what is an insolvency notice

What is an Insolvency Notice?

insolvency notices onlineAn Insolvency notice is a formal publication of certain insolvency events, theses are a legal requirement of the Insolvency Act and the Insolvency Rules 1986.

Insolvency notices are published in the London Gazette, which has been accepting notices since 7 November 1665 and is the oldest newspaper in Great Britain.

By using The Gazette to publish Insolvency notices they are intended make the public aware as well as to act as a warning about a business’s instability, this also offers creditors the relevant contact details and forthcoming meetings.

The relevant contact details for the Insolvency practitioners working on the case as also published within the notice.

What is the London Gazette?

The London Gazette or simple the Gazette as it is now know as is one of the official journals of public record of the British government, it dating back to the 17th century. The publication is still printed, but in 2021 most people now access it via its website https://www.thegazette.co.uk and view insolvency notices online.

The newspaper also shows lists Armed Forces Commissions, Public Office Appointments and other notices, as well as addition to insolvency events.

In the Insolvency section of the Gazette, all insolvency notices are shown, this is to provide guidance for creditors that are unaware that a business that trade with maybe entering an insolvency process like an administration or liquidation. Therefore legally these notices have to be published for the public to see. This is a legal requirement of the Insolvency Act and the Insolvency Rules 1986.

Types of Insolvency Notices published?

The following types of Insolvency notices have to be legally published to inform creditors and the public of a business’s insolvency progress.

Administration

  • Administration orders
  • Appointment of administrators
  • Deemed Consent (Administration)
  • Meetings of creditors
  • Notices to members

Creditors Voluntary Liquidation

  • Annual liquidation meetings
  • Appointment of liquidators
  • Deemed Consent (CVL)
  • Final meetings
  • Meetings of creditors
  • Notices to creditors
  • Resolution for winding-up

Insolvency Practitioner Applications

Liquidation by the Court

  • Annual meeting
  • Appointment of Liquidators
  • Deemed Consent (Winding Up by the Court)
  • Dismissal of winding-up petition
  • Final meetings
  • Meetings of creditors
  • Notice of Dividends
  • Notice of Intended Dividends
  • Notices to creditors
  • Petitions to wind-up
  • Public examinations
  • Release of liquidator
  • Service of petition
  • Winding Up Orders

Members Voluntary Liquidation

  • Annual liquidation meetings
  • Appointment of Liquidators
  • Final meetings
  • Notices to creditors
  • Resolution for voluntary winding-up

Moratoria

Notices of Dividends

Other corporate insolvency notices

(i.e., Notice of Liquidator’s delivery of final accounts before being released from office)

Overseas territories & cross-border insolvencies

Qualifying decision procedure

Re-use of a prohibited name

Receivership

  • Appointment of administrative receivers
  • Appointment of receivers
  • Deemed Consent (Administrative Receivership)
  • Meetings of creditor

What should you do if you are a creditor?

If you are a creditor and true with a business that you have seen has been advertised within the insolvency section of The Gazette, there are a few options, depending on which insolvency notice has been published you may want to contact the company. If they are undergoing administration or liquidation you may want to contact the Insolvency Practioner named on the notice.

You are legally allowed to send a named representative to any meetings that are listed in the insolvency notice, attend in person or you can appoint an Insolvency Practitioner to work on your behalf but this will be dependant on the case and monies owed.

What should you do if you are issued an Insolvency Notice

If you are issued with an insolvency notice yourself or on behalf of your business, you will be aware of an insolvency notice before it is public. Once this notice is published in The Gazette the companies bankers with notice it and freeze the businesses bank account

If you are issued a winding-up petition or notice of enforcement then you should speak to an accountant or a licensed insolvency practitioner to help you get the best resolution and sort out your options.

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