Part VIII—Official Receiver And Regulation of Insolvency Practitioners.
A fine or other monetary penalty imposed, whether before or after the commencement of the liquidation or bankruptcy, in respect of an offence committed before the commencement of the liquidation or bankruptcy and costs ordered to be paid with respect to proceedings for the offence, is admissible in liquidation or bankruptcy.
The very low level of yields on fixed income assets means that it is very expensive today to purchase a secure stream of future income, which is what someone who is retiring is usually seeking. The retiree can of course respond to this by holding more of her portfolio in dividend-paying stocks – accepting more risk.
Creditors’ or shareholders’ meetings during liquidation. Creditors’ meeting to consider appointment of provisional administrator. Circumstances in which court may appoint liquidator. Liquidator’s power to examine and obtain information. Rights and obligations of a grantor in receivership.
Priorities for application of proceeds of receivership.
Property acquired after commencement of bankruptcy. General powers of trustees and conduct of bankruptcy. Trustee’s power to allow bankrupt to manage property.
Annulment, revocation or setting aside of bankruptcy order.
I am reminded of the Law of Unintended Consequence when seeking the ‘security’ of cash instruments.
Stevens also reinforced my theme when talking about people facing retirement today when he said; .
Duty of liquidator to call general meeting at end of each year. Alternative provisions as to annual and final meetings in case of insolvency.