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This is all comment of the module teacher about the topic I hope take it in account ( these is emails from the teacher for the student )
This asks specifically about options available to directors, you should therefore concentrate on insolvency processes that can be commenced by directors of a company, and consider how these are commenced. So, for example, administrative receivership is an option that is only available to Qualified Floating Charge Holders where the charge was created before 15 September 2003 – it is not therefore appropriate to consider this in answering the question.
You will need to consider Administration, CVAs and Liquidation, but you need do so only from the perspective that they are initiated by the directors.
I trust that this clarifies the scope of the essay for you. I would be happy to consider a plan for the essay that has more detail as to the proposed content.
The second email:
The question only asks you what options are available to directors in respect of an insolvent company. You therefore only need to consider the insolvency processes that can be initiated by directors, i.e.:
– compulsory winding up;
– creditors’ voluntary liquidation (if the members agree to pass the shareholder resolution);
– administration appointment out of court pursuant to paragraph 22 Sch B1;
– administration appointment in court pursuant to paragraph 12 Sch B1;
– company voluntary arrangement.
You will need to consider each of these processes and the manner in which they are commenced. For example, what is the procedure, who needs to be informed, who needs to give their consent.
You do not need to consider any other procedures (e.g. administration appointment out of court pursuant to paragraph 14 Sch B1). Also, you do not need to consider the impact of insolvency on directors (e.g. s.214). You also do not need to consider Members’ Voluntary Liquidation – remember this is a solvent process, so not relevant to the question.
You need to ensure that you communicate your point clearly. Some of your points in the outline attached to your previous email are confusing – for example you refer to "directs’ action" rather than "directors’ action".
I hope that this is of assistance. As previously discussed, I am now on annual leave so only have limited access to my emails.
The third email:
“Critically analyse the options available to the directors of an insolvent company in England and Wales pursuant to the Insolvency Act 1986”
This asks specifically about options available to directors, you should therefore concentrate on insolvency processes that can be commenced by directors of a company, and consider how these are commenced. So, for example, administrative receivership is an option that is only available to Qualified Floating Charge Holders where the charge was created before 15 September 2003 – it is not therefore appropriate to consider this in answering the question.
You will need to consider Administration, CVAs and Liquidation, but you need do so only from the perspective that they are initiated by the directors.
I trust that this clarifies the scope of the essay for you. I would be happy to consider a plan for the essay that has more detail as to the proposed content.
The third email:
There are three main themes running through my comments that you need to address for the whole essay: 1. Answer the question.
In essence, the question asks you to explain what insolvency processes can be instigated by an insolvent company’s directors. You have correctly identified the processes, however you have then gone on to talk about these generally rather than specifically in relation to being started by a director. So, for example with administration, you do not need to consider the appointment pursuant to paragraph 14 Schedule B1 Insolvency Act 1986 (by a qualifying floating chargeholder out of court) because this is not an option available to directors.
The same applies throughout your essay.
2. Use the correct terminology
I have spoken to you at length, with your previous assignments in this module and International Banking (7LW003), about the need to refer to technical terms correctly and not change them. However, you have continued to do this in this essay. For example, we have regularly referred to a ‘floating charge’. This is a technical term – these are not referred to as hovering charges or hanging accusations, but only as floating charges. You should not therefore refer to these by different names – it suggests a lack of understanding that will undermine your work.
I have highlighted a number of other examples of this practice in your work. You need to correct this.
3. Refer to primary sources
Law is based on legislation and case law – you therefore need to refer to these. When discussing the aims of an administration process, you should refer to the relevant statutory provision, not to a textbook (a secondary source) in which this is mentioned.
You also need to ensure that you refer to the correct law. I note that you have referred to Vanessa Finch’s textbook throughout your essay. This book was published in 2002 – before the Enterprise Act 2002 provisions came into force (i.e. the introduction of Schedule B1 Insolvency Act 1986 which significantly reformed administrations). Some of your references taken from this text are therefore out of date – this includes your reference to the statutory aims of administration which were revised in 2003.
Overall
You have generally identified the relevant areas and have the basics in place. You will need to ensure that your submission addresses the question being asked, uses the correct terminology and refers to the up to date legislation.
Notice:
The essay Oxford references
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