Healys LLP recently acted on behalf of a Client on an Application for an annulment of his bankruptcy, pursuant to S.282 (1) (b) of the Insolvency Act 1986, on the basis that the debts and expenses had been paid or secured for, to the satisfaction of the court. Continue reading →

Healys acted for the Trustee in Bankruptcy of Ms H,  who was the subject of a bankruptcy order made in 2010 on the petition of the supervisor of her Individual Voluntary Arrangement (“IVA”). The IVA had been entered into by Ms H in 2003 as a means of annulling a previous bankruptcy order made in 2000. However, the supervisor petitioned for her bankruptcy on her failure to comply with the terms of her IVA.   Continue reading →

When a company enters liquidation, one of the principles that has to be observed is that creditors of the same class have to be treated the same way. There is, however, an exception to the rule under the Insolvency Rules 2016. If a company in liquidation owes money to a person or organisation and is also owed money by them, then an automatic ‘set-off’ applies and only the net balance is taken into account in the liquidation. This applies by rule of law and cannot be legally overridden.  Continue reading →