Licence can be revoked if the holder ceases to be a fit and proper person to act as an

Insolvency practitioner. Only licensed insolvency practitioners are authorised to take

Appointments as administrative receivers, administrators, liquidators, trustees in bankruptcy or

Sequestration, supervisors of voluntary arrangements, and trustees under deeds of arrangement

And trust deeds.

If you have decided to make your career in this area of insolvency, you will first need to choose

A route to becoming a insolvency practitioner.

Complete these definitions by choosing the correct word or phrase.

An administrative receiver is an insolvency practitioner who is appointed by

the holder of a debenture which is vested / entitled / secured by a floating

charge of a company's property, whose function is to realise the value of the

assets for the behalf / benefit / behold of the debenture holder.

2 An administrator is appointed by the court to deal in / for / with the assets

and liabilities of a person who died without a legally / legal/legalistic valid

Will.

3 The term 'voluntary arrangement' refers to a plan for repaying debts as an

alternative to bankruptcy or liquidationwhich is usually filed / proposed/

Controlled by debtors and shareholders and monitored by a supervisor.

4 A liquidator is appointed to wind down / up / over a company,i.e. to deal

With the assets and liabilities of the company.

*

ng 1: ng In n

Working with a partner, explain these phrases (italicised in the text) in your own

Words. Consult a dictionary if you are not sure what individual words mean.

Discuss in what way these concepts relate to the work of an insolvency

Practitioner.

The viability of a business

The integrity of the directors of a business

Hard-bitten businessmen with an eye for a bargain

To rescue a business

12 Have you considered practising in this area of the law? Why / Whynot?

ng : Job op in i n

Recent law-school graduates and young lawyers with a few years' working experience

Often read job advertisements in the hope of finding interesting and well-paid career

opportunities. What sources of job advertisements are you familiar with? Which do you

prefer and why?

In the UK, job adverts aimed at the two groups mentioned above - recent lawschool

Graduates and young lawyers - will typically include the abbreviations

PQE and NQ. Read the headings of the job advertisements on page 196. What

do you think these abbreviations stand for?

14 Quickly scan the two advertisements and decide for which job (A or B):

You will have the opportunity to travel.

You need no previous experience.

You will have a chance to specialise in information technology law.

You need to speak more than one language.

S you need to belong to a particular association.

Read the advertisements again and answer these questions.

Compare the description of the law firm in the second advert with that in the

first. How do the two firms differ? In what way are they similar?

2 Which of the two job adverts looks more interesting to you?

Date: 2015-12-11; view: 769