Company rescue and liquidation:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London
Sweet & Maxwell u.a.
2013
|
| Ausgabe: | 3. ed. |
| Schriftenreihe: | Insolvency practitioner series
|
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | LXVIII, 498 S. |
| ISBN: | 9780414028692 |
Internformat
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Datensatz im Suchindex
| _version_ | 1804151420145893376 |
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| adam_text | TABLE OF CONTENTS
PAGE
INTRODUCTION TO THE THIRD EDITION V
TABLE OF CASES XXI
TABLE OF STATUTES XLIX
TABLE OF STATUTORY INSTRUMENTS LXI
PARA
PARTI
SAVING THE COMPANY
1. COMPANY VOLUNTARY ARRANGEMENTS
A. INTRODUCTION 1-01
B. STATUTORY PROVISION BEFORE 1986 1-08
C.
COMPANIES ACT
2006,
PART
26,
SECTIONS
895-901
1. ANALYSIS 1-14
2. COMPROMISE OR ARRANGEMENT 1-17
3. SUBSTANTIVE OBJECTIONS 1-20
4. TWO COURT HEARINGS 1-24
5. MEETINGS OF INTERESTED GROUPS 1-26
6. SUFFICIENT CLASS INTEREST 1-31
7. WHAT IS A CLASS? 1-37
8. SUMMONING THE MEETINGS 1-51
9. VOTING 1-61
10. THE COURT AND THE PETITION 1-66
11. THE CURRENT OPERATION OF PART 26 1-73
D. COMPANY VOLUNTARY ARRANGEMENTS UNDER THE
INSOLVENCY ACT 1986 1-79
1. THE MEANING OF VOLUNTARY ARRANGEMENT 1-81
2. THE PROPOSAL 1-88
3. CONTENT OF THE PROPOSAL 1-93
4. THE ROLE OF THE COURT 1-96
5. THE STATEMENT OF AFFAIRS 1-105
6. SUMMONING THE MEETINGS 1-111
7. THE CONDUCT OF THE MEETINGS 1-117
VII
VIII CONTENTS
8. REQUISITE MAJORITIES 1-126
9. AFTER THE MEETINGS 1-129
10. LANDLORDS AND TENANTS 1-132
11. CHALLENGING THE VOLUNTARY ARRANGEMENT 1-135
12. IMPLEMENTING THE ARRANGEMENT 1-155
13. CONCLUSION 1*166
E.
THE INSOLVENCY ACT
2000
1. BACKGROUND TO THE REFORM 1-168
2. THE LEGISLATION 1-174
3. THE PROCEDURE FOR SEEKING THE MORATORIUM 1-178
4. WHICH COMPANIES ARE ELIGIBLE FOR THE MORATORIUM? 1-196
5. NATURE OF THE MORATORIUM AND THE IMPLEMENTATION OF THE
VOLUNTARY ARRANGEMENT 1-200
6. DURATION OF THE MORATORIUM 1-201
7. SUMMONING AND CONDUCTING THE MEETINGS 1-205
8. THE EFFECTS OF THE MORATORIUM 1-209
9. MANAGING THE MORATORIUM 1-214
10. CHALLENGING THE MORATORIUM MANAGEMENT 1-216
11. APPROVAL AND IMPLEMENTATION OF THE CVA 1-219
2. ADMINISTRATION
A. RECEIVERSHIP, ADMINISTRATION AND BUSINESS RESCUE
1. INTRODUCTION 2-01
2. THE COMING OF ADMINISTRATION 2-03
3. ADMINISTRATION OR ADMINISTRATIVE RECEIVERSHIP? 2-10
4. OTHER RELEVANT CORK-INSPIRED LEGISLATIVE PROVISIONS 2-15
5. SOME COMPARATIVE DIFFERENCES 2-19
6. THE GROWING APPEAL OF ADMINISTRATION 2-26
7. ELIGIBILITY FOR ADMINISTRATION 2-29
