Absolute insolvency definition

View the related practice notes about Absolute insolvency

Scotland: compulsory liquidation

Scotland: compulsory liquidation For the impact of Brexit on Scottish procedures, see Practice Note: Table showing impact of Brexit on jurisdiction to commence insolvency/restructuring proceedings and obtain recognition in other EU Member States. The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018, SI 2018/1082 and Insolvency (Scotland) (Receivership and Winding up) Rules 2018 (IRSWUP Rules 2018), SSI 2018/347, came into force on 6 April 2019. The content of this Practice Note reflects the application of the IRSWUP 2018 Rules, SSI 2018/347. This note does not address any transitional provisions as may be applicable, on the assumption that there will be few cases remaining for which the transitional provisions would be relevant. This Practice Note looks at compulsory liquidation in Scotland and sets out: (i) the entities that may petition for the winding-up of a company; (ii) the circumstances in which such a petition may be presented; and (iii) the process to be undertaken in seeking to obtain a winding-up order from the court. For a glossary...

Glossary of Scottish insolvency words and expressions

Glossary of Scottish insolvency words and expressions This is a glossary of common words and expressions used in Scottish insolvency law with the nearest England and Wales insolvency law equivalent (where relevant). Absolute insolvency Meaning Nearest English Equivalent Where an individual debtor's debts exceed the total value of assets. Balance sheet insolvency Accountant in Bankruptcy (AiB) Meaning Nearest English Equivalent This is an Agency of the Scottish Government, which supervises the regulation of the process of personal bankruptcy (sequestration and Protected Trust Deeds) in Scotland and can act as trustee in sequestrations where no insolvency practitioner is nominated to act. It also records corporate insolvencies (receivership and liquidations only) in Scotland, but does not act as an Official Receiver.See Practice Note: Scotland: the Accountant in Bankruptcy. N/A Accountant of Court Meaning Nearest English Equivalent The Accountant of Court is a court appointed officer, part of Scottish Courts and Tribunals. They manage funds consigned with the Accountant of Court in accordance with a Court of Session interlocutor...