Government’s policy on the OR’d role in bankruptcy

The meeting starts by discussing the implications of the Government’s decision on the future of the Insolvency Service. The committee expressed that it did not have enough time to produce a paper before the government implemented its policies.

Sureties and Guarantors

The Secretary noted that it is easier to recover from the banks, yet they are not always involved. My Muir hunter then said that both the guarantor and creditor should be made targets of the liquidator, and that it is ultimately for the court to decide.

The Administrator

The Secretary listed a number of decisions that have already been made. It was agreed that the appointment of an administrator should be available also in the case of trading individuals and partnerships.

Other matters discussed in the meeting include preferential rights, general assignment of book debts and conclusion of a receivership.

Meeting39 - 18th March 1980