8. RECENT REFORM MEASURES 2-37
B. THE NEW ADMINISTRATION
1. THE BACKGROUND 2-39
2. THE LEGISLATION 2-46
3. THE OUTLINE STRUCTURE OF SCHEDULE BL 2-49
4. THE INITIATION AND OBJECTIVES OF ADMINISTRATION
4.1 INTRODUCTION 2-50
4.2 THE OBJECTIVES OF ADMINISTRATION 2-55
4.3 THE PREPACK REVOLUTION 2-67
4.4 THE NATURE OF ADMINISTRATION PROCEEDINGS 2-76
5. THE ENTRY PROCESS
5.1 APPOINTMENT BY ORDER OF THE COURT 2-78
5.2 APPOINTMENT BY THE HOLDER OF A QUALIFYING FLOATING
CHARGE 2-82
5.3 APPOINTMENT BY THE COMPANY OR ITS DIRECTORS 2-92
5.4 COMPARISON OF THE THREE GATEWAYS 2-101
6. THE IMMEDIATE EFFECTS OF THE ONSET OF ADMINISTRATION 2*107
CONTENTS IX
7. THE ADMINISTRATOR
7.1 STATUS 2-118
7.2 POWERS 2-124
7.3 TERMINATION OF THE ADMINISTRATOR S OFFICE 2-138
7.4 JOINT AND SEVERAL APPOINTMENTS 2-148
8. THE END OF ADMINISTRATION 2-149
9. ADMINISTRATION AND THE EC REGULATION ON INSOLVENCY
PROCEEDINGS 2-157
3. RECEIVERSHIP AND ADMINISTRATIVE RECEIVERSHIP
A. HISTORY, NATURE AND SOURCES
1. ENTERPRISE AND THE FALL OF RECEIVERSHIP 3-01
2. THE DEVELOPMENT OF RECEIVERSHIP 3-09
3. FIXED CHARGES AND FLOATING CHARGES 3-18
4. RECEIVERS, RECEIVERS AND MANAGERS, ADMINISTRATIVE
RECEIVERS 3-20
5. THE SOURCES OF THE LAW 3-26
B. THE OPERATION OF RECEIVERSHIP
1. POSSIBLE ABUSES 3-30
2. APPOINTMENT BY THE COURT OR UNDER THE CHARGE 3-38
3. RECEIVERSHIP AND ADMINISTRATIVE RECEIVERSHIP 3-40
4. VALIDITY AND COMMENCEMENT OF RECEIVERSHIP 3-44
C. EFFECT OF THE RECEIVER S APPOINTMENT
1. GENERAL DISTINCTIONS BETWEEN APPOINTMENTS IN AND OUT OF
COURT 3-62
2. EFFECT OF RECEIVERSHIP ON CONTRACTS WITH EMPLOYEES 3*64
3. THE EFFECT OF RECEIVERSHIP ON OTHER CONTRACTS 3-73
4. THE EFFECT OF RECEIVERSHIP ON PROPRIETARY CLAIMS 3-82
5. THE EFFECT OF RECEIVERSHIP ON RETENTION OF TITLE 3-90
D. THE INCIDENTS OF RECEIVERSHIP
1. THE OCCUPATION OF THE COMPANY S PROPERTY 3*92
2. THE POWERS OF RECEIVERS AND ADMINISTRATIVE RECEIVERS 3-93
3. THE ADMINISTRATIVE RECEIVER S POWER TO REQUIRE A
STATEMENT OF AFFAIRS 3-95
4. THE DUTIES OF THE RECEIVER 3-98
4.1 THE STATUTORY DUTIES OF NOTICE AND REPORT 3*99
4.2 THE DUTY TO MEET WITH CREDITORS 3-104
4.3 THE DUTY WITH REGARD TO THE CREDITORS COMMITTEE 3*107
4.4 THE DUTY WITH REGARD TO THE DISTRIBUTION OF MONEY 3*111
4.5 THE COMMON LAW DUTIES 3*115
5. THE LIABILITIES OF THE RECEIVER 3-125
6. THE RECEIVER S RIGHTS 3-128
7. THE END OF RECEIVERSHIP
7.1 REMOVING THE RECEIVER 3-131
7.2 THE EFFECT OF THE TERMINATION OF RECEIVERSHIP 3-135
X CONTENTS
PART II
LIQUIDATING THE COMPANY
4. WINDING-UP: IN GENERAL
A. THE REGIMES
1. EXCLUSIVITY 4-01
