Begbies Traynor

Dissolution of a company following compulsory liquidation or creditors' voluntary liquidation

A company has been voluntarily wound up by its shareholders and is then restored to the register because a claim is made against it. What is the liability of that company, its shareholders and its directors in the event of a successful claim being made? Does the answer change whether it was a creditors’ or members’ voluntary liquidation?

If a liquidator’s fee proposal is rejected by creditors under the decision-making procedure under the Insolvency (England and Wales) Rules 2016, SI 2016/1024, r 18.20, must they then apply to court for a resolution on their fees or can they go back to creditors with a second proposal under the same procedure before asking the court to resolve the issue?

In circumstances where a claim is brought by a liquidator pursuant to sections 212 and 423 of the Insolvency Act 1986 (but the company in liquidation is not an applicant in the proceedings), would the proceeds of that litigation be payable to the holder of floating charge security?

What does ‘reasonably practicable’ mean in paragraph 3(3) of Schedule B1 to the Insolvency Act 1986?

What is the percentage of realisations that will be deducted as an ad valorem fee from asset realisations that are paid into the Insolvency Services Account by a compulsory liquidator, where the compulsory liquidation commenced on 7 December 2009 and followed an administration commencing on 2 October 2008?