The greatest cost for an Insolvency Practitioner is that paid to prepare for and take litigation proceedings against misfeasant parties (such as directors or delinquent Bankrupts). If they have a decent to good case a litigation funder may take on the case, their ‘success fee’ being a percentage of the damages or remedy ultimately achieved.

[See ‘Litigation’, ‘Insolvency Practitioner’, ‘Bankrupt’, Misfeasance’ and ‘Wrongful Trading’.]

London Gazette

The London Gazette (also known as ‘The Gazette’) is one of the official journals of record of the Government. It is here that officeholders will publish notice (for example, of their appointment as Liquidator in a Creditors’ Voluntary Liquidation, within 14 days of being appointed), and will look to see if notices have been published against companies and individuals in which they have an interest.

It can be accessed online at thegazette.co.uk, and links can easily be followed, for example to ‘place an insolvency notice’ or to ‘search individual company notices’.

It is free to access and use. However, if a person wishes to save searches, specific notices, or create bespoke editions, they will need to register.

[See ‘Liquidator’ and ‘Creditors’ Voluntary Liquidation’.]

M

Main Proceedings

Main proceedings are sometimes called ‘foreign main proceedings’. These are the proceedings that can be taken in the jurisdiction where there is a Centre of Main Interests (COMI).

Where a company is in an insolvency process in England & Wales and there are assets in a foreign jurisdiction, the Insolvency Practitioner (for example, the Liquidator or Administrator) can declare the COMI is in this jurisdiction and, if successful, can then start ‘main proceedings’; which is the process of employing English & Welsh insolvency and restructuring law and processes in another (foreign) jurisdiction.

[See ‘Centre of Main Interests’, ‘COMI’, ‘Liquidator’, ‘Administrator’.]