CORPORATE INSOLVENCY

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CORPORATE INSOLVENCY

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VOLUNTARY ADMINISTRATION

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.

Effect of

Moratorium on claims against the Company

Exceptions

stay of proceedings

Meetings of Creditors

Duration

Administrator

Notification Requirements

Qualification Requirements

by Secured Party

by Liquidator

by Directors

CORPORATE RESTRUCTURING

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.

Process: the Restructuring Plan

Employees

Creditors

Company, Directors, and members

Company Eligibility

Restructuring Practitioner

Role

Appointment

DEED OF COMPANY ARRANGEMENT (DOCA)

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

Termination & Invalidation

Variation

Effect

employees

company and officers

moratoriums

prevention of winding up applications

limitation of rights by court

creditors

Lessors / Owners

unsecured creditors

secured creditors

Execution

Terms

Purpose

LIQUIDATION / WINDING-UP

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.

Liquidators

Termination of Liquidation

Voluntary Liquidation

Compulsory Liquidation

Reasons other than Insolvency

Due to Insolvency

Applications

Consequences for abuse of process

Procedure

Permission

Eligibility

SCHEMES OF ARRANGEMENT

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.

RECEIVERSHIP

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.

Duties

Liabilities

Breach of duty

Contracts

Duties

Satutory

Common Law

Powers

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To obtain information

To Sell

Appointment

by the Court

by Secured Creditors

Receiver and Receiver Managers