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44-802: Dearne Valley College is a further education college situated in the Manvers Park area of Wath-upon-Dearne , in the Metropolitan Borough of Rotherham , South Yorkshire , England . It also has a campus near Wath-upon-Dearne town centre. In September 2017 the college merged with the RNN Group. The college joined Rotherham College and North Nottinghamshire College as part of the group, but continues to retain its local identity and current campus based in Manvers. Further education Further education (often abbreviated FE ) in

88-500: A balance-sheet insolvency) become personally liable for the business's debts. Trading insolvently is often regarded as normal business practice in South Africa, as long as the business is able to fulfill its debt obligations when they fall due. Under Swiss law, insolvency or foreclosure may lead to the seizure and auctioning off of assets (generally in the case of private individuals) or to bankruptcy proceedings (generally in

132-402: A civil action or even an offence to continue to pay some creditors in preference to other creditors once a state of insolvency is reached. Debt restructurings are typically handled by professional insolvency and restructuring practitioners, and are usually less expensive and a preferable alternative to bankruptcy. Debt restructuring is a process that allows a private or public company - or

176-401: A framework for an insolvency regime for further education colleges known as "Education Administration". This is a form of corporate administration adapted to the needs of further education, to be used "where a further education body is unable to pay its debts or is likely to become unable to pay its debts" and intended "to avoid or minimise disruption to the studies of the existing students of

220-434: A government and distribute assets to creditors. Governments can be insolvent in terms of not having money to pay obligations when they are due. If a government does not meet an obligation, it is in " default ". As governments are sovereign entities, creditors who hold debt of the government cannot easily seize the assets of the government to re-pay the debt (though " Vulture funds " often find ways to do so). The recourse for

264-638: A large service provider for apprenticeships where most of the training takes place at the apprentices' workplace, supplemented with day release into college. FE in the United Kingdom is usually a means to attain an intermediate, advanced or follow-up qualification necessary to progress into HE, or to begin a specific career path outside of university education. Further Education is offered to students aged over 16 at colleges of Further Education, through work-based learning, or adult and community learning institutions. Provision for further education colleges

308-402: A liquidator of their own choice. This process is known as creditors voluntary liquidation (CVL), as opposed to members voluntary liquidation (MVL) which is for solvent companies. Alternatively, a creditor can petition the court for a winding-up order which, if granted, will place the company into what is called compulsory liquidation or winding up by the court. The liquidator realises the assets of

352-439: A loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company that is balance-sheet insolvent may still have enough cash to pay its next bill on time. However, most laws will not let the company pay that bill unless it will directly help all their creditors. For example, an insolvent farmer may be allowed to hire people to help harvest the crop, because not harvesting and selling

396-474: A person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation . For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy , but not necessarily. Once

440-407: A pre-arranged sale of the company's business, often to its directors or owners. The process can be seen as controversial because the creditors do not have the opportunity to vote against the sale. The rationale behind the device is that the swift sale of the business may be necessary or of benefit to enable a best price to be achieved. If the sale was delayed, creditors would ultimately lose out because

484-422: A sovereign entity - facing cash flow problems and financial distress, to reduce and renegotiate its delinquent debts in order to improve or restore liquidity and rehabilitate so that it can continue its operations. Although the term "bankrupt" may be used referring to a government, sovereign states do not go bankrupt. This is so because bankruptcy is governed by national law; there exists no entity to take over such

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528-522: A successful rescue of a company's business via a sale, but not of the company itself. Since the introduction of the collective insolvency procedure of Administration in 1986, the legislators have decided to set a shelf life on the administrative receivership or, in Scotland, receivership procedure and it is no longer possible to appoint an administrative receiver or, in Scotland, receiver under security created after 15 September 2003. In individual cases

572-538: A vocational route after the end of compulsory education at age 16. They offer a wide range of vocational qualifications to young people and older adults, including vocational, competency-based qualifications (previously known as SVQs ), Higher National Certificates and Higher National Diplomas . Frequently, the first two years of higher education – usually in the form of an HND – are taken in an FE college, followed by attendance at university. Further education in Wales

616-500: Is an offence under the insolvency laws for a corporation to continue in business while insolvent. In others (like the United States with its Chapter 11 provisions), the business may continue under a declared protective arrangement while alternative options to achieve recovery are worked out. Increasingly, legislatures have favored alternatives to winding up companies for good. It can be, in several jurisdictions, grounds for

660-477: Is defined both in terms of cash flow and in terms of balance sheet in the UK Insolvency Act 1986 , Section 123, which reads in part: 123.-(1) A company is deemed unable to pay its debts --- (a) if a creditor (by assignment or otherwise) to whom the company is indebted in a sum exceeding £750 then due has served on the company, by leaving it at the company's registered office, a written demand (in

704-758: Is governed by the Corporations Act 2001 (Cth). Companies can be put into Voluntary Administration , Creditors Voluntary Liquidation, and Court Liquidation. Secured creditors with registered charges are able to appoint Receivers and Receivers & Managers depending on their charge. In the British Virgin Islands , insolvency law is primarily codified in the Insolvency Act, 2003 and the Insolvency Rules, 2005. In Canada , bankruptcy and insolvency are generally regulated by