2. COMPULSORY AND VOLUNTARY WINDING-UP 4-03
3. MEMBERS AND CREDITORS VOLUNTARY WINDING-UP 4-05
4. WIDER APPLICATION 4-10
5. DISAPPLICATION 4*13
6. THE JURISDICTION OF THE COURT 4-14
B. THE PURPOSE AND PROCEDURE OF LIQUIDATION
1. THE EFFECTS OF THE LIQUIDATION 4*16
2. THE REASONS FOR THE LIQUIDATION 4-17
3. OPPORTUNITIES CREATED BY LIQUIDATION 4*19
4. EQUAL TREATMENT OF CREDITORS 4*20
C. PROCEDURE
1. THE APPOINTMENT OF A LIQUIDATOR 4-26
2. THE COMMENCEMENT OF THE LIQUIDATION 4*30
3. COURT PROCEDURE AND PRACTICE 4-33
5. VOLUNTARY WINDEVG-UP: TO THE FIRST CREDITORS
MEETING
A. MEMBERS VOLUNTARY WINDING-UP
1. DECLARATION OF SOLVENCY 5-01
2. CONTROL BY THE MEMBERS 5-03
3. APPOINTMENT OF THE LIQUIDATOR 5-09
B. THE CREDITORS VOLUNTARY WINDING UP
1. INTRODUCTION 5-13
2. THE WINDING-UP RESOLUTION 5-15
3. SUMMONING THE MEETING OF THE COMPANY 5-17
4. SUMMONING THE CREDITORS MEETING 5-21
5. THE NOTICE 5-22
6. CONDUCTING THE FIRST CREDITORS MEETING 5-26
7. THE STATEMENT OF AFFAIRS 5-29
8. APPOINTMENT OF THE LIQUIDATORS) 5-37
9. THE LIQUIDATION COMMITTEE 5-42
10. WHERE THERE HAS BEEN AN INACCURATE DECLARATION OF
SOLVENCY 5-47
C. THE EUROPEAN COMMUNITY REGULATION ON INSOLVENCY
PROCEEDINGS 5-51
D. VOLUNTARY WINDING-UP AND THE POWER OF THE
DIRECTORS 5-53
CONTENTS XI
6. COMPULSORY WINDING-UP: TO THE APPOINTMENT OF
THE LIQUIDATOR
A. GROUNDS AND PETITIONERS
1. INTRODUCTION 6-01
2. ON PASSING A SPECIAL RESOLUTION 6-03
3. JUST AND EQUITABLE 6-04
4. THE COMPANY CANNOT PAY ITS DEBTS 6-06
5. THE PETITIONERS 6*13
6. PETITION BY THE DIRECTORS OR THE COMPANY 6-16
7. ANY CREDITOR OR CREDITORS 6-19
8. ANY CONTRIBUTORY OR CONTRIBUTORIES 6-20
9. THE SECRETARY OF STATE 6-23
10. THE OFFICIAL RECEIVER 6-26
11. THE ATTORNEY-GENERAL 6-27
B. THE PETITION
1. THE APPLICABILITY OF THE RULES 6-28
2. THE STATUTORY DEMAND 6-29
3. PRESENTATION AND FILING 6*32
4. SERVICE AND ADVERTISEMENT 6-36
5. WITHDRAWAL OF THE PETITION 6-45
6. PREPARATION FOR THE HEARING 6*47
7. THE CONTRIBUTORY S PETITION 6-50
C. SOME COMMON ISSUES
1. RESTRAINING THE WINDING-UP PROCEEDINGS 6-52
2. A PROVISIONAL LIQUIDATOR 6-58
3. THE COURT S DISCRETION 6-66
4. DISPUTED DEBTS 6-70
5. WHERE THERE IS A PRECEDING VOLUNTARY WINDING-UP 6*72
D. FROM WINDING-UP TO THE APPOINTMENT OF THE LIQUIDATOR
1. THE WINDING-UP ORDER 6*78
2 THE LIQUIDATOR 6*81
3. THE STATEMENT OF AFFAIRS 6-85
4. REPORTING TO CREDITORS AND CONTRIBUTORIES 6-90
5. SUMMONING THE MEETINGS 6-94
6. APPOINTMENT OF THE LIQUIDATOR 6-99
7. CONSTITUTION OF THE LIQUIDATION COMMITTEE 6-108
7. THE CONDUCT OF THE LIQUIDATION
