What Is A London Gazette Insolvency Notice?
The Gazette is one of the oldest and most important official journals of public record. The Gazette contains important public notices that are published by authorised notice holders. Among these are corporate and personal insolvency notices.
What Is An Insolvency Notice?
A London Gazette insolvency notice is a formal publication of certain insolvency events that are published for the public to see. The point of a London Gazette insolvency notice is to make the public aware of a business’ instability, and plans to liquidate or wind down. Crucially, it contains information for creditors that are owed money by the company, about contact details and essential forthcoming meetings. This will also include details of who the Insolvency Practitioner (IP) is, and how to contact them.
What’s The Importance Of A London Gazette Insolvency Notice?
The Insolvency Act 1986 and Insolvency Rules 2016 make it a legal requirement for a London Gazette insolvency notice to be published when a company becomes insolvent. As we mentioned previously, it’s important that the public, specifically creditors, are aware of the key details. It’s essential that they know how their involvement and interests in the business are going to be impacted by the company becoming insolvent, giving them time to prepare.
When a company owes money to creditors then they may also be issued an insolvency notice in the form of a Winding Up Petition (WUP). This is a last resort used by creditors to claim the money that is owed to them, and if granted, will result in the company being forcibly wound up. The company will be issued with the petition before it is made public, giving them the opportunity to consult a licensed insolvency practitioner.
What Are The Different Types Of Insolvency Notice?
A London Gazette insolvency notice will be published to inform creditors and the public of a business’ insolvency progress. This will include the following notices for different insolvency procedures:
Administration
- Administration orders
- Appointment of administrators
- Deemed Consent (Administration)
- Meetings of creditors
- Notices to members
Voluntary Liquidation
- Annual liquidation meetings
- Appointment of Liquidators
- Final meetings
- Notices to creditors
- Resolution for voluntary winding-up
Compulsory Liquidation
- Annual meeting
- Appointment of Liquidators
- Deemed Consent (Winding Up by the Court)
- Dismissal of winding-up petition
- Final meetings
- Meetings of creditors
- Notice of Dividends
- Notice of Intended Dividends
- Notices to creditors
- Petitions to wind-up
- Public examinations
- Release of liquidator
- Service of petition
- Winding Up Orders
Receivership
- Appointment of administrative receivers
- Appointment of receivers
- Deemed Consent (Administrative Receivership)
- Meetings of creditor
Other types of London Gazette insolvency notice may include:
- Re-use of a prohibited name (if a business applies to re-use the old company name following a liquidation/administration)
- Qualifying decision procedure
- Moratoria
- Overseas territories and cross-border insolvencies
- Notices of dividends
If you are a creditor that sees a London Gazette insolvency notice that involves you then you should consult the advice of an IP. The practitioner that is leading the liquidation/administration will have their contact details listed on the notice. Creditors can instruct their own practitioner to work on their behalf.
Equally, if you are the director of a company that has been issued with an insolvency notice, you should also consult an IP to help you get the best resolution for your business.
Please don’t hesitate to get in touch with our experienced team of insolvency practitioners at My Liquidation for confidential advice on any of the issues raised.