CORPORATE
INSOLVENCY

A form of Administration relating to the property of a company that involves the appointment of an independent, registered insolvency practitioner called a 'Receiver'.
The role of a Receiver, if appointed by a secured Creditor, is to take possession of the associated secured property, sell it, and pay the outstanding debt from the proceeds.

Receiver and Receiver Managers

Appointment

by Secured Creditors

by the Court

Powers

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To Sell

To obtain information

Duties

Common Law

Satutory

Liabilities

Contracts

Breach of duty

Duties

A form of External Administration that enables the rights and liabilities of shareholders and creditors to be reorganised under court supervision.
The aim of this form of ExtAdmin is to obtain a binding agreement that alters the legal rights of creditors and shareholders.

A form of External Administration that has the ultimate result of a company being de-registered and ceasing to exist.
The process involves the appointment of an external independent registered 'Liquidator' who takes control of the company from both the director and shareholders.
The Liquidator's role is to wind up the company's affairs, sell its property, pay debts owed and distribute any surplus amongst the shareholders.

Compulsory Liquidation

Due to Insolvency

Applications

Eligibility

Permission

Procedure

Consequences for
abuse of process

Reasons other than Insolvency

Voluntary Liquidation

Termination of Liquidation

Liquidators

One of the possible outcomes for a company put into voluntary administration.

Purpose

Execution

Terms

Effect

creditors

secured creditors

unsecured creditors

Lessors / Owners

moratoriums

limitation of rights by court

prevention of winding up applications

company and officers

employees

Variation

Termination & Invalidation

Occurs when a company appoints a 'Restructuring Practitioner' who assists with the development of a restructuring plan to repay existing debts owed to creditors.
In a restructuring scheme, directors continue to control the company, rather than the Restructuring Practitioner taking over from directors and shareholders.

Restructuring Practitioner

Appointment

Role

Eligibility

Company Eligibility

Effect

Company, Directors, and members

Creditors

Employees

Process: the
Restructuring Plan

A form of Administration (both Internal and External) that involves the appointment of a registered, independent insolvency practitioner called an 'Administrator'.
The role of an Administrator is to take complete control of an insolvent company, generally for a relatively short period, to maximise the chances of a company remaining in existence or, if that is not possible, achieving a better outcome for creditors than what would occur if the company was immediately wound up.

Administrator

Appointment

by Directors

by Liquidator

by Secured Party

Qualification Requirements

Notification Requirements

Duration

Meetings of Creditors

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Effect of

Moratorium on claims against the Company

Purpose

stay of proceedings

Exceptions