KEEPING YOU INFORMED • Company Voluntary Arrangements • Individual Voluntary Arrangements - Consumer Debts • Liquidation • Individual Voluntary Arrangements - Business Debts • Administration • Bankruptcy Appointments www.griffinandking.co.uk | email: janet.peacock@griffinandking.co.uk Griffin & King, 26-28 Goodall Street, Walsall, West Midlands WS1 1QL From 6th April 2017 there are no longer automatic creditors’ meetings. New rules have now come into force which are a major overhaul aimed at updating insolvency procedures that have been in force since the Insolvency Rules 1986. The purpose behind the changes is to use modern communication systems to streamline the various processes and save expenses being charged to the insolvency estate. One of the major changes that non-insolvency professionals will come across is the end to automatic physical creditors’ meetings. Such meetings were called at various points of the insolvency process – a common example was that under section 98 of the Insolvency Act 1986 a meeting of creditors would be called by shareholders to put a company into a formal liquidation process. With most of these section 98 meetings only the insolvency practitioner and the director(s) would attend. This involved unnecessary costs and expenses being charged to the insolvency estate. At the section 98 meeting the “Statement of Affairs” would have been presented to any creditors that attend. Under the new rules, the Statement of Affairs is forwarded in advance. The Insolvency Practitioner now writes to creditors with a proposal which is deemed accepted and CREDITORS’ MEETINGS – A THING OF THE PAST! BUSINESS RESCUE, RECOVERY AND TURNAROUND News and views from the Griffin & King team Spring 2017 Management team: Janet Peacock, Richard Owen, Cheryl Gray, Tim Corfield, Emma Wallis. Download a copy www.griffinandking.co.uk Contd. on pg 2 by Tim Corfield A FRESH PAIR OF EYES… Page 2 GOOGLE Page 3 STRIKING NUMBERS Page 3 OUR NEXT SEMINAR Page 3 HOW WE HELPED SOME PEOPLE… Page 4 THE LAST WORD Page 4 COMPETITION TIME Page 4