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Professional English in Use Low S3


Insolvency and winding up

insolvency

Charles Stanley, an insolvency lawyer, is advising a client.

Insolvency describes the financial state of a company when its debts or liabilities exceed its assets and available cash. As soon as a company is insolvent, it must take action to resolve the situation. This may include renegotiating debt, realising assets to discharge debt, or even borrowing more money and increasing the liabilities. There's a wealth of legislation that imposes obligations on company officers in relation to the interests of creditors. There are secured creditors, whose lending is protected by security over the company's assets, for example banks, and there are unsecured creditors, often suppliers, who may initiate action to achieve repayment. There arc also preferential creditors, such as the company's own employees, for example in cases where wages haven't heen paid, and occupational pension schemes. The options available to an insolvent company will be affected by the position taken by its creditors, and the various parties may seek legal advice. My colleagues and I often work on behalf of clients with a specialist accountant, an insolvency practitioner, also known as an IP.'

Insolvency scenarios

Look at this extract from a leaflet describing possible insolvency scenarios.

>

 

Action initiated Result
A charge holder(see Unit 22) - including An order is made by the court appointing an holders of floating charges created since the administratorto take control of the company Enterprise Act 2002 - or the company directors, and to maintain it as a going concern.The file notice at courtfor an administration order, company is then said to be 'in administration'.
A charge holder with a floating charge created before the Enterprise Act 2Q02 appoints an administrative receiver(an AR). The receiver must realise the assets subject to the floating charge on behalf of the charge holder. The floating charge crystallisesand is treated asa fixed charge. Certain creditors will have rights in priority to the charge holder's. A company in administrative receivership is often said to be 'in receivership'.
A creditor or company directors petition the courtto make a winding up order. The court makes a winding up order and the company is put into compulsory liquidation. A liquidatoris appointed to realise the company's assets.
Shareholdersdecide to put the company into liquidationwhen the company is still solvent,that is, has sufficient assets to discharge the company's debts. Members' voluntary liquidation
Shareholders decide to put the company into liquidation if the company is insolvent. Creditors accept the liquidator. Creditors' voluntary liquidation
Company directors, with the assistance of an authorised insolvency practitioner, apply to the court for approval of a formal arrangement with creditors, as set out ina proposal to pay creditors under the supervision of the IP. Company voluntary arrangement(CVA) and appointment of a supervisor

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