A. INTRODUCTION
1. A BRIEF SUMMARY 7-01
2. NOTIFICATION 7-04
B. MEETINGS
1. THE FUNCTION OF MEETINGS 7-05
2. CALLING THE MEETING 7-11
XII CONTENTS
3. THE CONDUCT OF THE MEETINGS 7-18
4. THE CHAIRMAN 7-19
5. ATTENDANCE OF THE COMPANY S PERSONNEL 7-21
6. EXPENSE OF SUMMONING THE MEETING 7-23
7. THE QUORUM 7-25
8. RESOLUTIONS 7-27
9. VOTING RIGHTS 7-31
10. ADJOURNMENTS 7-35
11. RECORD OF PROCEEDINGS 7-38
C. THE ROLE OF THE LIQUIDATION COMMITTEE
1. MEMBERSHIP 7-39
2. THE RIGHTS OF THE COMMITTEE 7-43
3. THE CONDUCT OF MEETINGS AND BUSINESS OF THE LIQUIDATION
COMMITTEE 7-44
D. RECOVERY AND PROTECTION OF THE COMPANY S
PROPERTY 7-52
E. PROOF OF DEBTS
1. THE COMPANY S CREDITORS 7-56
2. WHO MAY PROVE 7-59
F. DISTRIBUTION OF THE ASSETS
1. INTRODUCTION 7-71
2. PREFERENTIAL PAYMENTS 7-74
3. SECURED CREDITORS 7-85
4. THE PROCEDURE FOR DISTRIBUTING THE ASSETS 7-93
5. CHANGE OF CIRCUMSTANCES AFTER THE DISTRIBUTION OF THE
DIVIDEND 7-97
G. THE DISSOLUTION OF THE COMPANY
1. THE FINAL MEETINGS 7-101
2. EARLY DISSOLUTION 7-109
8. THE LIQUIDATOR: PERSONAL CONSIDERATIONS
A. THE ROLE AND APPOINTMENT OF THE LIQUIDATOR
1. THE ROLE OF THE LIQUIDATOR 8-01
2. THE APPOINTMENT OF THE LIQUIDATOR 8-05
3. THE LIQUIDATOR S REMUNERATION 8-08
B. TERMINATION OF THE LIQUIDATOR S APPOINTMENT
1. INTRODUCTION 8-17
2. RESIGNATION 8-18
3. REMOVAL 8-22
4. REMOVAL ON CAUSE SHOWN 8*23
5. REMOVAL BY THE DEMOCRATIC PROCESS 8-26
6. DEATH 8-36
7. LOSS OF QUALIFICATION AS AN INSOLVENCY PRACTITIONER 8-38
CONTENTS XIII
8. COURT ORDER 8-39
C. THE LIQUIDATOR POST TERMINATION OF APPOINTMENT
1. NOTICE AND TRANSFER 8-40
2. THE RELEASE OF THE LIQUIDATOR 8-43
3. THE COMPLETION OF THE LIQUIDATION 8-53
4. REVOKING A RELEASE 8-57
9. THE LIQUIDATOR: FUNCTIONS
A. SOME GENERAL OBSERVATIONS
1. THE NATURE OF THE OFFICE OF LIQUIDATOR 9-01
2. MAKING CLAIMS AGAINST A LIQUIDATOR 9-06
B. THE LIQUIDATOR S POWERS
1. INTRODUCTION 9-08
2. THE SCHEDULE 4 POWERS 9-11
3. THE APPOINTMENT OF SOLICITORS 9-16
4. THE REQUIREMENT OF CONSENT 9-17
5. THE POWER TO CARRY ON THE BUSINESS 9-20
6. PAYMENT OF CREDITORS IN FULL 9-21
7. THE POWER TO COMPROMISE CLAIMS AGAINST THE
COMPANY 9-22
8. THE POWER TO APPLY TO COURT FOR DIRECTIONS 9-24
9. THE POWER TO APPLY TO HAVE THE WINDING-UP STAYED 9-25
10. THE POWER TO CALL MEETINGS 9-26
11. THE POWER TO MAKE PAYMENTS TO THE EMPLOYEES 9-27
12. THE POWER TO TRANSFER ASSETS 9-30
13. POWER TO SEEK COMPENSATION FOR FRAUDULENT OR WRONGFUL
TRADING 9-32
14. POWER TO APPLY TO HAVE CERTAIN PRE-LIQUIDATION
TRANSACTIONS DECLARED VOID 9-33
