Bankruptcy procedure

This chapter explains when, how a and under what conditions Bankruptcy procedures start, as well as who is subject to them. It explains, and highlights the importance of a Receiving Order at 4.1.5. Further, it explains the necessary steps that creditors should take after a Receiving Order had been issued. The consequences of a debtor acquiring a ‘bankrupt’ status are also outlined in detail at 4.1.11. At 4.1.20-21, the document outlines the duties of a Trustee in bankruptcy.

Deeds of Arrangement

At 4.2.1, the document explains the meaning and forms(at 4.2.2.) of Deeds of Arrangement. It also explains how creditors should handle Deeds of arrangement( 4.2.3.), the rights of debtors in relation to Deeds of Arrangement(4.2.4.), that a record of the Deed must be kept by the courts and the Department of Trade(4.2.5.), the trustees’ duties ad to the Deed. Finally, at 4.2.7, it explains that he Deed is governed under contract law, and it goes on to explain who the parties are to that Deed.

Administrator Order Procedure

At 4.3.1-18, the document County Courts’ procedure when a debtor is unable to pay the amount of judgement against him, and how to make an order to administer his or her estate.

Winding up

At 4.4.1-5., the chapter explains the law under which Winding up takes place, and highlights the difference between English, Scottish and Northern Irish law in this area.

Compulsory and Voluntary Winding up by the courts

The chapter(at 4.5) explains the compulsory winding up procedure, and at 4.6, it explains the voluntary procedure. At 4.7, it explains how the courts may supervise a voluntary winding up procedure.

Receivership

4.8 explains the way in which a receiver may be appointed, and how assets should be paid out (4.8.10).

Thirty-ninth meeting of Committee

At page 35 of the document, the agenda for the Committee’s 39th meeting, held on 18 March 1980 is outlined. It includes Sureties and Guarantors(4), The Administrator(5), Voluntary arrangements of individual debtors(6), Preferential rights(7), general assignments of book debts (8) and conclusion of receivership (9).

Notes of Meeting on 19th June 1979

On page 52 of the document, the notes describe how the layout of the report should be.

Notes of Meeting on 17 July 1979

In that meeting, the drafting of chapter 4 had been discussed, and some amendments suggested.

Edited version of Chapter 4

The final version of the Chapter is to be found on page 57 of the PDF document.

 

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