Company Insolvency Flashcards
Acts which govern company insolvency
Insolvency Act 1986
Act of Sederunt (Sheriff Court Company Insolvency Rules) 1986
Insolvency (Scotland) Rules 1986
When is a company deemed unable to pay its debts
If after 3 weeks when a written demand for a sum exceeding £750 has been left at r.o and no payment has been made
If the days in a charge have expired without payment
If it is proved to the court that a company is unable to pay its debts
How is a petition served on a company
Registered or recorded delivery
By s.o leaving with director or employee
Depositing in r.o
What must be done if service was done by depositing the petition?
Send copy of petition by ordinary first class post to r.o
What is the period of notice for answers to be lodged
8 days after such intimation
What form is used for a statutory demand
Form 4.1 and only mode is service is by leaving at r.o
