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ACAS is an independent public body that receives funding from the Government, working with millions of employers and employees every year to improve workplace relationships. ACAS gives employees and employers free, impartial advice on workplace rights, rules and best practice. They also offer training and help to resolve disputes between employers and employees.
You will have heard about them on the news, as they are famous for their interventions and negotiations in industrial disputes in the UK, but they have an important role to play in insolvency and restructuring as well and much of your role will be about dealing with panicked employees who need advice, information and solace.
An affidavit is a written statement from an individual which is sworn to be true. It is an oath that what the individual is saying is the truth. An affidavit is used along with witness statements to prove the truthfulness of a certain statement in court.
The Insolvency Rules 2016 substituted most references to ‘affidavits’ in the insolvency and restructuring sector with ‘statements of truth’. The latter are not sworn documents. The only sworn document in insolvency is the declaration of solvency which launches a Members’ Voluntary Liquidation.
[See ‘Insolvency Rules’, ‘Statement of Truth’ and ‘Members’ Voluntary Liquidation’.]
After-acquired property is that property (but not income) which is acquired by, or devolves upon, the Bankrupt after the making of the Bankruptcy Order and before they are discharged. This includes an inheritance or a win on the Lotto, or an increase in salary from the Bankrupt’s job.
Such property can be claimed by the Trustee in Bankruptcy for the benefit of the Bankruptcy estate.
The Insolvency Act 1986 makes special provision requiring that the Bankrupt give notice to the Trustee of the acquisition of any property, or increase in income,
