Harmonising bankruptcy and company winding-up cases: a mammoth task

The main issue that was discussed in this meeting was the proposed harmonisation of bankruptcy and Company Winding-Up procedures. The committee thought that the subject was too broad to be dealt with entirely in one paper.

The committee then highlights the procedures of the Petition and the Receiving Order, including the purpose and consequences. It then moves on to quickly deal with the procedure of the meeting of creditors. A number of topics are then explained factually, including the Trustees, the Committee of inspection, Public Examination, the circumstances under which a bankrupt would be adjudicated, and the tools of a bankrupt’s trade, as well as a whole host of other topics, which would be explored in detail in future meetings.

On page 16, you will find an ample of written evidence regarding bankruptcy disabilities and offences, provided by a number of organisations.

Insolvency Deposit

The committee expresses in page 21 the findings that the insolvency deposit was too high, and that it has not achieved the objective of reducing the workload of the Insolvency Services. On page 22, you will find correspondence from the British Jewellery  and Giftware Federation Ltd, expressing its opposition to the increasing costs of Insolvency deposit because it would give an advantage to debtors.

Another correspondence from Bermans is found on page 23, which gives Bermans’ client’s reaction to the increased insolvency deposit.

Meeting29 24th April 1979