The Compendium

This led to Schedule B1 being added to the Act, particularising every aspect of the role, powers, duties, process and liabilities connected with this officeholder.

The schedules contain detail about such things as powers, penalties, etc. not referred to in the main body of the statute.

[See ‘Insolvency Act 1986’ and ‘Administrator’.]

Scheme Failure Notice

In relation to pensions, the purpose of the ‘scheme failure notice’ is to provide information on the status of the pension scheme (or section in the case of some multi-employer pension schemes) as set out in section 122 of the Pensions Act 2004.

Part 2 of the notice requires a statement in confirmation that a pension scheme/ section rescue is not possible in relation to a specific pension scheme.

Sealy and Milman

There are two main texts containing all of the relevant statute for the insolvency and restructuring sector. They are Sealy and Milman and Buttwerworths Insolvency Law Handbook.

[See ‘Source’ and ‘Butterworths Insolvency Law Handbook’.]

Second Bankruptcy

A second Bankruptcy occurs where a person is made Bankrupt while they are still an undischarged Bankrupt.

In theory it should prove difficult to get enough credit for an already Bankruptcy person to go Bankrupt again, but the restriction on credit is that a person cannot get more than £500 without disclosing a Bankruptcy. This makes getting credit possible if an organisation doesn’t mind lending to a Bankrupt or, of course, some lenders might not even ask about a person’s financial status.

For example, could it be unpaid private school fees that have created the latter financial issue? Maybe it is unpaid rent? Failure to repay a loan to a former friend? Or a payout required from a legal case or a divorce?