Hardback
Insolvency Practitioners
Appointment, Duties, Powers and Liability
9781788973977 Edward Elgar Publishing
This is an indispensable and practical overview of the functions and liabilities of the insolvency practitioner (IP), bringing together the expertise of insolvency practitioners and specialist lawyers. It considers the circumstances in which IPs are appointed, their duties and their powers, before offering a detailed investigation into their potential professional liabilities, as well as in-depth guidance to practitioners and advisers as to how claims might be framed and defended.
More Information
Critical Acclaim
Contents
More Information
This is an indispensable and practical overview of the functions and liabilities of the insolvency practitioner (IP), bringing together the expertise of insolvency practitioners and specialist lawyers. It considers the circumstances in which IPs are appointed, their duties and their powers, before offering a detailed investigation into their potential professional liabilities, as well as in-depth guidance to practitioners and advisers as to how claims might be framed and defended.
Utilising knowledge drawn from decades of practice, Insolvency Practitioners examines both reported case law and unreported cases from the authors’ own experiences to provide unparalleled insight and information. It also discusses unresolved and tendentious matters such as aspects of remuneration, the end of personal IP licensing, and recent changes introduced by the Corporate Insolvency and Governance Act 2020, and provides clarity on the latitude given to IPs in exercising their commercial judgement.
This book provides unique and comprehensive coverage of the significant body of case law in this area, and will prove essential reading for all IPs, insolvency and restructuring lawyers, as well as those dealing with matters relating to professional negligence. Its exploration of contentious issues in the field will also be of interest to academics and postgraduate researchers with a focus on insolvency law.
Utilising knowledge drawn from decades of practice, Insolvency Practitioners examines both reported case law and unreported cases from the authors’ own experiences to provide unparalleled insight and information. It also discusses unresolved and tendentious matters such as aspects of remuneration, the end of personal IP licensing, and recent changes introduced by the Corporate Insolvency and Governance Act 2020, and provides clarity on the latitude given to IPs in exercising their commercial judgement.
This book provides unique and comprehensive coverage of the significant body of case law in this area, and will prove essential reading for all IPs, insolvency and restructuring lawyers, as well as those dealing with matters relating to professional negligence. Its exploration of contentious issues in the field will also be of interest to academics and postgraduate researchers with a focus on insolvency law.
Critical Acclaim
‘The insight and experience of the authors from both a legal and IP practice perspective is evident throughout. When compared to the cost of attending a course or conference, this work is excellent value for money and will be money well spent in the event that it averts an IP from making a single, potentially costly error in the exercise of their powers.’
– Alison Curry, The Edinburgh Law Review
‘This book is a real accomplishment and will make a significant contribution to the existing literature in insolvency law. Given the practical nature of the work it will make invaluable contributions to all those who operate before the Business and Property Courts, assisting IPs, lawyers and judges.’
– John Wood, eurofenix
‘What should insolvency practitioners do, what can they do and what if they get it wrong? This invaluable book answers those fundamental questions. Its unique perspective, born of the authors’ years of experience and their combined breadth and depth of legal knowledge, lays bare the duties, powers and liability of insolvency practitioners. It should be required reading for all insolvency licence holders and merits thorough consultation by both contentious and non-contentious insolvency lawyers.’
– Chris Laughton, Mercer & Hole, UK
‘This book unpacks the complex backdrop that insolvency practitioners have to navigate when exercising their duties and powers often in highly pressured situations. The balancing act between commercial judgment, compliance with statutory obligations, adhering to codes of practice and ethical guidance and managing conflict is carefully analysed and explored with reference to the large body of case law that has built up over time. The experienced authors offer their insights based on detailed research and own experience and are also prepared to express a view. This book will, no doubt, become a "go to" resource both for those insolvency practitioners taking decisions and their advisors, and will be very much welcomed by the profession.’
– Joanne Rumley, Foot Anstey LLP, UK
‘I am delighted that this book has been written. Risk is rarely far from the IP''s mind. To have all the legal aspects contributing to risk which should be considered by the insolvency Office-Holder, comprehensively referenced and clearly explained by an eminent team, all in one volume, is invaluable.’
– Giles Frampton, Richard J. Smith & Co LLP, UK
‘Insolvency practitioners generally attract a bad press: they have been described as undertakers, and vultures, necessary to maintain the hygienic working of the market, but otherwise unwelcome spectres at the capitalist feast; they have been accused of “insolvent abuse” because they charge, often handsomely, for what they do. Recognition of the work they do saving jobs and businesses receives less attention. Insolvency Practitioners: Appointments, Duties, Powers and Liability, the first comprehensive work on insolvency office-holders, seeks not to generate heat but to shed light on the complex and varied functions they perform. In eight chapters and 300 odd pages, Hugh Sims QC, a team of authors drawn from two sets known for their insolvency expertise, and a respected insolvency practitioner cover every aspect of office-holder functions: from qualification and appointment, to duties and liabilities. No legal text will answer every question that may arise; but this one goes a long way towards doing so. Its first edition is to be welcomed. Further editions are assured.’
