A gratuitous alienation is a transfer of property from a debtor to another party for no consideration or an inadequate consideration. A recent Supreme Court ruling found that a series of conveyances of properties some nine months before the sellers went into administration was an attempt to divert assets away from creditors.
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Recently, the English High Court found that although the directors of a company which had entered administration had continued trading wrongfully, their actions did not increase the net deficiency of the Company. As a result the directors would not be personally liable to contribute to the Company’s assets for distribution to creditors.
The Bankruptcy & Debt Advice (Scotland) Act 2014 came into force today on 1 April 2015, introducing, in the Scottish Government's own words, "one of the most modern systems of debt advice and debt management in the world."
The Insolvency (Scotland) Amendment Rules 2014 (the "2014 Rules") came into force on 30 May 2014 and are applicable to cases where a receiver is appointed, a resolution for the winding up of a company is passed, a petition for liquidation is lodged or an application for the appointment of a provisional liquidator is made on or after 30 May 2014.
The R3 Scottish Women in Insolvency Group (SWIG), chaired by Deloitte’s Judith Howson, will bring together two leading opinion formers from Scotland’s insolvency and finance sectors, at its latest event on the 1 November 2012.