Proposed Order For Application to Extend the Term of Administration for a Company
Publisher one
Genie AISource file
proposed_order_for_application_to_extend_the_term_of_administration_for_a_company_template.docxJurisdiction
England and WalesType of legal document
📰 Administration extension orderBusiness activity
Extend company administrationAn administration extension order is a court order that allows a company to continue to trade and avoid being wound up for a period of time. The order gives the company time to pay its debts, although it may require the company to make regular payments to its creditors. The order may also place restrictions on the company’s activities, such as banning it from taking on new debt.
Under UK law, administration is a insolvency process that aims to rescue and rehabilitate financially troubled businesses. It involves the appointment of an insolvency practitioner (an administrator) who takes control of the company's affairs, with the objective of maximizing returns for creditors or achieving a more beneficial outcome than immediate liquidation.
However, there are instances when the standard administration period of one year may not be sufficient to accomplish the restructuring and recovery goals. This template provides a proposed order that can be presented to the relevant court, seeking permission to extend the administration period beyond the initial one-year term.
The template outlines the key reasons justifying the need for the extension, such as complexity of the company's financial situation, ongoing negotiations with stakeholders, unforeseen circumstances impacting the administration process, or the need for additional time to develop and implement an effective rescue plan.
In the proposed order, specific details pertinent to the company, such as its name, registration number, and administrators' information, are included. The template also guides the drafting of the order by providing sections for the court's consideration, including a timeline for the extension and any conditions or restrictions that may be deemed necessary.
By utilizing this template, legal professionals can ensure the proper presentation of their application for extending the term of administration, helping to navigate the appropriate legal processes in the UK and complying with relevant regulations.
How it works
Try using Genie's Free AI Legal Assistant
Generate quality, formatted contracts with AI
Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs
Let our Legal AI make edits for you
Ask Genie to edit your document in the same way you’d ask a paralegal. Genie makes track changes, and explains its thinking just like a junior lawyer would.
AI review
Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs
Book your personalised demo now
Similar legal templates
Verbal Warning Confirmation Letter (Capability)
The template typically covers important details such as the employee's name, job title, and department, along with the date and time the verbal warning was issued. It includes a concise summary of the reasons for the warning, highlighting the specific areas where the employee's performance or capabilities fell short, and provides relevant examples or incidents to support the claims.
Additionally, the letter outlines the expected improvements or specific actions that the employee needs to undertake to rectify the identified issues. It may include suggestions for additional training or support that can aid the employee in meeting the required standards. The letter also mentions the consequences of failing to demonstrate satisfactory improvement within a given timeframe, which could lead to further disciplinary action.
Moreover, the Verbal Warning Confirmation Letter (Capability) emphasizes that the employee has the right to appeal the warning and explains the procedures for doing so. It assures the employee that their rights are being respected throughout the disciplinary process and demonstrates the employer's commitment to fair treatment and due process.
Overall, this legal template provides employers with a standardized form to ensure consistent and compliant communication of verbal warnings to employees regarding their performance or capabilities, all while safeguarding the rights of both parties under UK law.
Publisher
Genie AIJurisdiction
England and WalesVirtual Assistant Contract
This Virtual Assistant contract template is designed for a commercial VA organisation (or an individual virtual assistant) to use when contracting out their skills and services in exchange for payment. This contract sets out the type of VA and VA-related services to be completed by the virtual assistant on behalf of the client, with consideration for expectations around quality and delivery timescales, as well as any mitigating circumstances. This contract allows for payment to be made by the client to the VA firm or individual virtual assistant on a weekly or monthly basis but can easily be edited to account for other payment schedules and could be altered to include bonuses conditional on performance. It can also be fully customised with the details of the two parties and the duration of the contract and can be printed, downloaded and edited freely as part of our mission to open source business legals. This is a template for contractors who fit outside of the UK's off-payroll working rules (IR35).
Publisher
Genie AIJurisdiction
England and WalesWarranties Regarding Employee Share Plans And Other Incentives Within Share Purchase Agreement
In this template, the focus is specifically on warranties related to the company's employee share plans and other incentives. Employee share plans are schemes established by a company to provide its employees with an opportunity to acquire and hold shares in the company as part of their compensation package. These plans can include various structures such as employee stock option plans (ESOPs), employee share purchase plans (ESPPs), or employee bonus schemes tied to the company's performance.
The template would outline the specific warranties that the seller is required to provide regarding the accuracy and compliance of the employee share plans and incentives, ensuring that the plans and incentives are properly documented, legally compliant, and in accordance with applicable laws and regulations, especially UK employment and tax laws.
Moreover, the template may address warranties related to the ownership and transferability of shares held by employees, any restrictions or limitations on the shares, any outstanding options or unvested shares, and the validity and enforceability of the employee share plan documentation. It may also cover warranties related to the accuracy of financial statements specifically relating to the expenses and costs associated with the employee share plans and incentives.
Careful consideration should be given to the template to ensure it reflects the specific requirements and concerns of the parties involved and adheres to applicable UK laws and regulations governing share purchases and the employment relationship. Legal professionals should be consulted to tailor the template to the particular transaction and ensure compliance with relevant laws.