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There is also a UK insolvency law which applies across the United Kingdom, since bankruptcy refers only to insolvency of individuals and partnerships. Other procedures, for example administration and liquidation, apply to insolvent companies. However, the term 'bankruptcy' is often used when referring to insolvent companies in the general media.
United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006. Insolvency means being unable to pay debts. [2]
Dickson Minto established a formal alliance with New York–based international law firm Willkie Farr & Gallagher which is known for its investment fund, bankruptcy, corporate and securities work. The two firms plan to cooperate on servicing clients under UK and US law, as well as utilizing Willkie's network of European offices.
Note: A few UK based law firms have merged with another entity which may be located outside of the UK for example London's Allen & Overy merged with New York's Shearman in May of 2024, the result of this is the removal of the US revenue and number of lawyers from the list to just account for its UK operations.
Bankruptcy laws vary somewhat between Scotland, Northern Ireland, Wales and England. In England, Wales & Northern Ireland, the applicable law is the Insolvency Act 1986. [example needed] Bankruptcy requires the surrender of all valuable assets to the Official Receiver, including any property interests. It is extremely unlikely the business ...
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.
Under UK law, unless an official receiver already holds office, the following types of formal insolvency procedure must be dealt with by a licensed insolvency practitioner: Administrations; Administrative receiverships; Bankruptcy; Company voluntary arrangements; Compulsory liquidations; Creditors' voluntary liquidations; Deeds of arrangement
In UK law, the administration regime is governed by the Insolvency Act 1986, as amended by the Enterprise Act 2002. An "administrator" can be appointed without petitioning the court by the holder of a floating charge (created since 15 September 2003), by the company or by its directors. Other creditors must petition the court to appoint an ...