748-420: Is insolvent may be put into liquidation (sometimes referred to as winding-up). The directors and shareholders can instigate the liquidation process without court involvement by a shareholder resolution and the appointment of a licensed Insolvency Practitioner as liquidator. However, the liquidation will not be effective legally without the convening of a meeting of creditors who have the opportunity to appoint

792-452: Is not a synonym for bankruptcy , which is a determination of insolvency made by a court of law with resulting legal orders intended to resolve the insolvency. Accounting insolvency happens when total liabilities exceed total assets (negative net worth ). The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the liquidation and elimination of insolvent entities but on

836-416: Is provided through seven multi-campus colleges. Northern Ireland's Department for Employment and Learning has the responsibility for providing FE in the province. Most secondary schools also provide a sixth form scheme whereby a student can choose to attend for two additional years to complete their AS and A-levels. Scotland's further education colleges provide education for those young people who follow

880-910: Is provided through: Further education in Wales comes under the remit of the Welsh Assembly Government . Funding came from Education and Learning Wales from 2000 until 2006, when that organisation was merged with the Assembly. Further education in the Republic of Ireland is similar to that offered in the UK. Typical areas include apprenticeships and other vocational qualifications in many disciplines, such as childcare, farming, retail, and tourism. The many types of further education awards are known as Post Leaving Certificates . Further education has expanded immensely in recent years, helped by

924-445: Is the equal and best satisfaction of creditors. If the interests of creditors are respected, insolvent companies are offered different ways to restructure their businesses, for example by implementing an 'insolvency plan' ( Insolvenzplan ) . While regular insolvency proceedings are led by a court-appointed insolvency administrator, 'debtor-in-possession' proceedings are common since the legislative changes in 2012. For natural persons,

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968-554: Is the inability of a debtor to pay their debt."). While technical insolvency is a synonym for balance-sheet insolvency, cash-flow insolvency and actual insolvency are not synonyms. The term "cash-flow insolvent" carries a strong (but perhaps not absolute) connotation that the debtor is balance-sheet solvent, whereas the term "actually insolvent" does not. Cash-flow insolvency involves a lack of liquidity to pay debts as they fall due. Balance sheet insolvency involves having negative net assets —where liabilities exceed assets. Insolvency

1012-546: The Bankruptcy and Insolvency Act . An alternative regime is available to larger companies (or affiliated groups) under the Companies' Creditors Arrangements Act , where total debts exceed $ 5 million. In Germany , insolvency proceedings, both for companies and for natural persons, are regulated by the Insolvency Act (Insolvenzordnung), in effect since 1999 but with significant changes in 2012. The goal of insolvency law

1056-669: The Further and Higher Education Act 1992 , which removed further education colleges from local government control. Types of college include: Policies relating to colleges are primarily the responsibility of the Department for Education (DfE). Until July 2016, colleges were also covered by the Department for Business, Innovation and Skills (BIS); on the abolition of BIS and formation of the Department for Business, Energy and Industrial Strategy (BEIS), responsibility for FE colleges moved to DfE. The regulatory body for sixth form colleges

1100-465: The Insolvency Act 1986 which aim to provide time for the rescue of a company or, at least, its business. These are Administration and Company Voluntary Arrangement : One particular type of Administration that is becoming more common is called pre pack administration (more information under administration (law) ). In this process, immediately after appointment the administrator completes

1144-659: The Insolvency and Bankruptcy Code 2016. The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India . Insolvent citizens may not contest/be appointed for any public office, nor may they participate in govt exams. They are also not allowed to emigrate out. Iranian government Tax, finance and bankruptcy administration handles corporations . First insolvency law

1188-723: The United Kingdom and Ireland is additional education to that received at secondary school that is distinct from the higher education (HE) offered in universities and other academic institutions. It may be at any level in compulsory secondary education, from entry to higher level qualifications such as awards, certificates, diplomas and other vocational, competency-based qualifications (including those previously known as NVQ/SVQs ) through awarding organisations including City and Guilds , Edexcel ( BTEC ) and OCR . FE colleges may also offer HE qualifications such as HNC , HND , foundation degree or PGCE . The colleges are also

1232-560: The Verbraucherinsolvenzverfahren (literally "insolvency proceeding for individual consumers") allows discharge of all debts after three years, if certain conditions are met. In Hong Kong , insolvency is primarily governed by the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) and the Companies (Winding Up) Rules (Cap 32H). In India , bankruptcy and insolvency are generally regulated by

1276-680: The ordinary course of business , or cannot pay its debts as they become due, or is insolvent within the meaning of the Bankruptcy Code . This is important because certain rights under the code may be invoked against an insolvent party which are otherwise unavailable. The United States has established insolvency regimes which aim to protect the insolvent individual or company from the creditors, and balance their respective interests. For example, see Chapter 11, Title 11, United States Code . However, some state courts have begun to find individual corporate officers and directors liable for driving

