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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Business Law & Practice
Insolvency Revision: Personal
No definition of Insolvency. 3 tests creating a rebuttable presumption s268 IA 1986
Cash flow Test (can’t meet debts when due) (750+)
Statutory Demand (750+)
Not able to enforce a judgment debt (750+)
Options:
Petition for Bankruptcy
Re-negotiate with creditors
Individual Voluntary Arrangement
Debt Relief Order
Who can petition? s264 (debtor, one or more creditors, IVA supervisor, anyone bound by IVA)
Who can be made bankrupt? s265 (domiciled in England & Wales, resident for 3 years+)
Creditors Petition: (s267)
Owes him 750+
Unsecured
Must show debtor is unable to pay his debts or that he is unlikely to be able to in the future (s268)
Pay a substantial deposit to cover the cost of the trustee in bankruptcy and also court fee
Debtors Petition: (s272)
Must allege he cannot pay his debts
Submit a statement of creditors, debts, liabilities and assets
Court appoint a trustee in bankruptcy to manage the debtors affairs
Court will not automatically grant an order but will have regard to:
Whether the debts can be repaid in a short time
If debt is below 40,000 and assets are 4,000+
In this case the court will ask for a report to consider an IVA
The Official receiver will:
Ask for the debtors statement of affairs and investigate
Take steps to protect property
Possibly dispose of perishable goods
Decide whether the he should carry on as Trustee or call a meeting of the creditors for them to appoint a new trustee (s294)
Estate automatically vests in the trustee in bankruptcy (s306) and he must collect and if necessary sell assets so they may be distributed to creditors (s328)
Debtor can keep some property (clothes, tools for trade s308) and also his salary (s310)
Joint assets will vest in the trustee and any cash from sale will be split between the trustee and the other owner
Restrictions:
Can’t obtain credit more than 500 without disclosing bankruptcy
Can’t act as a director
Can’t trade under a different name
Can’t continue in a partnership
Culpable bankrupts may be subject to a Bankruptcy Restriction Order for up to 15 years which may impose dramatic limitations on the...
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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