By Frank Brumby;Andrew McTear;Chris Williams;Rosy Border
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Additional info for Corporate Insolvency (Pocket Lawyer)
The liquidator can go back to the date the petition was filed, in order to reclaim or rectify the position as it was then. The time limits relating to various wrongdoings by directors (such as preferences and transactions at an undervalue – see ‘Buzzwords’ under antecedent transactions), commence from the date of the presentation of the petition and not the date of the winding up order. Can you spot insolvency? Companies in financial difficulty usually track a well trodden path along the corporate decline curve in figure 1.
However, in practice the CVA procedure has been little used, with about 10 CVAs in comparison to 1,000 creditors’ voluntary liquidations each month. There are a number of reasons why the ‘old’ procedure was unpopular, but the lack of a moratorium period to give protection from a creditor enforcement action in the lead up to the creditors’ meeting was often given as the main reason, though, as you will see, this is not always the case. So new provisions dealing with a CVA with a moratorium came into force on 1 January 2003.
TURNAROUND 27 You have had the use of their money and they will suffer if you go bust. Most of what you should and shouldn’t be doing is common sense, but here are some pointers. Do’s and don’t’s Do: ❍ Take stock of your situation. ❍ Talk to your advisor or a valued friend. ❍ Understand how you have got into your current situation. ❍ Prepare a plan for at least the next few months. ❍ Be realistic. ❍ Act in the best interests of your creditors. ❍ Ask your accountant or lawyer to recommend an Insolvency Practitioner.
Corporate Insolvency (Pocket Lawyer) by Frank Brumby;Andrew McTear;Chris Williams;Rosy Border