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In any statutory insolvency or rescue procedure an insolvency practitioner (also referred to as the �office-holder� in some sections of the relevant Acts) must take charge of the affairs of the company and put him or herself in a position to take action quickly. In order to achieve this, the Insolvency Act 1986 makes special provision for acquisition of information by the office-holder. In addition, an insolvency office-holder is required to investigate potential wrongdoing in relation to the company�s affairs, in particular for the purpose of action under the Company Directors Disqualification Act 1986.
Review the Insolvency Act 1986* (in particular ss 47, 99, 122, 131, 133, 234 to 237) and make an orderly list of what information the liquidator (or other relevant office-holder) can require, and from which persons, in the event of an insolvent liquidation.
What are the main purposes to which this, and other available information should be put? Can you think of other information that might be relevant, or other persons from whom information might be helpful, to the proper conduct of the liquidation of an insolvent company? Once in control of all the relevant information, to whom must a liquidator report his/her findings during and on completion of the liquidation?
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