‘Clear days’ means including neither the day of delivery, nor the day of the event. So, when fixing a decision date, you must typically add 15 days to the date of deemed delivery, not 14.

A document sent by first class post is treated as delivered on the second business day after the day on which it is posted. One sent by second class post is treated as delivered on the fourth business day after the day on which it is posted.

[See ‘Insolvency Rules’ and ‘Officeholder’.]

Butterworths Insolvency Law Handbook

There are two main texts containing all of the statute pertaining to the insolvency and restructuring sector. One of them is Butterworths and the other is Sealy and Milman.

[See ‘Sealy and Milman’.]

C

Call

A contributory is someone who is liable to contribute to an insolvent estate at the time of Liquidation.

If a shareholder/member/owner has bought 100 shares valued at £1 each and paid £50 for them, he is liable to pay the remaining £50 towards their face value if that company enters into Liquidation, as a ‘contributory’.

A Liquidator will make a ‘call’ on uncalled capital at a time she is getting in company assets and maximising returns for creditors. A call on shares is when an officeholder sends a ‘call notice’ to shareholders stipulating their requirement to pay the company a specified sum of money, which may be some or all of the unpaid amount, in respect of any shares they hold. The call notice will state the payment deadline (or ‘call payment date’).

[See ‘Liquidation’, ‘Shareholder’ and ‘Contributory’.]