15. POWER TO INSIST ON CONTINUATION OF SERVICES 9-34
16. POWER TO DEMAND RETURN OF COMPANY S PROPERTY, RECORDS
ETC 9-35
17. POWER TO OBTAIN INFORMATION 9-36
18. POWER TO APPLY FOR PERSONS TO BE SUMMONED BEFORE THE
COURT 9-37
19. THE POWER TO DISCLAIM ONEROUS PROPERTY 9-38
C. THE LIQUIDATOR S DUTIES
1. INTRODUCTION 9-52
2. THE DUTY TO GET IN AND DISTRIBUTE THE PROPERTY 9-53
3. THE DUTY OF NOTICE 9-55
4. THE DUTY TO HOLD CERTAIN MEETINGS 9-56
5. THE DUTY TO PROVIDE INFORMATION 9-58
XIV CONTENTS
10. THE EFFECTS OF WINDESG-UP
A. PERSONS AND PERSONALITY
1. PERSONS AFFECTED 10-01
2. THE PERSONALITY AND PROPERTY OF THE COMPANY 10-03
B. THE FREEZING EFFECT OF LIQUIDATION
1. INTRODUCTION 10-11
2. THE CESSATION OF THE BUSINESS 10-12
3. THE AVOIDANCE OF SHARE TRANSFER 10-17
4. THE AVOIDANCE OF ANY DISPOSITION OF THE COMPANY S
PROPERTY 10-19
5. PROSPECTIVE VALIDATION OF DISPOSITIONS 10-32
6. AVOIDANCE OF ATTACHMENTS, SEQUESTRATION, DISTRESS OR
EXECUTION AGAINST THE COMPANY S PROPERTY 10-39
7. STAYING ACTIONS OR PROCEEDINGS 10-41
8. THE EXERCISE OF DISCRETION: CONTINUATION OF ENFORCEMENT
PROCEEDINGS 10-49
C. DIRECTORS, EMPLOYEES AND CONTRACTS IN GENERAL
1. THE DIRECTORS 10-57
2. THE EMPLOYEES 10-63
3. CONTRACTS IN GENERAL 10-65
11. CONTRIBUTORIES AND CREDITORS
A. CONTRIBUTORIES
1. WHO IS A CONTRIBUTORY? 11-01
2. PERSONS LIABLE TO CONTRIBUTE 11-05
3. COLLECTING THE CONTRIBUTIONS 11-12
B. CREDITORS
1. DIFFERENT TYPES OF CREDITORS 11-22
2. WHO IS A CREDITOR? 11-25
3. CLAIMS THAT ARE PROVABLE 11-28
C. ORDER OF PAYMENT
1. INTRODUCTION 11-41
2. THE EXPENSES OF WINDING-UP 11-45
3. PREFERENTIAL DEBTS 11-47
4. DISTRESS CREDITORS 11*50
5. THE COMPANY S ORDINARY CREDITORS 11-54
6. SECURED CREDITORS: FLOATING CHARGES 11-60
7. SECURED CREDITORS: FIXED CHARGES 11-67
8. ISSUES OF REGISTRATION 11-69
9. RETENTION OF TITLE CLAUSES 11-71
10. SETOFF 11-74
CONTENTS XV
12. AVOIDING ANTECEDENT TRANSACTION
A. THE JUSTIFICATION FOR THIS JURISDICTION
1. INTRODUCTION 12-01
2. WHO BENEFITS? 12-04
3. WHEN MAY THESE SECTIONS BE INVOKED? 12-06
B. IA 1986 SECTIONS 238-241
1. COMMON CHARACTERISTICS 12-07
2. THE COMPANY MUST BE IN LIQUIDATION OR
ADMINISTRATION 12-09
3. THE TRANSACTION MUST BE AT AN UNDERVALUE 12-11
4. THE NATURE OF A PREFERENCE 12-15
5. THE RELEVANT TIME 12-29
6. THE COMPANY IS UNABLE TO PAY ITS DEBTS 12-37
7. THE POWERS OF THE COURT 12-38
C. EXTORTIONATE CREDIT TRANSACTIONS 12^3
D. THE AVOIDANCE OF FLOATING CHARGES
1. INTRODUCTION 12^4-8
2. WHAT IS A FLOATING CHARGE? 12-50
3. WAS THE FLOATING CHARGE CREATED WITHIN THE RELEVANT
TIME? 12-56
