Purnells Resource Page
Purnells' guide to Creditors Voluntary Liquidation's for directors of insolvent companies can be found by using this link.
Purnells' guide to Members Voluntary Liquidations can be found by using this link.
This document explains the different roles undertaken by an Insolvency Practitioner in relation to a Voluntary Arrangement, when they move from Nominee to Supervisor.
Often, an individual in financial distress, will be asked to provide an I & E Statement to their creditors. This document outlines the indiviuals income and expenditure incurred in a month.
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.
Statements of Insolvency Practice ("SIP")
SIPs are issued to Insolvency Practitioners with a view to maintaining standards by setting out required practice and blend practitioners’ approach to particular aspects of insolvency. The purpose of SIPs is to outline basic principles and essential procedures with which Insolvency Practitioners are required to comply. The Statements of Insolvency Practice that have been issued for England & Wales are set out below:
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.
Rule 22.1 to Rule 22.7 - Which sets out the three statutory exceptions to the provisions of Sections 216 and 217.
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.
Government Published Guidance For COVID-19
The Government has recently released guidance on how Individual Voluntary Arrangements (“IVA's”) should be handled during the Coronavirus (COVID-19) pandemic so as to provide options to consumers who are struggling to adhere to the terms of their arrangements.
This guidance can be used for any existing protocol consumer IVA and any IVA that has been drafted after 20 April 2020 and shall remain in effect until 20 April 2021.
You can view the full published guidance here.