Virtual meetings may be your decision procedure of choice in which case you will have to be familiar with the new proxies, blank, specific and general, and how they are to be used.
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Opting out and deemed consent are two of the new concepts introduced by the Insolvency Rules 2016. Take notice of the restrictions on the use of deemed consent.
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Opting out and deemed consent are two of the new concepts introduced by the Insolvency Rules 2016. Take notice of the restrictions on the use of deemed consent.
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Insolvency practitioners are long used to the legal procedure of creditors’ meetings as the way in which creditors, the key players in the insolvency process, make vital decisions about a company or individual who is insolvent.

From 6 April 2017 this will change completely. Creditors will still be the key decision makers in the insolvency process but physical creditors’ meetings will now only be called at the request of at least 10% of creditors in number or value or of at least 10 creditors in number and then only after one of the new decision making procedures has been initiated. (more…)

The RMCSC index to the Insolvency Rules 2016 is just one page long and is easier and quicker to use than the 38 page index included in the Rules themselves:-
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Insolvency appointment takers should have reliable systems in place to deal with all aspects of insolvency work without having to use their own time, or that of senior staff, as a failsafe to make sure that everything is done properly. Well prepared systems and reference guidelines should provide support for less experienced staff, allowing senior staff to focus on new work and more complex issues, so using their time more efficiently.
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Members’ voluntary liquidations are unique among appointments for insolvency practitioners as they involve distributions to shareholders. These are frequently the last tranche of distributions to shareholders after the business of a solvent company has been wound down, its assets have been realised, all the trade creditors paid in full and the members’ voluntary liquidation is the last stage in the company’s history. (more…)

The Data Protection Act is widely drafted and complex legislation aimed at protecting the privacy of people in the UK. It is legislation that affects insolvency practitioners and this email just gives information about the Data Protection Act in relation to insolvency practitioners. (more…)