The Compendium

The temporary measures include a restriction on issuing petitions to compulsorily wind-up a company.

[See ‘Moratorium’, ‘Restructuring Plan’ and ‘Ipso Facto Clauses’.]

Circa

You may see the Latin word ‘circa’ before a date (usually a year) when reading documents, etc.

It means ‘approximately’. It is usually written as a ‘c’, as in c2023.

Closure

Closure is the process of ending the process of a Liquidation or Bankruptcy. Section 106 of the Insolvency Act 1986 states that as soon as the company’s affairs are fully wound up the Liquidator must make up a final account setting out how the Liquidation had been conducted and how the assets have been disposed of.

Within 14 days of this account being made up a copy must be sent to the company’s members and creditors.

The final account that is delivered must set out:

• That the company’s affairs are fully wound up.
• That the creditors have the right to request information about remuneration and expenses if they make up 5% of creditors.
• That the creditors have the right to challenge the remuneration and expenses if they make up 10% of creditors.
• That a creditor may object to the release of the Liquidator.

[See ‘Liquidation’, ‘Liquidator’, ‘Bankruptcy’ and ‘Insolvency Act’.]