Wajid Mirza and Patricia Williams are the shareholders and managing directors

of Multi$-$Sport Transport Ltd $($MST$),$ a company registered in England and Wales.

They are preparing a tender for a contract for the provision of services worth over

$€30,000,000\mathrm{.}00$ with the French government.

Under the contract, MST would be expected to provide transportation services for

all EU$-$based athletes competing in the $2024$ Summer Olympics in Paris. MST is

a highly profitable company and, therefore, they do not anticipate any issues.

The tender application form contains a whole section on insolvency$-$related

matters and Wajid and Patricia would like to get some expert guidance. The have

asked me the following questions:

$($a$)$ What are the procedures available in England and Wales if MST faces

financial difficulties or becomes insolvent?

$($b$)$ What are the criteria $($or the tests$)$ that can be used to establish

corporate insolvency?

$($c$)$ Aside from MST itself, who else might be affected if MST faces

financial difficulties? And who will get paid first in any insolvency

proceedings?

$($d$)$ What aspects of cross$-$border insolvency might arise if MST were to

win the tender?