CVL and MVL

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Across
  1. 3. Carve-out from floating charge proceeds for unsecured creditors under s176A (14)
  2. 6. Certain debts (e.g. wages, holiday pay) given statutory priority in insolvency (19) – *REMOVED*
  3. 8. Government officer appointed in certain liquidations or bankruptcies (16)
  4. 11. Procedural framework governing all forms of UK corporate and personal insolvency (16)
  5. 12. Document issued to creditors or members to call a resolution or decision process (15)
  6. 13. Required document format under Insolvency Rules or Schedules (13)
  7. 14. Formal decision by members or creditors to place company into liquidation (18) – *REMOVED*
  8. 16. One who may be required to pay into the assets of a company on winding up (12)
  9. 18. When a company’s liabilities exceed its assets on a net basis (23) – *REMOVED*
  10. 20. Period when directors must prioritise creditor interests due to likely insolvency (13)
  11. 22. Primary duty of the liquidator: to convert company property into cash (16)
  12. 23. Old prescribed form for liquidator appointment notice (8)
  13. 24. Form submitted by a creditor to substantiate its claim in a liquidation or administration (12)
Down
  1. 1. Test used to determine whether a company can meet its debts as they fall due (13)
  2. 2. Voluntary winding-up where company is insolvent and directors call a creditors' meeting (20) – *REMOVED*
  3. 4. Hierarchical structure for paying out claims in liquidation (17) – *REMOVED*
  4. 5. Solvent liquidation initiated by shareholders with a statutory declaration (19) – *REMOVED*
  5. 7. Claim backed by a charge or mortgage over company assets (12)
  6. 9. Interest payable to creditors in an MVL once principal and costs are settled (17) – *REMOVED*
  7. 10. Statutory affirmation under s89 IA 1986 confirming debts can be paid within 12 months (22) – *REMOVED*
  8. 15. Initial meeting of creditors to confirm the liquidator in a CVL (16)
  9. 17. Statutory creditors’ meeting held under s98 IA 1986 during CVL commencement (16)
  10. 19. Mechanism used in insolvency to obtain creditor resolutions (16)
  11. 21. Insolvency Practitioner appointed to take control of company assets and realise them for creditors (13)