S T Bennett & Co
116 Palmerston Road
Tel: 020 8505 2941
Fax: 020 8505 1206
You can contact us on the following telephone number if you have any queries or wish to make an appointment:
Tel: +44 20 8505 2941
Alternatively, please use our contact form.
Mr Stewart Bennett is licensed to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England and Wales and is bound by their code of ethics.
Is a procedure which places a company under the control of an insolvency practitioner and the protection of the court. While a company is
in administration creditors are prevented from taking any legal recovery action against it, except with the permission of the court. An administrator may be appointed either by an order of the court,
on application by either, the company, its directors, one or more creditors, or, if it is in
liquidation, its liquidator. Without a court order an administrator may be appointed, by direct appointment by a company, its directors or a creditor who holds comprehensive security of a type which qualifies him to make such an appointment.
Individual Voluntary Arrangements (IVA)
A contract entered into between an individual (known as the debtor) and his creditors whereby the debtor may pay a lesser sum to the creditors in full and final settlement of debts. The creditors formally approve or reject the proposal at a formal meeting. The arrangement normally lasts for between 3 and 5 years. The arrangement provides the debtor with protection from his creditors and binds all creditors given notice of the arrangement. The arrangement is approved if greater than 75% of creditors who participate in the meeting, vote in favour.
Liquidations (CVL & MVL)
Often referred to as 'winding up' and it is the most common corporate insolvency procedure. A liquidator is appointed to realise the company's assets and distribute the proceeds in a prescribed order of priority. A liquidation signals the cessation of a company and its eventual removal from the companies register. It can also occur following an administrative receivership or administration.
The firm also undertakes Members Voluntary Liquidation for solvent companies to enable capital to be returned to its shareholders.
Company Voluntary Arrangements (CVA)
A procedure which enables an insolvent company to propose a repayment plan to its creditors. Under this plan, creditors agree and contract with the company to accept a lesser sum of money in full and final settlement of debts due to them by the company. An Insolvency Practitioner supervises this procedure.