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For the staid period, the board of What is the meaning of ‘satisfied’ in
directors of the company stands IA 1986, s263K(2)? (issue one)
suspended, and the promoters do not What is the nature of an appeal under
have a say in the management of the IA 1986, S263N(5)? (issue two)
company. How should evidence on an appeal
be adduced? (issue three)
The IRP, if required, can seek the
What role should the adjudicator
support of the company’s
play on an appeal? (issue four)
management for day-to-day
What role should creditors play on
operations.
an appeal and should they be
notified? (issue five)
If the CIRP (Corporate Insolvency
Which court and what level of judge
Resolution Process) fails in reviving
should hear appeals under IA 1986,
the company the liquidation process
s263N(5)? (issue six)
is initiated.
Who should prepare the hearing
The Making of a Bankruptcy Order bundle for the court? (issue seven)
Who should pay the costs of an
As many will be aware, debtor’s bankruptcy
appeal? (issue eight)
petitions have been abolished being replaced
by online bankruptcy applications. These Appealing the adjudicator’s decision not
applications are determined by an to make a bankruptcy order
adjudicator rather than a judge, thus
In what is believed to be the first reasoned
removing the court from the petition
judgment dealing with an appeal from a
process.
decision of the adjudicator not to make a
In a case that is one of the first of its kind, a bankruptcy order, we consider the judgment
judgment has been made on an appeal in Re Budniok; Budniok v Adjudicator,
against an adjudicator’s refusal to make a Insolvency Service.
bankruptcy order. This case is unique in not
The High Court of Justice allowed the
only did it consider issues with regard to the
applicant’s appeal against a decision of the
adjudicator of the Insolvency Service, in
which the adjudicator refused to make a
bankruptcy order in relation to him. On the
evidence, there was nothing to prevent the
order being made. The court also gave
consideration to general issues arising out of
appeals under the Insolvency Act 1986 (IA
1986).
Submitted by
Prabhakaran-II MBA