4. WAS THE COMPANY UNABLE TO PAY ITS DEBTS? 12-57
5. HAS THE COMPANY RECEIVED ANYTHING IN EXCHANGE FOR THE
CHARGE? 12-58
E. THE UNENFORCEABILITY OF LIENS 12-64
F. PERSONS CONNECTED WITH THE COMPANY
1. DIRECTOR AND SHADOW DIRECTOR; ASSOCIATE 12-65
G. TRANSACTIONS DEFRAUDING CREDITORS
1. IA 1986 SECTIONS 423-425 12-68
2. VICTIMS OF THE TRANSACTION 12-71
3. A COMPARISON 12-72
13. PROCEEDINGS AGAINST THE DIRECTORS
A. INTRODUCTION 13-01
B. FRAUDULENT TRADING
1. THE SUBSTANCE OF THE JURISDICTION 13-14
2. CHANGES FROM THE OLD JURISDICTION TO THE NEW 13-18
C. WRONGFUL TRADING AND MISFEASANCE
1. THE APPLICATION 13-21
2. REASONABLENESS : AN OBJECTIVE TEST 13-23
3. THE DIRECTOR S DEFENCE 13-27
4. PROCEDURE 13-30
XVI CONTENTS
4. MISFEASANCE*THE TRADITIONAL REMEDY 13-35
D. RESTRICTIONS AND DISQUALIFICATIONS
1. INTRODUCTION 13^7
2. RESTRICTIONS ON THE RE-USE OF NAMES 13-49
3. RELAXING THE RESTRICTION 13-56
4. DISQUALIFICATION 13-59
PART HI
THE PUBLIC DIMENSION
14. INVESTIGATIONS
A. INVESTIGATION PROCEDURES 14-01
B. THE PUBLIC EXAMINATION
1. THE COURT S DISCRETION 14-09
2. THE OFFICIAL RECEIVER S INDEPENDENT APPLICATION 14*14
3. THE APPLICATION ON BEHALF OF THE CREDITORS OR
CONTRIBUTORIES 14*23
4. THE EXAMINATION 14-29
C. THE PRIVATE EXAMINATION
1. THE COURT S POWERS 14*33
2. THE APPLICATION 14*40
3. THE COURT S POWERS 14-^43
15. INSOLVENCY PRACTITIONERS
A. THE QUALIFICATION AND AUTHORISATION OF INSOLVENCY
PRACTITIONERS
1. THE CORK COMMITTEE S RECOMMENDATIONS 15-01
2. THE REQUIRED QUALIFICATIONS 15-05
3. THE CONSEQUENCES OF ACTING WITHOUT QUALIFICATION 15-10
4. THE MACHINERY FOR ACQUIRING AUTHORISATION TO ACT AS AN
INSOLVENCY PRACTITIONER 15-13
5. THE OLD-STYLE RECEIVER 15-16
16. CROSSING INTERNATIONAL BORDERS
A. THE CROSS BORDER PHENOMENON
1. INTRODUCTION 16-01
2. CROSS BORDER DEBT AND INSOLVENCY 16-09
3. THE UNITED KINGDOM S UNILATERAL CROSS BORDER LAWS 16-19
B. THE EUROPEAN UNION REGULATION ON INSOLVENCY
PROCEEDINGS
1. PREAMBLE 16-36
2. MAIN AND SECONDARY INSOLVENCY PROCEEDINGS 16-40
CONTENTS XVII
3. THE SCOPE OF THE JURISDICTION OF THE MAIN INSOLVENCY
PROCEEDINGS 16-56
4. INTER-RELATIONSHIP BETWEEN MAIN AND TERRITORIAL
INSOLVENCIES AND SPECIAL CLAIMS 16-64
5. RECOGNITION OF OFFICERS AND THE ROLE OF THE COURT 16-80
C. THE UNCITRAL MODEL LAW
1. GENERAL SCOPE 16-90
2. AREAS OF ASSISTANCE AVAILABLE UNDER THE MODEL LAW 16-93
3. CONCLUSION 16-102
17. TAX IN LIQUIDATION AND ADMINISTRATION
A. GENERAL INTRODUCTION
1. TAX IMPLICATIONS OF LIQUIDATIONS AND ADMINISTRATIONS 17-01
B. GENERAL EFFECT OF THE COMMENCEMENT OF LIQUIDATION
