Insolvency

All Commons Briefing Papers
30 Documents
DateDescription
04.10.2016Regulation of Insolvency Practitioners (IPs)
This Commons briefing paper provides an outline of the current regulation of insolvency practitioners (IPs). It also provides information on how a complaint can be made against an authorised IP.
12.05.2016Employment rights and insolvency
This briefing describes the options available to employees when owed money by an insolvent employer or one who refuses to pay statutory redundancy pay.
12.04.2016Company administration
This note provides an outline of the main characteristics and objectives of the administration process (including pre-pack administration) and the steps involved in order to put a company into administration. It also highlights why, in certain circumstances, administration can be an important company rescue insolvency procedure.
06.04.2016Individual Voluntary Arrangements (IVAs)
This Commons briefing paper provides an overview of Individual Voluntary Arrangements (IVAs), including information on: who is eligible to start an IVA; the IVA process; and the advantages and disadvantages of an IVA. This Paper applies only to England, Wales and Northern Ireland. Scotland has its own law on personal insolvency, including the option of a Protected Trust Deed (instead of an IVA).
04.04.2016Bankruptcy
This Commons briefing paper provides a brief outline of bankruptcy procedures in England and Wales.
04.02.2016Phoenix trading
This Library briefing paper looks in detail at the legality of phoenix trading and at the personal liability of directors to the creditors of an insolvent company. In addition to the Insolvency Act 1986 (as amended) and the Enterprise Act 2002, this note looks at new provisions contained in the Small Business Enterprise and Employment Act 2015, which received Royal Assent on 26 March 2015.
21.01.2016Pre-pack administrations
This briefing paper, written by the Commons Library, will explain in detail at how pre-pack administrations work in practice under revised SIP 16; the 'pros and cons' of the procedure; the recommendations of the Graham Review; and provides a summary of the measures introduced by the Small Business Enterprise and Employment Act 2015. This briefing paper applies to England and Wales, and Scotland.
04.01.2016Debt Relief Orders
Debt Relief Orders (DROs) were introduced under the Tribunals, Courts and Enforcement Act 2007 (TCEA 2007) and came into force on 6 April 2009.This briefing paper outlines the background to the introduction of Debt Relief Orders and the main features of the new orders with particular emphasis on the eligibility criteria.
10.12.2015Company Voluntary Arrangements
This briefing paper provides a detailed overview of the Company Voluntary Arrangement (CVA) procedure.
07.12.2015Can an undischarged bankrupt open a bank account?
This briefing paper considers how a bankruptcy order will affect an existing bank account and the basis on which an undischarged bankrupt may be able to open and operate a new current account.
26.11.2015Corporate insolvency: Insolvency Practioners' fees
This briefing paper has been replaced by a new paper on 'Insolvency Practitioners' Fees' (CBP 7402), dated 25 November 2015, which looks in detail at the new provisions of the Insolvency (Amendment) Rules 2015.
25.11.2015Insolvency Practitioners' Fees
New rules requiring Insolvency Practitioners to provide upfront estimates of what they will charge for their work came into force on 1 October 2015. This briefing paper provides information on the background to, and the main provisions of, the Insolvency (amendment) Rules 2015.
02.11.2015Corporate Economic Crime
A forthcoming backbench business committee debate looks at corporate economic crime. This brief outlines the issues involved and highlights those responsible for prosecuting such crime. It includes links to further reading and resources.
08.10.2015Discharge from bankruptcy
The purpose of this note is to provide an overview of the discharge from bankruptcy procedure. In the process, it also considers the effect of discharge; the circumstances which may cause automatic discharge to be postponed by the court; and when a Bankruptcy Restrictions Order may be imposed.
08.10.2015What happens to gift vouchers when a company stops trading?