– Stephen Baister, Manolete PLC, UK
‘It is my privilege to endorse this publication, covering an area of law that was crying out for academic commentary. This experienced team of insolvency specialists have written an informative and insightful analysis on the roles and duties of insolvency practitioners in the UK, making it a must-have for all IPs, lawyers and stakeholders. It is up to date and includes recent case law, along with guidance based on the changes brought by the Corporate Insolvency and Governance Act 2020. A must-buy!’
– Christina Fitzgerald, Moon Beever LLP, UK and Vice President of R3
– Alison Curry, The Edinburgh Law Review
‘This book is a real accomplishment and will make a significant contribution to the existing literature in insolvency law. Given the practical nature of the work it will make invaluable contributions to all those who operate before the Business and Property Courts, assisting IPs, lawyers and judges.’
– John Wood, eurofenix
‘What should insolvency practitioners do, what can they do and what if they get it wrong? This invaluable book answers those fundamental questions. Its unique perspective, born of the authors’ years of experience and their combined breadth and depth of legal knowledge, lays bare the duties, powers and liability of insolvency practitioners. It should be required reading for all insolvency licence holders and merits thorough consultation by both contentious and non-contentious insolvency lawyers.’
– Chris Laughton, Mercer & Hole, UK
‘This book unpacks the complex backdrop that insolvency practitioners have to navigate when exercising their duties and powers often in highly pressured situations. The balancing act between commercial judgment, compliance with statutory obligations, adhering to codes of practice and ethical guidance and managing conflict is carefully analysed and explored with reference to the large body of case law that has built up over time. The experienced authors offer their insights based on detailed research and own experience and are also prepared to express a view. This book will, no doubt, become a "go to" resource both for those insolvency practitioners taking decisions and their advisors, and will be very much welcomed by the profession.’
– Joanne Rumley, Foot Anstey LLP, UK
‘I am delighted that this book has been written. Risk is rarely far from the IP''s mind. To have all the legal aspects contributing to risk which should be considered by the insolvency Office-Holder, comprehensively referenced and clearly explained by an eminent team, all in one volume, is invaluable.’
– Giles Frampton, Richard J. Smith & Co LLP, UK
‘Insolvency practitioners generally attract a bad press: they have been described as undertakers, and vultures, necessary to maintain the hygienic working of the market, but otherwise unwelcome spectres at the capitalist feast; they have been accused of “insolvent abuse” because they charge, often handsomely, for what they do. Recognition of the work they do saving jobs and businesses receives less attention. Insolvency Practitioners: Appointments, Duties, Powers and Liability, the first comprehensive work on insolvency office-holders, seeks not to generate heat but to shed light on the complex and varied functions they perform. In eight chapters and 300 odd pages, Hugh Sims QC, a team of authors drawn from two sets known for their insolvency expertise, and a respected insolvency practitioner cover every aspect of office-holder functions: from qualification and appointment, to duties and liabilities. No legal text will answer every question that may arise; but this one goes a long way towards doing so. Its first edition is to be welcomed. Further editions are assured.’
– Stephen Baister, Manolete PLC, UK
‘It is my privilege to endorse this publication, covering an area of law that was crying out for academic commentary. This experienced team of insolvency specialists have written an informative and insightful analysis on the roles and duties of insolvency practitioners in the UK, making it a must-have for all IPs, lawyers and stakeholders. It is up to date and includes recent case law, along with guidance based on the changes brought by the Corporate Insolvency and Governance Act 2020. A must-buy!’
– Christina Fitzgerald, Moon Beever LLP, UK and Vice President of R3
Contents
Contents: Foreword Preface 1 Introduction PART I QUALIFICATION AND APPOINTMENT 2. Qualification and authorisation of insolvency practitioners 3. Appointment, termination and removal PART II DUTIES AND POWERS IN OFFICE 4. The duties of office-holders 5. Powers of office-holders PART III OFFICE-HOLDER LIABILITY 6. Breaches of duty 7. Remedies for breach of IP’s duty 8. Defences Annex I Table AI.1 Comparison of Schedules 1, 4 and 5 to the Insolvency Act 1986 (numerical order) Annex II Table AII.1 Comparing and contrasting Schedules 1, 4 and 5 to the Insolvency Act 1986 Index