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An insolvency proceeding can be defined as a formal procedure facilitated by an insolvency practitioner (IP) with the goal of either saving a business or putting it to an end in the most effective and equitable manner possible.
A ‘relevant’ insolvency proceeding is one that is carried out with the intention of facilitating a recovery so that the business can emerge and operate as a going concern. Therefore, any insolvency procedure that does not provide a chance of recovery is not considered a relevant proceeding.
Many directors are confused as to why it is called a “relevant” proceeding, but the answer is rather straightforward -- Any proceeding that is going to inevitably result in the end of a company is considered irrelevant with respect to regulations (i.e. – TUPE) because there will be nothing left of the company to regulate once the proceeding is finished.
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According to the Department for Business, Enterprise and Regulatory Reform (DBERR), the following are considered relevant insolvency proceedings:
The following are NOT considered relevant insolvency proceedings:
If you’d like to examine your recovery options and work towards a business rescue via a relevant insolvency proceeding we can help. Likewise, if you’re simply trying to bring your company to an end without hassle we can make sure everything goes smoothly. Send us an email or call us for free director support and advice.
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