Other Techy Bits Flashcards
CRAR - pre petition
And 3 months prior to BO
T can claim rent back to the extent of pref shortfall
Landlord becomes 3rd pref creditor
CRAR - post petition pre order
T can claim excess of 6 months rent plus shortfall to prefs
Landlord has 3rd preferential claim in respect of payment to prefs only
CRAR - post BO
Must be before discharge
Landlord entitled to keep 6 months pre BO rent arrears
T can claim over and above
CRAR conditions
Commercial property only - no element of residential
Owed 7 days rent
Notice of action 7 days
Done by HCEO
CRAR / Execution - when has it been completed
When goods are sold
If HCEO has funds though has to be wait 14 days and if gets notice of BO must pay to T
Who gives permission for private T to trade
CC or Court via OR
What can we use to assess income and expenditure
Standard financial statement
If bankrupt misses IPO / IPA payment what is result
S333 contempt of court
Discharge suspended
Application to take money from wages
Insolvency Guidance Papers - Family Homes
- Consider impact on other occupants
- Ensure promptly dealt with
- Ensure relevant info given to all interested parties e.g guide to bankruptcy by IS
- communicate regularly at least every 12 months
- recommend legal advice
Insolvency Guidance Papers - Succession Planning
What should continuity agreement state?
- when it comes into play
- extent / frequency of disclosure of case details and financial info
- steps to be taken and by whom
- access to working papers / practice files
- financial arrangements
- time frames
- PI arrangements
- Obligations of all parties
Should be filed with RPB and PI insurer
Should be reviewed at least annually
Insolvency Guidance Papers - Succession Planning
What is overriding principal
Creditors should not be affected by change
Where would you find info about creditor claims and where would you find voting rights?
Rule 14 and then Rule 15.31
Order of priority - second bankruptcy
- Unpaid expenses / costs of dealing with AAP or IPO by 1st T
- Fees, costs and expenses of second T
- Creditors of 2nd B
- Unsatisfied balance from 1st B
When is IHT not payable and when could it still arise?
If debtor dies after BO but might still arise on gifts in previous 7 years
When does s283a not apply?
In an Insolvency Administration Order
