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All of the above criteria will usually only match a relatively ‘low level debtor’, one who does not have large and often complicated debts. In this way it is a useful solution for those who do not owe much money, have little disposable income and do not have many assets (usually other than a car, which can be worth less than £2,000).
[See ‘Bankruptcy’ and ‘Discharge’.]
The term ‘decision date’ is used in the context of qualifying decision procedures; the law in this area is set out in section 246ZE Insolvency Act 1986.
Under Rule 15.2 of the Insolvency Rules the term ‘decision date’ means:
(a) in the case of a decision to be made at a meeting (such as a virtual meeting or electronic meeting), the date of the meeting;
(b) in the case of a decision to be made either by a decision procedure other than a meeting, or by the deemed consent procedure, the date the decision is to be made or deemed to have been made;
and a decision falling within paragraph (b) is to be treated as made at 23:59 on the decision date.
[See ‘Insolvency Act’, ‘Insolvency Rules’, ‘Virtual Meeting’ and ‘Electronic Meeting’.]
[See ‘Qualifying Decision Procedure’.]
Under section 89 Insolvency Act 1986 the directors of a company must swear a declaration of solvency if they wish to pursue the winding up of a company by way of a Members’ Voluntary Liquidation (MVL).
