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Section 366(1) of the Insolvency Act provides that the Official Receiver or Trustee can apply to the court for a private examination of a Bankrupt at any time after the Bankruptcy Order has been made. The court’s power to direct the Bankrupt to attend survives discharge of the Bankruptcy (usually after one year, counting forward from the date of the Bankruptcy Order).
A person can be ordered to attend court with an account of their dealings with the Bankrupt or to produce any documents in their possession, or under their control relating to the Bankrupt or the Bankrupt’s dealings, affairs or property.
Section 366(4) states that the court may authorise a person arrested under such a warrant to be kept in custody, and anything seized under such a warrant to be held, in accordance with the rules, until that person is brought before the court under the warrant or until such other times as the court may order.
See also ‘Public Examination’.
[See ‘Officeholder’, ‘Insolvency Act’, ‘Liquidator’, ‘Official Receiver’, ‘Bankruptcy Order’, ‘Public Examination’ and ‘Bankrupt’.]
Privilege is a legal right which allows persons to resist compulsory disclosure of documents and information.
The fact that a document is sensitive or confidential is not a bar to disclosure, although privileged documents must be confidential.
A Profit and Loss account (often known in the profession and called a ‘P&L’) is an account in the books of an organisation to which incomes and gains are credited and expenses and losses debited, so as to show the net profit or loss over a given period.
The period is typically either one month, or consolidated months over a year. The figures extrapolated from the P&L show whether the business has made a profit or a loss over that time period.
The P&L is one of three financial statements every public company issues quarterly and annually, along with the balance sheet and the cash flow statement.
