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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INSOLVENCY TESTS & PROCEDURES
Just because a company is profitable, does not mean it is solvent.
Cash Flow Test – s.123(1)(e) IA [Cash Flow Statement – Closing Balance] | Balance Sheet Test – s.123(2) IA [Balance Sheet – Net Assets] |
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Insolvency Procedures – The purpose of all three of these processes is to collect and distribute the company’s assets and terminate the company’s existence.
Process | Key Officer | ||
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| Insolvent (and solvent) companies | 1. PRESENT PETITION (liquidation commences – s.129(2), if the petition is successful)
2. CHECK THAT NO OTHER PROCEDURE IN PLACE 3. COST BENEFIT ANALYSIS 4. SERVE PETITION 5. ADVERTISE PETITION: The Gazette IR (Rules) 2016 7.10(3) 6.HEARING
7. ORDER/EFFECT
| Liquidator (either official receiver or replacement chosen by creditors and/or shareholders). |
| Solvent companies only |
If it becomes clear that the company will not be able to pay debts within 12 months of commencement of winding up, the liquidator must report to creditors and potentially convert to a creditors’ voluntary winding up using a ‘qualifying decision procedure’ (IR 2016) | Liquidator (chosen by shareholders). |
| Insolvent companies only |
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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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