ON TAX LIABILITIES
1. LIQUIDATIONS
/./ TAX PLANNING 17-03
2. CORPORATION TAX 17-04
3. PRIORITY OF TAX LIABILITIES 17-07
4. OTHER CONSIDERATIONS 17-08
C. TAX LIABILITIES FOR PERIODS PRIOR TO COMMENCEMENT OF
THE LIQUIDATION
1. PRIORITY OF TAX LIABILITIES 17-09
D. TAX LIABILITIES ARISING ON TRANSACTIONS DURING THE
LIQUIDATION PERIOD
1. THE LIQUIDATOR S LIABILITY 17-11
E. INTEREST ON OVERDUE TAX
1. THE INTEREST PAYABLE
1.1 EXPENSES OF LIQUIDATION 17-14
1.2 PRE-LIQUIDATION LIABILITIES 17-15
1.3 INSOLVENCY ACT LIQUIDATIONS 17-16
F. CROWN RIGHT OF SETOFF
1. THE APPLICATION OF SETOFF. 17-18
G. AGREEING TAX LIABILITIES FOR ACCOUNTING PERIODS PRIOR
TO COMMENCEMENT OF LIQUIDATION
1. INITIAL STEPS 17-19
2. DELAYED SETTLEMENT OF TAX LIABILITIES
2.1 HMRC AGREEMENT 17-20
2.2 SELF ASSESSMENT 17-21
3. INFORMATION 17-22
4. NO PROFIT/NO LOSS AGREEMENTS 17-23
5. LOSSES , 17-24
I CONTENTS
H. COMPUTATION OF TAX LIABILITIES ARISING ON
TRANSACTIONS AFTER THE COMMENCEMENT OF LIQUIDATION
1. GENERAL 17-26
2. POST-CESSATION RECEIPTS AND PAYMENTS
2.1 RECEIPTS 17-27
2.2 EXPENSES 17-28
3. INVESTMENT INCOME 17-29
4. INVESTMENT COMPANIES 17-30
5. CAPITAL GAINS
5.7 CORPORATION TAX ON CHARGEABLE GAINS 17-32
5.2 THE LIQUIDATOR S FEES 17-33
5.3 INFORMATION 17-34
6. LIQUIDATOR S FEES 17-35
7. LOAN RELATIONSHIPS
7.1 RELIEF FOR INTEREST PAID*LOAN RELATIONSHIPS DEBITS 17-36
7.2 INTEREST ACCRUED*LOAN RELATIONSHIP CREDITS 17-38
7.3 RELEASE OF FINANCIAL DEBTS 17*40
8. RATE OF CORPORATION TAX
8.1 FIXING THE RATE 17-41
8.2 LIQUIDATION COMPLETED BEFORE CORPORATION TAX RATE
FIXED 17-42
8.3 SMALL COMPANIES RATE 17-43
9. CORPORATION TAX SELF ASSESSMENT AND PAYMENT OF
CORPORATION TAX 17-45
I. IMPLICATIONS OF RUNNING DOWN A BUSINESS AND CEASING
TO TRADE
1. TRADING DURING LIQUIDATION
1.1 TIMING OF CESSATION 17*47
1.2 DATE OF CESSATION 17-48
1.3 CASE LAW PRECEDENTS 17-49
1.4 PRACTICAL STEPS 17-51
2. TAX IMPLICATIONS OF CESSATION OF TRADE 17-52
3. ACCOUNTING PERIODS 17-53
4. CAPITAL ALLOWANCES: PLANT AND MACHINERY 17-54
5. STOCK 17-55
6. TRADING LOSSES
6.1 GENERAL 17-56
6.2 OFFSET AGAINST TOTAL PROFITS OF THE SAME OR PREVIOUS
ACCOUNTING PERIOD 17-57
6.3 TERMINAL LOSS CLAIM 17-58
6.4 GROUP RELIEF 17-59
7. TRADING EXPENSES 17-60
8. CAPITAL LOSSES 17-61
CONTENTS XIX
J. IMPLICATIONS OF THE COMMENCEMENT OF LIQUIDATION FOR
GROUPS OF COMPANIES
1. THE GENERAL POSITION
1.1 LOSS OF GROUP RELATIONSHIP 17-62
1.2 CORPORATION TAX 17-63
1.3 RESTRUCTURING THE GROUP 17-64
2. GROUP RELIEF FOR TRADING LOSSES
2.1 GROUP DEFINITION 17-67
2.2 CLAIMS AND SURRENDERS 17-68
