Purnells' Guides

Members Voluntary Liquidations

Purnells' guide to Members Voluntary Liquidations can be found here.

Differing Roles of an IP

This document explains the different roles undertaken by an Insolvency Practitioner in relation to a Voluntary Arrangement, when they move from Nominee to Supervisor. The document can be found here.

Income & Expenditure ("I & E") Statement

Often, an individual in financial distress, will be asked to provide an I & E statement to their creditors. This document outlines the main income and expenditures incurred in a month to consider and can be found here.

Purnells Terms and Conditions

Our Terms and Conditions of business should be reviewed by any prospective client, as they will be asked to return a signed copy before work can commence. Those are located here.

Statements of Insolvency Practice ("SIP")

We have listed here the SIPs that we believe are most important to creditors, directors and debtors.:

SIP 3.1 - Individual Voluntary Arrangements

SIP 3.2 - Company Voluntary Arrangements

SIP 4 - Disqualification of Directors

SIP 8 - Summoning and holding meetings of creditors convened pursuant to section 98 of the insolvency act 1986

SIP 9 - Payments to insolvency office holders and their associates

SIP 13 - Acquisition of assets of insolvent companies by directors

SIP 16 - Pre-packaged sales in adminstrations

The Insolvency Act and Insolvency Rules 1986

We have listed below several pieces of legislation that we believe may be of interest to Directors wishing to liquidate their Company and purchase the assets of that Company to continue trading.

Section 216 - Restriction on re-use of Company names

Section 217 - Personal liability for debts, following contravention of section 216

Rule 4.228 - First excepted case (from section 216)

Rule 4.229 - Second excepted case (from section 216)

Rule 4.230 - Third excepted case (from section 216)

The above can be found in one document here.

Governing Body Guidance

Our Governing Body have released guidance in respect of Voluntary Arrangements. They consider it best practice to release these information documents to Debtors for them to consider before entering a Voluntary Arrangement. That document can be found here.

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