how many instances of a are there in:
we provide directors and individuals with guidance and advice on how to avoid adverse proceedings.
when a company becomes the subject of a compulsory winding up order, the court draws up an order and makes a ruling to effectively end the companys existence.
the order is sent to the governments insolvency service where it is administered and forwarded to a civil servant and officer of the court, the official receiver.
the office of the official receiver deals with all new bankruptcy and company winding up orders for the court.
if money is in the companys bank account(s) but there are no assets to be realised, the official receiver may act as an interim liquidator, and ask for the cash to be transferred into the companys liquidation estate.
they will use the information you provide to produce a statement of affairs, which is shared with creditors to explain why the company has been wound up.
the official receiver will randomly select a local insolvency practitioner to liquidate the company on behalf of the secretary of state for business, energy and industrial strategy if the company has physical assets, and there are investigations to be conducted.
as part of the winding up process, an examiner from the official receiver’s office may summon anyone who had a relationship with the company in the 3 years leading up to its demise.
you should either bring the completed questionnaire to the interview or post it back to the official receiver beforehand.
helping to explain your actions.
the official receiver and examiner act solely in the interest of the companys creditors, so they’re unable to provide you with advice thats in your best interest. i&l will counsel you on the issues that require attention to limit any adverse consequences against you such as personal liability claims, director disqualification proceedings, or worse.
the examiner looks for evidence of misconduct (also known as misfeasance) by the director, and will try to determine whether the trust creditors placed in the company and its director(s) was misplaced or abused. examiners ask lots of questions and seek to identify areas where the director may have committed acts of misfeasance. but if they believe mistakes were entrepreneurial rather than malicious, the director will not be severely reprimanded.
in the months leading up to and during insolvency, the company wouldve collected vat, national insurance, and pay taxes. was any of this money handed over to hmrc and if not, what happened to the exchequers revenue? in many instances, a competent insolvency practitioner will highlight how money that shouldve been sent to hmrc was used to repay the directors loan account, or compensate friends and suppliers the director was planning to bring over to a new business. either way, both examples would reveal evidence of preferential treatment to creditors at the expense of hmrc.
how many creditors are involved?
when were the creditors last paid?
how much is owed to hmrc?
when was the last tax payment made?
when were orders placed?
what are the dates of the last invoices?
how many purchases were made in the months leading up to insolvency?
the d-report is submitted to the secretary of state for business, energy and industrial strategy. director disqualification proceedings may follow if its content raises any serious questions about the directors conduct, especially if they owe significant debts to hmrc.
its surprising how many directors turn up for interviews claiming to have lost the companys accounts, books, and records. this is a pretty senseless idea because according to section 386 of the companies act 2006; a director must maintain company accounting records for up to 6 years, and failure to deliver them upon request is an offense.
in a creditors voluntary liquidation (cvl), the liquidator examines the director as the official receiver would, but the examination is less formal e.g. interviews are sometimes conducted via telephone. similarly, whereas in a compulsory liquidation the liquidator is appointed by the official receiver and has no loyalty to the director; in a cvl the liquidator is appointed by the director who therefore has greater control over the insolvency.
the role of the liquidator is sometimes contradictory because although theyre supposed to serve and protect creditors in compulsory liquidations, complaints of excessive liquidator fees are common. equally conflicting is the notion that a liquidator in a cvl is supposed to serve and protect creditors because to get the job they must first cosy up to the companys director.

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