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    Comment on Bonkers OCNC Thread by paddy malarkey.

    TheLawMan2 23rd August 2018 at 13:18  

    Cheers . Will try again later .

    paddy malarkey Also Commented

    Bonkers OCNC Thread
    Testing . Not that it’s anything other than the usual unadulterated psh , but my attempts to post here seem to end up somewhere in the ether , whereas the aforementioned psh is readily available on the main thread once posted . It’s an injustioce ! (Calimero).


    Bonkers OCNC Thread
    WRT phoenixing , I asked HM Government about a then current case and got this reply a year later . (don't know if this ever reached you , JC .)

     

     Date: Wed, 23 Jul 2014 07:38:40 +0000
     

    Dear 

     

    I have been passed your email, below, to answer.  I work in the Policy Unit of the Insolvency Service, an executive agency of the Department for Business, Innovation and Skills,  which has responsibility for insolvency law and practice.

     

    I note that the email was initially sent last year.  I do not know what happened to it during this time – it was only passed to the Insolvency Service at the end of last week – but please accept my apologies for the lengthy delay in your receiving a reply and I hope that the information below is still of relevance to you.

     

    As I hope you can appreciate, I cannot discuss individual cases such as the one mentioned in your letter (other than where the information is in the public domain) but I am able to talk generally about the insolvency law framework. 

     

    It is a principle of UK insolvency law that insolvencies be carried out in the interests of the insolvent’s creditors.  All insolvencies in the UK must be administered by an insolvency practitioner (‘IP’), a licensed,  regulated professional, or (for certain insolvencies) by the official receiver (part of the Insolvency Service).  An IP appointed over an insolvent company will look to get the best deal for creditors by realising the assets of the company.  This may include saving the company itself – for example through proposing a company voluntary arrangement (‘CVA’).  Or it may involve selling all of the business as a going concern to a new company, or it may involve selling assets piecemeal (whatever is in creditors’ best interests).

     

    In all of those scenarios, the trading name or style of the insolvent business  (and any other intellectual property it might have, for example trademarks) can be  dealt with by the IP. It is not unusual for a trading name or style to be used by a new company following a sale of the business by an IP – for example, several high street retailers have been rescued following an insolvency procedure in recent years and continue to use the same name.

     

    By acting in this way, the UK’s insolvency framework (ranked 7th out of 191 countries by the World Bank) preserves value in the viable parts of insolvent companies (and also saves jobs), while also  acting in the creditors’ best interests.

     

    It is important to note that the insolvency framework is underpinned by enforcement regime. Where a company has become formally insolvent, the insolvency office-holder must report  to the Secretary of State regarding the conduct of the directors prior to the failure. Where there has been sufficient misconduct (and where it is in the public interest to do so),  the Secretary of State may take action to disqualify the relevant directors from acting as a director in future.  This disqualification can be for between 2 to 15 years, depending on the severity of the misconduct. 

     

    It may interest you to  know that the Secretary of State is taking disqualification action through the court against Craig Whyte.  As this matter is before the court, I cannot say anything further regarding it. For the avoidance of doubt, this information is in the public domain.

     

     

    I hope that you have found this information useful and once again I am sorry for the delay in your receiving a reply to your original enquiry.

     

    Yours sincerely

     

    Steven Chown

    Steven Chown | Senior Policy Adviser | External Affairs – Policy Unit | The Insolvency Service |Floor 4, 4 Abbey Orchard St, London, SW1P 2HT | T + 44(0)20 7637 6501 | steven.chown@insolvency.gsi.gov.uk | https://www.gov.uk/government/organisations/insolvency-service


    Recent Comments by paddy malarkey

    Celtic’s Questions to Answer
    bigboab1916 17th November 2019 at 22:15

     I think the statement is drafted in a way that could mislead if the reader didn't pay attention . I see this bit as being true

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    I also see this bit as being true

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