Annulling your bankruptcy
Although a bankrupt may obtain an automatic discharge after one year, true freedom from bankruptcy is achieved by way of an annulment. An annulment is an effective cancellation of the bankruptcy and restores the bankrupt to a pre-bankruptcy position. The two most common applications for an annulment are: ยท on the grounds that the bankruptcy ...
Compulsory Insolvency and Validation Orders
Following service of the winding up petition a company will find its bank accounts frozen by the bank. Additionally, after the presentation of a winding up petition any subsequent transactions by that company are voidable by virtue of s.127 Insolvency Act 1986. These prevent a company from disposing of any assets, making payments such as ...
Bankruptcy: You and the Official Receiver
An Official Receiver is a civil servant, an officer of the Court and works for the Insolvency Service. His job is to review and administer your bankruptcy. After you are adjudged bankrupt you will receive correspondence from the Official Receiver. Often you are called in for an interview during which you will go through a ...
No Deal Brexit and Assets in the EU
Brexit! It would be an understatement to say that it has caused controversy and uncertainty. However within cross border insolvency some upcoming issues are quite clear. Within the EU cross border insolvency is supported by two Directives: The Recast Brussels Regulation, which lets court judgments made in one EU country be recognised and enforceable in ...
HMRC’s Creditor Status
Prior to the Enterprise Act of 2002 HMRC was treated as a preferential creditor within a liquidation thereby allowing them to rank ahead of other unsecured creditors. Following the 2002 Act HMRC lost this status. In the Budget of 2019, Phillip Hammond sets out that from 6 April 2020 HMRC will once again be a ...