You
have an MVL that is converted to CVL, but do the new or old CDDA reporting
regimes apply? If the new online
reporting regime applies, how do the Insolvency Service (IS) know about the
case to put it on your Dashboard to allow you to submit an online report?
The
new online reporting regime applies to insolvent companies where the “insolvency
date” occurs on, or after 6 April. In
respect of MVLs converted to CVLs the “insolvency date” means “… the date on
which the liquidator forms the opinion that the company will be unable to pay
its debts in full (together with interest at the official rate) within the
period stated in the directors’ declaration of solvency under section 89 of the
Insolvency Act 1986”, i.e. the trigger date for the 28 day period within which
to hold a meeting of creditors under section 95.
Where
the members’ liquidator is replaced at the meeting of creditors, it is for the
creditors’ liquidator to submit the conduct report, albeit that they will use
the trigger date of the “insolvency date”, not the date of their appointment.
We
struggle to see how the IS will actually identify all cases converted from MVL
to CVL to enable them to enter them onto the IP’s Dashboard given that the appointment
is not gazetted where the same liquidator remains in office. It is only where a new liquidator is
appointed at the section 95 meeting that their appointment will be
gazetted, but even in those cases the IS will not be able to tell what the “insolvency
date” is for CDDA reporting purposes.
Where
you are the liquidator following conversion from MVL you will need to check to
ensure that the case appears on your Dashboard, and does so with the correct
date. If the case does not appear, or
appears with the incorrect “insolvency date” then you will have to contact the
IS to get them to update their case database. At the foot of every page of the IS web-site are
links to report issues with a particular page and also a “contact us” link. Use the “contact us” link in the grey footer
to report issues such as cases missing from the dashboard or other dashboard
errors, as well as to request additional time to submit a case or to report new
information after the submission of a report.
