20. Company insolvency and liquidation
This chapter deals with procedures and legislation governing the insolvency and liquidation of a company and who are qualified as insolvency practitioners. It first discusses insolvency procedures such as administrative receivership, administration, voluntary arrangement, creditors’ voluntary winding up, winding up by the court and the appointment of a provisional liquidator. It then considers the effect of insolvency and liquidation procedures on floating charges, court control of insolvency and liquidation procedures and liability for wrongful trading. The legal principles underlying disqualification orders against a company’s directors, the use of an insolvent company’s name, the order of the application of assets in liquidation and the dissolution of a company are also examined.