Insolvency Made Clear: A Guide for Debtors

More documents

Info

Legal Terms Defined A ‘third party’ is a stranger to either a) a transaction or b) a legal claim. For an example of each: a) if a lender makes a loan with a debtor, the debtor’s spouse is a ‘third party’ to the loan; and b) if a creditor applies to make the debtor bankrupt, the debtor’s family are ‘third parties’ to the bankruptcy petition. The ‘Trustee in Bankruptcy’ or ‘Trustee’ is the Insolvency Practitioner who takes control over the bankrupt’s financial affairs. This will be the only way in which the word ‘Trustee’ is used in this book. A transaction at an ‘undervalue’ is one where the asset is transferred for less than it is worth: for example, if something of value is given away for free. An ‘undischarged bankrupt’ is someone whose bankruptcy is continuing; but a ‘discharged bankrupt’ has completed the process. A ‘validation’ order is where the court gives permission for a transaction to take place. This is necessary if the transaction took place after the presentation of a bankruptcy or winding up petition. ‘Vests’ refers to the transfer of ownership of property, e.g. if I sell a car, the car vests in the purchaser. The ‘winding up’ of a company is the same as its liquidation. A ‘without prejudice’ document is a confidential communication which tries to settle a dispute. Without prejudice communication is privileged: it cannot be shown to the judge. A ‘witness statement’ is a formal written account of events. Witness statements typically contain an exhibit with documents as supporting evidence. It is the primary way in which someone gives the court information. Symbols and acronyms Numbers in square brackets are usually paragraph references to a judgment. Legal cases have standard ways of being referred to (‘cited’). The most common, and the version this book uses where possible, is the ‘neutral citation’. An example is [2021] EWHC 222: this means that judgment was given in 2021, in the England and Wales High Court, and it was the 222 nd judgment that year. Sometimes the letters (Ch) appear afterwards: this refers to the ‘Chancery’ division of the High Court. Another example could be [2021] EWCA Civ 123 where EWCA refers to the England and Wales Court of Appeal and Civ means that it is a civil, as opposed to a criminal, case. xxvii
Insolvency Law Made Clear – A Guide For Debtors The name of a legal case is usually underlined, bold or in italics to distinguish it from the names of the people involved. For example, Donoghue v Stevenson refers to the case between a Mrs Donoghue and a Mr Stevenson. After the first instance, it is common to refer to a case using just one of the names, for example simply Donoghue. The ‘CPR’ are the Civil Procedure Rules 1998: http://www.justice.gov.uk/courts/ procedure-rules/civil/rules. Alongside the CPR, there are civil procedure Practice Directions (‘PD’) which are, in effect, further rules of civil procedure. The ‘IR’ are the Insolvency (England and Wales) Rules 2016: https://www.legislation.gov.uk/uksi/2016/1024/contents/made. The ‘CDDA’ is the Company Directors Disqualification Act 1986: https://www. legislation.gov.uk/ukpga/1986/46/contents. The ‘OR’ is the Official Receiver (see above). The ‘PR’ is the Personal Representative (see above). xxviii
Page 1 and 2: INSOLVENCY LAW MADE CLEAR A GUIDE F
Page 3 and 4: Published June 2021 ISBN 978-1-9163
Page 6: Acknowledgments I owe special thank
Page 9 and 10: Insolvency Law Made Clear - A Guide
Page 20 and 21: Preface: the effects of the pandemi
Page 22 and 23: Legal terms defined ‘The Act’:
Page 24 and 25: Legal Terms Defined A ‘dispositio
Page 26 and 27: Legal Terms Defined a bankruptcy or
Page 30 and 31: Introduction and aim of this book T
Page 32 and 33: Introduction And Aim Of This Book A
Page 34: Part 1 BANKRUPTCY The next few chap
Page 46 and 47: Chapter 2 Effect of bankruptcy This
Page 48 and 49: Effect Of Bankruptcy will only choo
Page 50 and 51: Effect Of Bankruptcy Box 5: HOW MUC
Page 52 and 53: Effect Of Bankruptcy by giving noti
Page 54 and 55: Effect Of Bankruptcy the seller goe
Page 56 and 57: Effect Of Bankruptcy The judge held
Page 58 and 59: Effect Of Bankruptcy Finally, the f
Page 60 and 61: Effect Of Bankruptcy to have an awk
Page 62 and 63: Effect Of Bankruptcy 2.10 Running t
Page 64 and 65: Effect Of Bankruptcy although it is
Page 66 and 67: Effect Of Bankruptcy either volunta
Page 68 and 69: Effect Of Bankruptcy 2.16 Investiga
Page 70 and 71: Effect Of Bankruptcy ‘privileged

Insolvency Made Clear: A Guide for Debtors

Create successful ePaper yourself

Delete template?

Save as template?