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Christmas may be soon, but that has not stopped the Legislature producing some interesting insolvency legislation for our delictation. The new provisions are:
The Regulations provide for what is to happen when a CIO is insolvent or is dissolved for any other reason. The Insolvency Act 1986 (“the 1986 Act”) is applied, with modifications, (regulation 3 and the Schedule) so that a CIO is subject to the same insolvency and dissolution procedures as a registered company. This means that a CIO can be subject to a voluntary arrangement (Part 1 of the 1986 Act), be placed in administration (Part 2) or in receivership (Part 3), or be wound up voluntarily (Part 4) or by the court (Part 6). Subordinate legislation made under the 1986 Act is also applied to CIOs (paragraph 2 of the Schedule).
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...