Following the sale of assets, the company was renamed 2737469 Canada Inc., ceased to carry on business, and commenced bankruptcy proceedings under the Bankruptcy and Insolvency Act.

If debts are greater than $ 250, 000, the proposal must be filed under Division 1 of Part III of the Bankruptcy and Insolvency Act.

Insolvency may result in a form of corporate failure, when creditors force the liquidation and dissolution of the corporation under court order, but it most often results in a restructuring of corporate holdings.

In some circumstances it may appear ideal for the directors, however if they trade under a name which is the same or substantially the same as the company in liquidation without approval from the Court they will be committing an offence under S216 of the Insolvency Act 1986 ( and equivalent legislation in UK regions ).

Persons participating in the management of the ' Phoenix ' company may also be held personally liable for the debts of the company under s217 of the Insolvency Act unless the Court approval has been granted.

It is a Recognised Professional Body under the Insolvency Act to issue permits to individual CAs to conduct insolvency appointments.

Insolvency is a regulated profession under the Insolvency Act 1986 and anyone who wishes to practise as an IP needs to pass the JIEB exams ; a set of three examination papers set by the Joint Insolvency Examination Board ( JIEB ).

As a " competent authority " under the Insolvency Act 1986, the Secretary of State for Business, Enterprise and Regulatory Reform ( BERR )-and, for Northern Ireland, the Department of Enterprise, Trade and Investment-also authorises IPs.

Registrars in Bankruptcy: The Superior Court of Justice also has 5 Judicial Officers designated by the Chief Justice under the Bankruptcy and Insolvency Act to sit as part of the Bankruptcy Court.

For this purpose a company enters administration when it enters administration under Schedule B1 to the Insolvency Act 1986 or is subject to any corresponding procedure otherwise than under that Act ( for example, in an overseas jurisdiction ).

For these purposes a company ceases to be in administration when it ceases to be in administration under Schedule B1 to the Insolvency Act 1986 or any corresponding event occurs otherwise than under that Act ( for example, in an overseas jurisdiction ).

For this purpose a winding up is taken to commence on the passing of a resolution for the winding up of the company, or on the presentation of a winding up petition if no such resolution has previously been passed and a winding up order is made on the petition, or on the doing of any other act for a like purpose in the case of a winding up otherwise than under the Insolvency Act 1986.

** ACCA is a Recognised Professional Body under the Insolvency Act to issue permits to individual Chartered Certified Accountants to conduct insolvency appointments.

under the UK Insolvency Act 1986.

By 1995, the institution had become insolvent and filed to make a proposal to creditors under the Bankruptcy and Insolvency Act in Canada.

In Canada, a trustee in bankruptcy is an individual or a corporation licensed by the official superintendent to hold in trust and, subsequently, to distribute bankrupt ’ s property among the creditors in accordance with the distribution scheme under the Bankruptcy and Insolvency Act ( BIA ).

It offered the software for sale until it filed for protection under Canada's Bankruptcy and Insolvency Act in April 1996.

He was arrested in the US and imprisoned, and then extradited to New Zealand, where he was charged under the Insolvency Act 1985.

In theory it is also open to a debtor to make a proposal to his creditors by deed of arrangement under the Deeds of Arrangement Act 1914, but this procedure has fallen into disuse since the introduction of voluntary arrangements under the Insolvency Act 1986.

The current law in force was enacted in 1920 called Provincial Insolvency Act.

Current law in England and Wales derives in large part from the Insolvency Act 1986.

:* In the area of insolvency law, provincial statutes continue to operate by way of federal incorporation into the Bankruptcy and Insolvency Act and the Companies ' Creditors Arrangement Act

* Bankruptcy and Insolvency Act, the statute that regulates the law on bankruptcy and insolvency in Canada

As a part of the general review of UK insolvency law that took place in the 1980s, beginning with the Cork Report and culminating in the Insolvency Act 1986, two major reforms were put forward.

Under UK insolvency law trading once a company is legally insolvent can trigger several provisions of the Insolvency Act 1986, including,

Category: Insolvency law of the United Kingdom

Insolvency is not a synonym for bankruptcy, which is a determination of insolvency made by a court of law with resulting legal orders intended to resolve the insolvency.

Under UK law, unless the Official Receiver already holds office, the following types of formal insolvency procedure must be dealt with by a Licensed Insolvency Practitioner:

Category: Insolvency law of the United Kingdom

Category: Insolvency law by country

Trustees in bankruptcy, 1041 individuals licensed to administer insolvencies, bankruptcy and proposal estates and are governed by the Bankruptcy and Insolvency Act of Canada.

In Canada, bankruptcy and insolvency are generally regulated by the Bankruptcy and Insolvency Act.

Insolvency Practitioners are licensed to advise on, and undertake appointments in, all formal insolvency procedures.

In the UK Insolvency Practitioners are subject to oversight and inspection by their recognised professional body.

There are currently around 2, 500 Licensed Insolvency Practitioners in the United Kingdom, not all of whom take appointments – various lawyers hold licences but rarely use them to take appointments, preferring to advise other practitioners.

A person or debtor can declare himself or herself bankrupt by lodging a debtor's petition with the Official Receiver, which is the Insolvency and Trustee Service Australia ( ITSA ).

The creditors will begin to deal with the Insolvency Practitioner and readily accept annual reports when submitted.

Crucially, however, Parliament had conceded in the Insolvency Act that administrative receivership should have priority-that is, a secured creditor with a floating charge could defeat any attempt to commence an administration by appointing an administrative receiver.

An Individual Voluntary Arrangement is a legally binding arrangement supervised by a licensed Insolvency Practitioner, the purpose of which is to enable an individual, sole trader or Partner (" the Debtor ") to reach a compromise with his creditors and avoid the consequences of bankruptcy.

Insolvency regimes around the world have evolved in very different ways, with laws focusing on different strategies for dealing with the insolvent corporate.

The directors and shareholders can instigate the liquidation process without court involvement by a shareholder resolution and the appointment of a licensed Insolvency Practitioner as liquidator.