Insolvency Act 1986
How the act can help your company
All legal matters relating to personal and corporate insolvency in the UK are detailed in the Insolvency Act 1986. This Act sets out the legal legislation regarding personal bankruptcy, Company Insolvency, Administration and Individual Voluntary Arrangements (IVAs).
What is Insolvency
Insolvency is a term used to describe a financial state, where a debtor cannot afford to pay back debts to creditors when they fall due, and have no means to pay off all debts owed. When a company is facing such financial difficulties, the company is insolvent. If an individual is in this position, they are usually described as being bankrupt however there are cases where individuals can be insolvent.
Contents of Insolvancy act 1986
The Insolvency Act 1986 lays out the enactments relating to company insolvency and the winding up of companies that are not necessarily insolvent (members voluntary liquidation).
It also details enactments relating to the bankruptcy of individuals, the public administration of insolvency, the consequences of malpractice and wrongdoing, and the functions and qualifications of Insolvency Practitioners (IP).
The main sections of the Insolvency Act 1986 discuss and provide statutory legislation for matters regarding;
• Company voluntary arrangements (CVA)
• Receivership
• Winding up of companies
• Liquidators
• Malpractice
• Miscellaneous provisions
• Debt relief orders
• Individual voluntary arrangements (IVA)
• Bankruptcy
• Insolvency practitioners (IP)
In 2004 the Insolvency Act was updated by the Enterprise Act 2002 which introduced a new 'out of court' administration process, among other things.
Insolvency services from Crown Debts
If you are in need of liquidation help, insolvency services or a professional insolvency practitioner then speak to Crown Debts directly. Our insolvency services are tailored around the Insolvency Act 1986 and we pride ourselves on following only the best practices.
We work alongside our approved partners who can recommend a suitable route to deal with your financial problems. The insolvency practitioners recommended by Crown Debts will deal with your financial difficulties quickly and efficiently, eliminating the burden of stress and worry.
For the most professional liquidation help, seek professional advice as soon as possible. Crown Debts could help get your business back on track or at the very least, relieve you of your financial strain. All you have to do now is pick up the phone.
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