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Training Course Summary:

When a customer becomes insolvent the priority is to minimise the impact of that insolvency and maximise the amount of any debt that can be recovered. Using plain English, this practical course explains the different types of insolvency and how to respond in a variety of situations.


By the end of this course you will be able to:

Understand different types of insolvency, the legislative framework, and how each type of insolvency might affect your business.
Recognise the differences in the circumstances and procedures in each type of insolvency.
Understand the duties and responsibilities of the parties.
Evaluate the impact on creditors, their rights and their options.
Act with greater knowledge and confidence to make the best of a bad situation and minimise the impact of an insolvent customer.

Who Should Attend:

Suitable for those wishing to improve their working knowledge of insolvency, including directors.

Training Course Overview/Content:

Personal Insolvency - Bankruptcy

Understand how bankruptcy is initiated
The creditors’ meeting
The effect of bankruptcy
How a bankrupt is discharged
Avoiding bankruptcy using a voluntary arrangement
Understand the circumstances when the creditors would approve a voluntary arrangement
Corporate Insolvency - Members’ Voluntary Liquidation

Understand the circumstances
Step by step through the procedure
Implications of this type of winding up
Creditors’ Voluntary Liquidation
Understand the circumstances
Step by step through the procedure
Implications of this type of winding up
Role of the Liquidator
Realisation of the assets
Compulsory Liquidation

Understand the grounds for compulsory winding up
Presentation of the Petition
Effect of the winding up order
Creditors’ and shareholders’ meeting: procedures and purpose
The Statement of Affairs and distribution of funds
Administrative Receivership

Role and responsibilities of the Administrative Receiver
The effect of the appointment
When is it the appropriate route?
Commercial Implications of Insolvency

How does it affect title to goods?
What is a director’s personal liability?
Understand the meaning and implications of fraudulent trading, wrongful trading and preference
Using a winding up petition as a debt collection tool
Working with the insolvency practitioner and creditors’ committee
Making the best of a bad job - how to recover as much of the debt as possible