2.3 RELEVANT ACCOUNTING PERIODS 17-69
2.4 ARRANGEMENTS FOR THE TRANSFER OF THE COMPANY TO
ANOTHER GROUP (CTA 2010 SECTIONS 154, 155) 17-70
2.5 PAYMENT FOR GROUP RELIEF. 17-71
3. CAPITAL GAINS
3.1 THE GROUP RELATIONSHIP 17-73
3.2 75PER CENT GROUPS 17-74
3.3 TRANSFER OF ASSETS BETWEEN GROUP COMPANIES 17-75
K. CLOSE COMPANIES 17-77
1. MEANING OF CLOSE 17-78
2. LOANS/BENEFITS TO PARTICIPATORS
2.1 LOANS 17-80
2.2 BENEFITS 17-81
2.3 CLOSE INVESTMENT HOLDING COMPANIES ( CIC ) 17-82
L. POINTS TO CONSIDER WHERE A RECEIVER HAS BEEN
APPOINTED
1. REVIEWING THE RECEIVER S ACTIONS 17-84
2. RECEIVER APPOINTED UNDER A FIXED CHARGE 17-85
3. ADMINISTRATIVE RECEIVER 17-86
4. ACCOUNTING FOR TAX DEDUCTIONS 17-88
5. DATE OF COMMENCEMENT OF LIQUIDATION 17-89
6. AGREEING TAX LIABILITIES 17-90
7. LIAISON BETWEEN RECEIVER AND LIQUIDATOR
7.1 INFORMATION 17-91
7.2 FUNDS 17-92
M. POINTS TO CONSIDER WHERE AN ADMINISTRATOR HAS BEEN
APPOINTED
1. PRE-ENTERPRISE ACT 2002* OLD RULES 17-93
2. POST-ENTERPRISE ACT 2002 17-94
3. ADMINISTRATION, TAX LIABILITIES AND USE OF LOSSES 17-95
3.1 ACCOUNTING PERIODS 17-96
3.2 CAPITAL GAINS, TRADING LOSSES 17-97
3.3 LONG PERIODS 17-98
3.4 TRADING LOSSES AND CAPITAL ALLOWANCES 17-99
3.5 CAPITAL LOSSES 17-101
4. HIVE DOWNS (CTA 2010 SECTION 940A) 17-102
XX CONTENTS
5. SUBSTANTIAL SHAREHOLDING EXEMPTION ( SSE ) 17-106
N. SHAREHOLDERS IN LIQUIDATION
1. GENERAL 17-108
2. DISTRIBUTIONS
2.1 CAPITAL GAINS TAX CONSIDERATIONS 17-109
2.2 PART-DISPOSAL RULES 17-110
2.3 NEGLIGIBLE VALUE CLAIMS 17-111
3. DOUBLE TAXATION OF CAPITAL GAINS 17-112
O. VALUE ADDED TAX
1. THE IMPORTANCE OF VAT 17*113
2. APPOINTMENT OF A LIQUIDATOR OR ADMINISTRATOR 17-114
3. REGISTRATION AND DEREGISTRATION 17-115
4. VAT RETURNS 17-117
5. SUPPLIES 17-118
6. SALE OF BUSINESS AS A GOING CONCERN 17-119
7. RELIEF FOR INPUT TAX 17-121
8. REFUNDS AND CROWN SETOFF 17-122
9. GROUP VAT REGISTRATION 17-123
10. SERVICES INCURRED FOR THE PURPOSES OF THE WINDING-UP 17-124
P. PAYE
AND NATIONAL INSURANCE CONTRIBUTIONS
1. LIQUIDATOR S/ADMINISTRATOR S INITIAL DUTIES 17*126
2. THE LIQUIDATOR S/ADMINISTRATOR S DUTIES AS EMPLOYER 17-127
3. EMPLOYEES PREFERENTIAL CLAIMS 17-128
4. EMOLUMENTS PAID AFTER CESSATION OF EMPLOYMENT 17-129
APPENDIX: THE ORIGINAL ADMINISTRATION
A. APPLYING FOR ADMINISTRATION AL-10
B. THE EFFECT OF THE APPLICATION AL-19
C.
THE ADMINISTRATION ORDER
AL-26
D. THE ADMINISTRATOR A1^I5
E.
COMPLAINTS OF UNFAIRLY PREJUDICIAL CONDUCT
AL-65
F.
THE CREDITORS COMMITTEE
AL-70
PAGE
INDEX 485
|
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