IRRV EAST MIDLANDS ASSOCIATION 24 February 2010

AGENDA NNDR and the likely insolvency processes Administration Liquidation Voluntary Arrangements Other Processes Questions

NNDR NNDR and the likely insolvency processes

ADMINISTRATION Rescue culture Process Moratorium Administrators powers and duty Exit procedures and Dividends

CREDITORS VOLUNTARY LIQUIDATION Liquidation is a terminal procedure Directors decision Advising member = IP acts for the company Shareholder’s resolution S98 Meeting of creditors Directors Disqualification

COMPULSORY LIQUIDATION Creditor petitions for the winding up The Court decides whether to wind up the company The Official Receiver becomes Liquidator The Official Receiver investigates A Liquidator is appointed if assets to sell or potential recoveries from investigations

VOLUNTARY ARRANGEMENTS A contract with creditors

THE PROCESS Debtor approaches IP IP = Nominee Draft proposals Application interim order Nominee reports to Court Calls creditors meeting

CREDITORS MEETING 10.00am to 4.00pm business day CLEAR 14 days notice Proxy lodged up to voting at meeting Adjourn any number of times, up to 14 days (if no agreement = rejection) Modify the proposal

OTHER INSOLVENCY PROCESSES

Administrative Receivership Members Voluntary Liquidation (solvent liquidation) Court Appointed Receiver Provisional Liquidation LPA Receiver

LPA RECEIVERSHIPS Appointment Process Duty of Receiver - NNDR/CTAX Recovery Action

DISCLAIMING LEASES AND COSTS Liquidator Administration and leases Goldacre v Re Atlantic Computer

PHOENIX What can you do? Section 216 Notice Director breaching their duty Dissolved company with ongoing liabilities

QUESTIONS?

CONTACT DETAILS STEVE ILLES Head of Courtwork Client Services 55 Baker Street London