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The main sources of law include the Insolvency Act 1986, the Insolvency Rules 1986 (SI 1986/1925, replaced in England and Wales from 6 April 2017 by the Insolvency Rules (England and Wales) 2016 (SI 2016/1024) – see below), the Company Directors Disqualification Act 1986, the Employment Rights Act 1996 Part XII, the EU Insolvency Regulation ...
In England and Wales, bankruptcy is governed by Part IX of the Insolvency Act 1986 (as amended) and by the Insolvency Rules 1986 (as amended). The term bankruptcy applies only to individuals, not to companies or other legal entities. An individual may be made bankrupt only by court order following the presentation of a bankruptcy petition.
In the UK, insolvency practitioners are subject to oversight and inspection by their recognised professional body. Insolvency is a regulated profession under the Insolvency Act 1986 [ 1 ] and anyone who wishes to practise as an IP needs to pass the JIEB exams ; a set of three examination papers set by the Joint Insolvency Examination Board (JIEB).
Administration in United Kingdom law is the main kind of procedure in UK insolvency law when a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner whose statutory duty is to rescue the company, save the business, or get the best result possible.
The Bankruptcy Act 1869 (32 & 33 Vict. c. 71) was an act of the Parliament of the United Kingdom. Section 32 established the first statutory regime for preferential debts in bankruptcy, between local rates, taxes, wages and salaries of clerks, servants, labourers and workers.
An individual may voluntarily petition the local Court with bankruptcy jurisdiction for a Bankruptcy Order (BO)to be made, usually by a District Judge. The petition will require a supporting statement of affairs. On the making of the BO, the Court notifies the Official Receiver (OR) and may in certain cases also appoint an Insolvency Practitioner.
Professional social situations can be awkward. And, unfortunately, many people wind up making fools of themselves because they don't understand that etiquette rules in business differ from those ...
Bankruptcy in England and Wales (7 P) Bankruptcy in Scotland (7 P) I. Insolvency law of the United Kingdom (2 C, 35 P) ... Code of Conduct; Developers; Statistics;