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  • Loose & Griffiths on Liquidators

Loose & Griffiths on Liquidators

The Role of a Liquidator in a Winding Up

£105.00

A guide to the law relating to company liquidations

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Loose & Griffiths on Liquidators (formerly Loose on Liquidators) is a guide to the law relating to company liquidations and the important role of the liquidator in a winding up – their powers, duties and relationship to creditors, members, receivers and the court. It provides in a convenient single volume invaluable specialist advice and essential time-saving reference materials.

 Now in its 8th edition this definitive work on successful liquidations has been completely updated and expanded to include all the latest developments in liquidation practice and procedure. It includes new analysis of:

  • BNY Corporate Trustee Services v Eurosail – the meaning of insolvency for the purposes of the winding up of an insolvent company

  • HMRC v Football League and Football Association - the football creditor rule which varies in particular circumstances under the standard order of payment of debts

  • Re Stanford International Bank - the centre of main interests for the purposes of cross-border insolvency

  • Charalambous v B & C Associates - the absence of a duty of care owed by an administrator to creditors in the absence of a special relationship
  • Status of a Liquidator
  • Commencement of Voluntary Winding Up
  • The EC Regulation on Insolvency Proceedings
  • Compulsory Winding Up
  • Effects of Winding Up and Appointment of the Liquidator
  • Duties of the Liquidator
  • Powers of the Liquidator
  • Creditors
  • The Liquidation Committee and Meetings
  • Matters Arising in Winding Up
  • Payments of Debts
  • Rights and Liabilities of Members
  • Completion of Winding Up
  • Appendix 1 Checklists for Winding Up and Liquidation
  • Appendix 2 Precedent Letters with Statutory and Practice Forms
  • Appendix 3 Penalties
"long-established, definitive work on company liquidations and the role and the duties of liquidations and the role and duties of liquidators in a winding up...this is the eighth edition since 1972 testifies to the reputation of the book among practitioners and advisors for its authority, completeness and reliability...necessity of this book as a comprehensive reference source...contains all relevant updated material...a convenient and logically organised reference source for the busy practitioner...this guide places, at your fingertips, the information, expertise and advice you need to conduct your case successfully."
Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers
Read the full review click here
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Reviews of the previous editions

 "gives invaluable specialist advice by providing the reader with check-lists for winding up and liquidation, precedent latters with statutory and practice forms and guides to professional conduct and ethics...essential time-saving reference materials for handling cases of this matter...the book manages to provide the reader with all aspects of the company liquidation in a single volume enabling a successful winding up and liquidation and taking all the drastic measures since the financial crisis in 2008 into account"

 
German-British Chamber of Industry & Commerce

"completely updated and expanded to inculde much new material on liquidation practice and procedure, inculding the Insolvency (Amendment) Rules 2010 to changes to the rules governing administrations.....Loose on Liquidators is both an authoritative and completely updated reference work which should be considered as an essential addition to your library"
For the full review click here
 Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers
 
PREFACE

The first edition of this book appeared in 1972. Since then, we have seen periods of horrendous inflation with peaks and troughs of corporate insolvencies as recessions and booms have succeeded one another. In the midst of this activity, we saw first the 1981 Report of the Cork Committee (Cmnd 8558), then the Insolvency Acts of 1985 and 1986, the Company Directors Disqualification Act 1986 and a barrage of delegated legislation designed to put flesh on the bare bones of the primary statutes. Our third edition was published in 1989 and, of course, incorporated the legislation of the mid-1980s and some of the earlier decisions of the courts. This was, however, before the last two recessions had really taken their toll. While compulsory liquidations which totalled 5,200 in 1986 had fallen to 3,624 in 2013, creditors’ voluntary liquidations which totalled 9,200 in 1986 had risen to 11,358. On top of this, administrations which hardly figured in the statistics in the 1980s had risen to nearly 5,000 in 2008, though they fell back to 2,365 in 2013.

Three editions ago we incorporated for the first time compulsory liquidations. Since then, there have been major legislative developments both at home and inEurope. The Insolvency Act 2000 introduced changes to the corporate voluntary arrangement procedure to facilitate the bringing about of a moratorium while an agreement was being reached with creditors. In 2013 there were 557 such arrangements recorded. The Act also allowed delinquent directors to give undertakings that they would not act as directors (as opposed to having a disqualification order made against them). Then the Enterprise Act 2002 provided that secured creditors should in future enforce their rights through the appointment of administrators responsible to all the creditors and members, rather than administrative receivers who were effectively responsible only to the secured creditors themselves. The Act also witnessed the most unlikely of events, the abandonment by the Treasury of its preferential status in insolvencies. The effect is that liquidators will generally have more money with which to sue, both to recover assets and to pursue directors who have wrongfully traded. These developments have all been incorporated into the text together with the 2000 EU Regulation on Insolvency Proceedings. There are now chapters included to cover both the EU Regulation and administrations.

Since the last edition the book has been updated to take into account analysis of a number of key cases including:

  • BNY Corporate Trustee Services v Eurosail – the meaning of insolvency for the purposes of the winding up of an insolvent company;

  • HMRC v Football League and Football Association – the football creditor rule which varies in particular circumstances under the standard order of payment of debts;

  • Re Stanford International Bank– the centre of main interests for the purposes of cross-border insolvency;

  • Charalambous v B & C Associates– the absence of a duty of care owed by an administrator to creditors in the absence of a special relationship.

There have been further amendments to insolvency by various pieces of secondary legislation. This tendency to change primary legislation by ministerial diktat has a number of consequences, none of which is of the slightest benefit to business.

There is no need to get the primary legislation right at the first drafting. It can easily be amended. The inevitable result is the risk of downright sloppy and ill-considered drafting.

Unlike an Act passing through both Houses, secondary legislation often goes through on the nod, not least because there is so much of it that Parliament
cannot carry out proper scrutiny. By the same token, there is often inadequate consultation before the implementation of secondary legislation.

We express gratitude to Mary Kenny and Kate Hather at Jordan Publishing for their usual and characteristically professional help, encouragement and
understanding as this edition was going through its period of gestation and also to Cheryl Prophett of Proof Positive for her role as house editor.

Peter Loose,
Michael Griffiths,
March 2014

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