How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jo C. Your Own Question
Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
Type Your Law Question Here...
Jo C. is online now

A company placed in a MVL cannot repay the creditors within

Customer Question

A company placed in a MVL cannot repay the creditors within 12 months due to its not being able to get in the debtors book and therefore does not have sufficient liquidity. The company is placed in a CVL but due to incorrect paperwork being submitted by its liquidators the company is dissolved.
During the time the company was dissolved the debtor situation was resolved which gave the company sufficient funds to be able to pay the creditors in full with interest.
The company was restored in full to the Register but the liquidators who had conduct of the case argued with the Registrar that the company should be placed on the Register as in CVL which is what happened.
Should the company have been restored to the Register in a MVL at the very least?
Good luck!
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Has a proper meeting of the creditors taken place in accordance with the Insolvency Act 1986?
Kind regards