South Square Chambers

This Practice Note, produced in partnership with South Square, looks at the cashflow and balance sheet tests in light of the Eurosail case and also how the two tests are relevant in practice.

This Practice Note, produced in partnership with South Square, considers a creditor’s remedy if their proof of debt has been rejected by an office-holder. It details how a creditor may appeal against that decision, what process must be followed in order to do so, and what the potential outcome may be. It should be read in conjunction with Practice Note: Rejection of proof of debt.

This Practice Note, produced in partnership with South Square Chambers and BDO, sets out the formalities and practical considerations of decision making by creditors in an administration.

This Practice Note, produced in partnership with South Square Chambers and BDO LLP, discusses how a creditor may vote at a meeting by proxy rather than personal attendance and the formalities surrounding this.

This Practice Note, produced in partnership with Rosanna Foskett and Promit Chatterjee of Maitland Chambers, looks at the position of foreign creditors and foreign currency debts in an English insolvency.

This Practice Note, produced in partnership with Paul Fradley of South Square, considers debt in an insolvency process. It discusses provable debts, future debts, contingent debts and secured debts.

This Practice Note, produced in partnership with South Square and BDO LLP, looks at income payments orders (IPOs) made under section 310 of the Insolvency Act 1986 that allow trustees in bankruptcy to claim a bankrupt’s surplus income for the benefit of the bankruptcy estate. It summarises who can apply for an IPO, when application can be made, and how much a trustee in bankruptcy can claim as part of an IPO.

This Practice Note, produced in partnership with South Square and BDO LLP, considers who are bondholders, and why it may be beneficial for them to form a committee in order to protect their interests in a restructuring situation. It gives information on the formation and membership of such a committee, and what role they may be able to undertake.

This Practice Note discusses insolvency set-off in bankruptcy, liquidation and administration, including the requirements that claims must be due, commensurable and there must be mutual dealings. It also looks at the exceptions to insolvency set-off, the position concerning secured liabilities and construction adjudication.

This Practice Note, produced in partnership with South Square Chambers and BDO LLP, looks at interim receivers in personal insolvency appointed under section 286 of the Insolvency Act 1986 in the period between the presentation of a bankruptcy petition and the making of a bankruptcy order.

This Practice Note, produced in partnership with Jessica Powers of New Square Chambers , discusses the obligation of contributories to settle the debts and liabilities of a registered or unregistered company (to include a partnership) in liquidation as well as the expenses of the liquidation where the assets of the company are insufficient. It examines the general position, calls following a liquidation, the basic principles of contributories’ liability, calls and set-off, and the bankruptcy of a contributory.

This Practice Note, produced in partnership with South Square Chambers, describes what a proof of debt is, the procedure for proving a debt (or filing a claim) in a formal insolvency procedure (including the contents of the proof, when to prove and the admission/rejection of a proof), the valuation or quantification of a proof of debt by the office-holder and the reflective loss principle.

This Practice Note, produced in partnership with South Square Chambers, considers the rejection of a creditor’s proof of debt by an office-holder, the rule against double proof and the position concerning guarantees.

This Practice Note, produced in partnership with South Square Chambers and BDO LLP, discusses creditor voting and decision-making in relation to the appointment of a liquidator in compulsory liquidation and creditors’ voluntary liquidation, the consideration of an administrator’s proposals for achieving the purpose of administration, the extension of a moratorium under Part A1 of the Insolvency Act 1986 and the consideration of individual voluntary arrangement and company voluntary arrangement proposals.

This Practice Note, produced in partnership with South Square Chambers, looks at the order of payments in administrative receivership. It considers the order of distribution from the realisation of free assets (those not subject to a floating charge) and floating charge realisations..

This Practice Note, produced in partnership with South Square Chambers, considers the order of payments to creditors in a liquidation. It includes fixed charge holders, moratorium debts and priority moratorium debts, liquidation expenses, preferential debts, prescribed part and floating charge holders, unsecured claims, other liabilities, deferred debts and sums due to members in their capacity as members, interest, deferred debts, postponed debts and distribution of surplus.

This Practice Note, produced in partnership with South Square Chambers, compares the order of payments to creditors in various insolvency processes namely liquidation, administration, administrative receivership, company voluntary arrangement, restructuring plan and bankruptcy.