Corporate Insolvency & Restructuring
A Coggle Diagram about ( (, , , , , and ), , , , , , , , , and ), Meaning of Insolvency, Liquidation and Winding up , INTRODUCTION
Powell v Fryer:
1.Debt incurred means when a company by conduct and operational subject itself to a conditional, but unavoidable, obligation to pay a sum, let it be present, absolute or contingent.
2.Tax liability and penalty are considered as debt.
Conclusion of insolvency
-must derrived from company financial position as a whole based on commercial reality; temporary liquidity is not insolvent.
-can consider the indulgences given by the creditors such as arrangment or compromise scheme.
-cannot consider future profitable trade of the company.
, Distribution of Property, Avoidance of antecedent transaction, Group of Companies & Liability of Officers (Separate Legal Entities), Voluntary Administration , Receivers and agent of secured creditors, Restructuring and Role of Court