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Creditors in a creditors' voluntary liquidation (CVL) gain leverage by uniting. But they must be proactive

In a creditors’ voluntary liquidation (CVL), the liquidator / insolvency practitioner (IP) turns the insolvent company’s assets into cash, and pays their own expenses before distributing revenue to creditors. As in all statutory insolvency procedures, secured creditors receive payment before preferential creditors. Any revenue that remains after preferential creditors have been paid is distributed equally…

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• Statutory demands and winding-up petitions have been temporarily suspended to help kick-start the economy

The Government’s decision to suspend the filing of Statutory Demands and Winding-up Petitions is a huge blow for creditors seeking to collect payment of outstanding debts. As a result of the Corporate Insolvency and Governance Act, a creditor’s only debt enforcement remedies are through the county court via either a bailiff or a third-party debt…

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Insolvency and Restructuring Firm of the Year

London-based magazine Finance Monthly, which is distributed to more than 100,000 readers across the globe, recently shortlisted Insolvency & Law (I&L) in the category of British ‘Insolvency and Restructuring firm of the year, as part of the  eighth annual Finance Monthly Global Awards. To celebrate the nomination, below, I&L director Peter Murray shares his thoughts…

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The former directors of MG Rover Group (MGRG), who pocketed over £40 million as the company spiralled into administration, should have been punished with lengthy disqualifications forcing them into early retirement and out of business management. Instead, Peter Beale, John Towers, Nick Stephenson and John Edwards – known as the ‘Phoenix Four’ – received bans…

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Britain must have new legislation to ensure cash from deposits and voucher sales is returned to customers when a retailer goes into administration, according to the Institute of Chartered Accountants of Scotland (ICAS). The call follows the recent insolvencies of retailers such as music chain Zavvi and furniture supplier MFI where customers lost cash paid…

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