1320-504: The bankruptcy estate is dealt by an official receiver, appointed by the court. In some cases the file is transferred to RTLU (OR Regional Trustee Liquidator Unit) that will assess your assets and income to see if you can contribute towards paying costs of bankruptcy or even discharge part of your debts. Under the Uniform Commercial Code , a person is considered to be insolvent when the party has ceased to pay its debts in

1364-437: The case of registered commercial entities). Turkish insolvency law is regulated by Enforcement and Bankruptcy Law (Code No: 2004, Original Name: İcra ve İflas Kanunu). The main concept of the insolvency law is very similar to Swiss and German insolvency laws. Enforcement methods are realizing pledged property, seizure of assets and bankruptcy. In the United Kingdom , the term bankruptcy is reserved for individuals. Insolvency

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1408-420: The company and distributes funds realised to creditors according to their priorities, after the deduction of costs. In the case of Sole Trader Insolvency , the insolvency options include Individual Voluntary Arrangements and Bankruptcy . It can be a civil and even a criminal offence for directors to allow a company to continue to trade whilst insolvent. However, two new insolvency procedures were introduced by

1452-479: The creditor is to request to be repaid at least some of what is owed. However, in most cases, debt in default is refinanced by further borrowing or monetized by issuing more currency (which typically results in inflation or hyperinflation ). Insolvency regimes around the world have evolved in very different ways, with laws focusing on different strategies for dealing with the insolvent. The outcome of an insolvent restructuring can be very different depending on

1496-433: The crop would be even worse for his creditors. It has been suggested that the speaker or writer should either say technical insolvency or actual insolvency in order to always be clear – where technical insolvency is a synonym for balance sheet insolvency, which means that its liabilities are greater than its assets , and actual insolvency is a synonym for the first definition of insolvency ("Insolvency

1540-605: The further education body as a whole". Education administrators were appointed to run Hadlow College and West Kent College in 2019. All colleges and FE providers are subject to inspection by Ofsted , which monitors the quality of provision in publicly funded institutions in England. Membership organisations for providers include the Association of Colleges and the Sixth Form Colleges' Association . In 2020,

1584-736: The government allocated £200 million for repairs and upgrades of FE college buildings, subject to a degree of matched funding by the colleges, and the Department for Education is allocating this to colleges via the Further Education Capital Transformation Fund (FECTF). Sixteen colleges with sites in poor condition have been selected, and detailed proposals were invited for submission before October 2021, for projects which can be completed by December 2024. Further education in Northern Ireland

1628-470: The institutions and their relationships with their communities. Quality and Qualifications Ireland (QQI), which was established in November 2012, is the regulator for FE qualifications. Comprehensive Employment and Training Act Insolvency Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example,

1672-539: The laws of the state in which the insolvency proceeding is run, and in many cases different stakeholders in a company may hold the advantage in different jurisdictions . In Anguilla , the insolvency of individuals is regulated under the Bankruptcy Act (Cap B.15) and corporate insolvency is governed by the Bankruptcy Act (Cap B.15) or the Companies Act (Cap C.65). In Australia , corporate insolvency

1716-484: The prescribed form) requiring the company to pay the sum so due and the company has for 3 weeks thereafter neglected to pay the sum or to secure or compound for it to the reasonable satisfaction of the creditor,... (2) A company is also deemed unable to pay its debts if it is proved to the satisfaction of the court that the value of the company's assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities... A company which

1760-493: The price obtainable for the assets would be reduced. In addition to the above-mentioned corporate insolvency procedures, a creditor holding security over an asset of the company may have the power to appoint an insolvency practitioner as administrative receiver or, in Scotland , receiver. The process, latterly known as administrative receivership or, in Scotland, receivership, has existed for many years and has often resulted in

1804-401: The remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of their business. This is known as business turnaround or business recovery . Implementing a business turnaround may take many forms, including keep and restructure, sale as a going concern, or wind-down and exit. In some jurisdictions, it

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1848-487: Was adopted 1935. Those who claim inability are temporary exempt from debt payment. In Ireland , insolvency is governed by the Companies Act 2014 . In Russia, insolvency law is governed by Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" and Federal Law No. 40-FZ "On Insolvency (Bankruptcy) of Credit Institutions". In South Africa , owners of businesses that had at any stage traded insolvently (i.e. that had

1892-914: Was already DfE prior to the 2016 changes. Following the merger of the Education Funding Agency and the Skills Funding Agency in 2017, funding for colleges is provided through the Education and Skills Funding Agency for all further education students.In 2018/19, colleges' income totalled £6.5 billion, of which £5.1 billion (78%) was public funding. Most college funding follows the learner. Colleges must attract students, competing with each other and with other types of education and training provider. Colleges can borrow commercially, own assets, employ staff and enter into contracts, and they may make financial surpluses or deficits. The Technical and Further Education Act 2017 laid out

1936-560: Was laid out in sections 41 to 47 of the Education Act 1944 ; their role was to offer "full-time and part-time education" and "leisure-time occupation" for persons over compulsory school age. In the 1960s, A-level students predominantly studied at school rather than colleges (often referred to as "techs" at that time). More types of colleges were introduced over the next decades, and by 1990 colleges took in almost half of A-level students. Colleges in England are corporate bodies under

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