LPC Law Notes Business Law and Practice Notes
A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
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BANKRUPTCY
Section | Insolvency Act 1986 | |||||
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The Petition Bankruptcy is commenced by petition by a creditor presenting a petition to the court or | ||||||
264 | The debtor can apply online to an adjudicator to grant a bankruptcy order. OR The petition can be filed by one or more of the creditors, the supervisor of an IVA, or any creditor bound by an IVA. * An Individual Voluntary Agreement [IVA] is an agreement the debtor makes with their creditors to pay back debts over five years to avoid declaring bankruptcy. | |||||
278 | Bankruptcy commences on the day the order is made. | |||||
The Effect of Bankruptcy | ||||||
284 | Restriction: any disposition of property from the date of petition to the date of order is void | |||||
285 | Bankruptcy order prevents creditors being sued by other (unsecured creditors) | |||||
The Process | ||||||
Creditors’ Petition | Debtor’s Application | |||||
Stage 1: Establish Prerequisites | Stage 1: Establish Prerequisites | |||||
267 |
| 263H |
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265 |
| 263I |
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Stage 2: Prove ground that debtor unable to pay debt or has no reasonable prospect of paying | Stage 2: Prove ground that debtor unable to pay debts | |||||
268 |
| 263J |
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Stage 3: Present petition | Stage 3 | |||||
263I | Adjudicator makes bankruptcy order, if considers appropriate. | |||||
Stage 4: Court hearing of petition | Stage 4: Court hearing of petition | |||||
273 |
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Stage 5: If bankruptcy order made, Official Receiver becomes receiver and manager of bankrupt’s estate | Stage 5: If bankruptcy order made, Official Receiver becomes receiver and manager of bankrupt’s estate | |||||
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288 |
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284 |
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Trustee in Bankruptcy Duty to gather in the estate and to pay creditors in statutory order of entitlement. | ||||||
291A | The Official Receiver will act as trustee in bankruptcy from the date of the bankruptcy order until the appointment of the trustee in bankruptcy. | |||||
306 | The bankrupt’s estate vests in the trustee in bankruptcy on appointment. | |||||
283 | Definition of bankrupt’s estate – excludes tools of trade, books, household items | |||||
308 | Property is a reasonable replacement for other property if it is reasonably adequate for meeting the needs met by the other property. | |||||
293 | The Official Receiver must decide whether to summon a general meeting of the bankrupt’s creditors to appoint a trustee of the bankrupt’s estate within 12 weeks of the order being made. If the OR decides not to summon a meeting, he must give notice of his decision to the court and all known/identified creditors, and he will become the trustee of the bankrupt’s estate. | |||||
294 | If the OR has not yet summoned, or has decided not to summon, the general meeting, any creditor of the bankrupt may request the OR to summon such a meeting. It then becomes the duty of the official receiver to summon the requested meeting. | |||||
297 | Special cases. | |||||
310 | The court can make an income payments order. A set amount of the bankrupt’s income will be paid to the trustee in bankruptcy. The bankrupt will be allowed to keep such income as is deemed necessary for his/hers + family’s reasonable needs. * Although discharge takes place automatically after one year, income payments orders can remain in force for up to three years. | |||||
310A | The bankrupt and trustee in bankruptcy can agree an income amount to be paid to the trustee without a court order. This is a legally enforceable agreement. | |||||
Statutory Order of Entitlement | ||||||
328 | Priority | Creditor | Classification | |||
1 | Holder of fixed charge over bankrupt’s premises created and registered on [earlier date] | Secured (ordinary for any deficit) | ||||
2 | Holder of fixed charge over bankrupt’s premises created and registered on [later date] | |||||
3 | Costs of trustee in bankruptcy | Bankruptcy costs | ||||
4 | Wages of bankrupt’s employees due in 4 months prior to bankruptcy order | Preferential | ||||
5 | Trade creditors | Ordinary unsecured | ||||
HM Customs & Excise for VAT due in 6 months prior to bankruptcy order | ||||||
Inland Revenue for PAYE income tax due in 12 months prior to bankruptcy order | ||||||
Bankrupt’s business partner(s) | ||||||
6 | Spouse for money lent to bankrupt | Postponed |
RECOVERY OF ASSETS
284 | Any dispositions of property after the date of petition, without the consent of the court or subsequent ratification by the court, are void. | |||
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315 | The trustee in bankruptcy can disclaim onerous property, such as:
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339 | Transactions at an undervalue | |||
339(3)(a) | The individual makes a gift to a person, enters into a transaction with a person... |
Buy the full version of these notes or essay plans and more in our Business Law and Practice Notes.
A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
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