What will happen to the bankrupt's home?
Published Wednesday, May 1, 2019 | Commons Briefing papers SN05178
The purpose of this Commons briefing paper is to provide a general outline of what will happen to the bankrupt’s home under current insolvency legislation. This Paper applies only to England and Wales. Scotland has its own separate bankruptcy law (known as sequestration).
Discharge from bankruptcy
Published Wednesday, May 1, 2019 | Commons Briefing papers SN03043
The purpose of this note is to provide an overview of the discharge from bankruptcy procedure. In the process, it also considers the effect of discharge; the circumstances which may cause automatic discharge to be postponed by the court; and when a Bankruptcy Restrictions Order may be imposed.
London Capital & Finance
Published Thursday, April 18, 2019 | Commons Briefing papers CBP-8550
This briefing looks at the failure of London Capital & Finance Plc (LCF) and the consequences for those who invested in the firm's 'mini-bonds'.
Debt Relief Orders
Published Tuesday, November 13, 2018 | Commons Briefing papers SN04982
Debt Relief Orders (DROs) were introduced under the Tribunals, Courts and Enforcement Act 2007 (TCEA 2007) and came into force on 6 April 2009.This briefing paper outlines the background to the introduction of Debt Relief Orders and the main features of the new orders with particular emphasis on the eligibility criteria.
Individual Voluntary Arrangements (IVAs)
Published Wednesday, October 3, 2018 | Commons Briefing papers SN05165
This Commons briefing paper provides an overview of Individual Voluntary Arrangements (IVAs), including information on: who is eligible to start an IVA; the IVA process; and the advantages and disadvantages of an IVA. This Paper applies only to England, Wales and Northern Ireland. Scotland has its own law on personal insolvency, including the option of a Protected Trust Deed (instead of an IVA).
Failures in the banking sector
Published Tuesday, July 10, 2018 | Commons Debate packs CDP-2018-0173
This Paper is background for a debate on possible future reforms to the way that small firms can seek redress in cases of poor practice against them by their banks.
Corporate insolvency: consultations on reform
Published Monday, July 9, 2018 | Commons Briefing papers CBP-8291
The purpose of this Commons’ briefing paper is to consider in detail three BEIS consultations on insolvency and corporate governance.
Lessons from the collapse of Carillion
Published Monday, July 9, 2018 | Commons Debate packs CDP-2018-0177
There will be a debate on Lessons from the collapse of Carillion in the House of Commons on Thursday 12 July.
Company Voluntary Arrangements (CVAs)
Published Monday, June 4, 2018 | Commons Briefing papers SN06944
This briefing paper provides a detailed overview of the Company Voluntary Arrangement (CVA) procedure.
Compulsory liquidation of a company
Published Thursday, March 15, 2018 | Commons Briefing papers SN04937
This commons briefing paper provides an outline of the compulsory liquidation process in respect of an insolvent company.
The collapse of Carillion
Published Wednesday, March 14, 2018 | Commons Briefing papers CBP-8206
Carillion entered compulsory liquidation on 15 January 2018. This briefing looks at the causes and consequences of Carillion's collapse.
Published Wednesday, December 13, 2017 | Commons Briefing papers SN05035
This Commons briefing paper explains how pre-pack administrations work in practice under revised SIP 16; the recommendations of the Graham Review; and provides a summary of the measures introduced by the Small Business Enterprise and Employment Act 2015.
Employment rights and insolvency
Published Friday, June 9, 2017 | Commons Briefing papers SN00651
This briefing describes the options available to employees when owed money by an insolvent employer or one who refuses to pay statutory redundancy pay.
Legislating for Brexit: EU directives
Published Wednesday, April 5, 2017 | Commons Briefing papers CBP-7943
What are EU directives and what will happen to them when the UK leaves the EU? This paper looks at EU directives in force and how they are implemented in the UK. This will give some idea of the task ahead for UK legislators.
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Company insolvency: liability of directors
Published Thursday, March 30, 2017 | Commons Briefing papers CBP-7936
This Commons briefing paper provides a brief overview of directors' duties and potential liabilities in relation to companies in financial difficulty. In particular, it looks at liability for wrongful and fraudulent trading and under the directors disqualification regime.
Published Tuesday, March 28, 2017 | Commons Briefing papers SN04083
This Library briefing paper looks in detail at the legality of phoenix trading and at the personal liability of directors to the creditors of an insolvent company. In addition to the Insolvency Act 1986 (as amended) and the Enterprise Act 2002, this note looks at new provisions contained in the Small Business Enterprise and Employment Act 2015, which received Royal Assent on 26 March 2015.
Breathing Space scheme to help families in debt
Published Friday, March 24, 2017 | Commons Debate packs CDP-2017-0106
There will be a Westminster Hall debate on the Breathing Space scheme to help families in debt, on Wednesday 29 March at 4.30pm. The Member in charge of this debate is Kelly Tolhurst MP.
Breathing space for individuals in debt
Published Wednesday, March 22, 2017 | Commons Briefing papers CBP-7934
A number of debt charities are calling on the Government to give all individuals in debt a "breathing space" in which interest, charges and enforcement action are stopped for those seeking regulated debt advice. This Commons briefing paper provides background information on the issue, including the findings of the recent independent "Review of the Money Advice Service". It also considers the Scottish Debt Arrangement Scheme, which does offer debtors a short breathing space, and is often held out as an example that could be followed (with modification) in England and Wales.