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
IAO - when does survivor pay debtors value lost in the estate of a property?
When death is within 5 years of IAO.
SIP 3.1 - first meeting with debtor
Explain role of advisor
SIJ - us and them
Explain obligations to co-operate and full disclosure
Ensure debtor understands situation and consequences
Consider impact on family etc.
Debtor provided with
- adv and disadvantages
- costs
Confirm all in writing
Is an IVA right for me
What additional clauses might be in IVA proposals?
Variation Clause
Extension Clause (can only be done from outset)
Excluded assets
After acquired assets
Restrictions to implement (on property for example)
Trust Clause
What acronym do you use for the Nominees report?
FUCAR
IVAS ARE SHORT
What is personal tax allowance?
£12,570
What are the personal tax bands?
20% from PA to £50,270
40% to £150k
45% after £150k
Green vs Wright
Debtor applied for PPI after IVA complete. Supervisor applied to Court for directions. Court deemed PPI available for IVA creditors because:-
- could have been applied for during IVA;
- would have been available in BKY
PVA - Small Co Moratorium criteria
T/O < £10.2m
Assets < £5.1m
Employees < 50
Not in Admin/WUC/PVA
Not had in previous 12 months
Note not available for CVAs
