraic geometry * Scheme (rhetoric), a figure of speech that changes a sentence's structure * Scam, an attempt to swindle or cheat people through deception * Scheme, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unsecured Creditor
An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor. In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a ''pari passu'' distribution out of the assets of the insolvent company on a liquidation in accordance with the size of their debt after the secured creditors have enforced their security and the preferential creditors have exhausted their claims. Although in a liquidation Liquidation is the process in accounting by which a Company (law), company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as :wikt:wind up#Noun, w ... the unsecured creditors will usually realize the smallest proportion of their claims, in some legal systems, unsecured creditors who are also indebted to the insolvent debtor can (and in some jurisdictions, must) set off t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debtor In Possession
A debtor in possession or DIP in United States bankruptcy law is a person or corporation who has filed a bankruptcy petition, but remains in possession of property upon which a creditor has a lien or similar security interest. A debtor becomes the debtor in possession after filing the bankruptcy petition.Friedland & Cahill, Jonathan P. & Christopher M. (2021). Commercial Bankruptcy Litigation. Toronto, Ontario, Canada: Thomson Reuters. pp. §1:11. A corporation which continues to operate its business under Chapter 11 bankruptcy proceedings is a debtor in possession. Under certain circumstances, the debtor in possession may be able to keep the property by paying the creditor the fair market value, as opposed to the contract price. For example, where the property is a personal vehicle which has depreciated since the time of the purchase, and which the debtor needs to find or continue employment to pay off his debts, the debtor may pay the creditor for the fair market value of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Winding-up And Restructuring Act
The ''Winding-up and Restructuring Act'' (, WURA) is a statute of the Parliament of Canada that provides for the winding up of certain corporations and the restructuring of financial institutions. It was passed in 1985, and has been amended since. Predecessors of the act date back to 1882. History Following the 1880 repeal of Canadian insolvency law at the federal level, the Parliament of Canada returned to the field in 1882, passing legislation "for the purpose of winding-up insolvent banks, and insolvent trading companies," known as ''An Act respecting Insolvent Banks, Insurance Companies, Loan Companies, Building Societies and Trading Corporations''. Until the passage of the ''Bankruptcy Act'' in 1919, it was the only federal statute governing insolvency, and it only extended to corporations. The 1919 Act covered individuals and corporations, so corporations were given a choice as to how to proceed with the liquidation of their affairs. In 1899, provision was made for comprom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sweet & Maxwell
Sweet & Maxwell is a British publisher specialising in legal publications. It joined the Associated Book Publishers in 1969; ABP was purchased by the International Thomson Organization in 1987, and is now part of Thomson Reuters. Its British and Irish group includes W. Green in Scotland and Round Hall in Ireland. Sweet & Maxwell publishes Westlaw-UK, as well as the Lawtel, LocalawUK, Legal Hub, and DocDel on-line services. It also published many well-regarded looseleafs and books. Its flagship print products include the ''White Book'' (publishing the Civil Procedure Rules 1998, along with extensive commentary and additional material) and '' Archbold Criminal Pleading, Evidence and Practice'' (the leading practitioners' text for criminal lawyers in England & Wales and several other common law jurisdictions around the world). In 2003, its Asia division (with headquarters in Hong Kong, Malaysia, and Singapore Singapore, officially the Republic of Singapore, is an isl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
