News from our partner business, BM Advisory, providing restructuring, recovery and insolvency solutions for businesses and individuals.
On 6 April 2017 the government will introduce new legislation impacting on all forms of insolvency, including creditors' voluntary liquidations and voluntary arrangements.
A significant change is that insolvency legislation is moving away from holding a 'physical' meeting of creditors, unless this is specifically requested by creditors.
Furthermore, in a creditors’ voluntary liquidation a liquidator will not have to obtain a resolution from a creditor to confirm their appointment, but can be appointed by ‘deemed consent’, following the issue of a report to creditors.
In most instances, it is likely that a liquidator will be appointed by the deemed consent of the creditors and without the need for a physical meeting.
Often, the way for you to avoid any insolvency process is to seek restructuring or refinancing advice at the earliest opportunity.