The purpose of this note is to explain the treatment of gift vouchers and prepayment cards when a company, in financial difficulty, goes into administration. It outlines the administration process and the statutory order of distribution to creditors of realised company assets. It also considers the possibility of a consumer obtaining a refund if the gift voucher was bought with a credit or debit card. Finally, this paper briefly explores whether there may be scope for a change in the law in this area
07.10.2015Bankruptcy: trustee's right of inquiry
A trustee in bankruptcy has a duty to investigate the conduct and financial affairs of the bankrupt for the period leading up to his/her bankruptcy in order to establish the causes of the bankrupt's failure. This briefing paper provides an outline of the trustee's right of inquiry into the bankrupt's property and dealings, including his right to examine third parties. In the process, this paper will also summarise the general aims of the trustee.
06.10.2015Would a bankrupt be able to keep an inheritance?
A 'beneficiary of an estate' is an individual who receives, or may become eligible to receive, benefits under a will. Depending on the exact circumstances, a beneficiary who is still bankrupt may not be entitled to receive their inheritance, as it may need to go towards the payment of their debts under the bankruptcy. This briefing paper provides a brief outline of the position.
06.10.2015What assets vest in the trustee in bankruptcy?
Once a bankruptcy order has been made by the court, a trustee in bankruptcy will be appointed to collect in and sell the bankrupt's assets for the benefit of the creditors. As at the date of the order, the bankrupt's estate vests in the trustee. This note defines the 'bankruptcy estate' and looks at the treatment of income, pension and matrimonial home on bankruptcy. It also considers the circumstances where assets disposed of by the bankrupt before the commencement of the bankruptcy may be reclaimed by the trustee and the treatment of after-acquired property.
01.10.2015What will happen to the bankrupt's home?
The purpose of this Commons briefing paper is to provide a general outline of what will happen to the bankrupt's home under current insolvency legislation. This Paper applies only to England and Wales. Scotland has its own separate bankruptcy law (known as sequestration).
01.10.2015Bankruptcy and the treatment of pensions
This note provides an outline of the treatment of pensions on bankruptcy.
21.01.2015Compulsory liquidation of a company
This note outlines the compulsory liquidation process. Separate Library note SN/HA/4915 deals with administration.
17.11.2014Small Business, Enterprise and Employment Bill: Committee stage report
This is a report on the House of Commons Committee stage of the Small Business, Enterprise and Employment Bill.
10.07.2014Small Business, Enterprise and Employment Bill
The Small Business, Enterprise and Employment Bill will receive its Second Reading in the House of Commons on 16 July 2014.
12.05.2014Deregulation Bill: Committee Stage Report
The Bill proposes a range of measures in line with the Government's aim to reduce regulatory burdens on businesses and public authorities.
30.01.2014Deregulation Bill
The Bill proposes a range of measures in line with the Government's aim to reduce burdens on businesses and public authorities.
05.03.2013Crime and Courts Bill [HL] - reform of bailiffs
This note provides a summary of the problems identified with the current regulatory system for bailiffs and the background to bailiff reform. It also provides an outline of the Government's proposed reforms as set out in its consultation paper, 'Transforming bailiff action'. Importantly, it considers the new bailiff provisions embodied in 'enforcement by taking control of goods' in the Crime and Courts Bill, which seek to amend Part 3 and Schedule 12 of the TCEA 2007.
03.10.2012Enterprise and Regulatory Reform Bill: Committee Stage Report
This is a report on the Public Bill Committee Stage of the Enterprise and Regulatory Reform Bill. It is designed to complement the Research Paper Enterprise and Regulatory Reform Bill (RP 12/33), which covers in more detail the background to the Bill
07.06.2012Enterprise and Regulatory Reform Bill
The Enterprise and Regulatory Reform Bill introduces reforms in a number of areas.
01.03.2007The Tribunals, Courts and Enforcement Bill [HL]
04.04.2002Enterprise Bill (Bill 115 of 2001-02)
Enterprise Bill ( Bill 115 of 2001/02). House of Commons Library Research Paper 02/21.