High Court: up to directors to prove they took ‘every step’ to minimise potential loss to creditors – OUT-LAW.com

Posted August 10th, 2015 in bankruptcy, company directors, fraud, insolvency, interpretation, liquidators, news by sally

‘It is up to the directors of an insolvent company to prove that they took “every step” to minimise the potential loss to creditors as soon as they knew that the company could not reasonably avoid liquidation, the High Court has confirmed.’

Full story

OUT-LAW.com, 7th August 2015

Source: www.out-law.com

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Granting an option to purchase a shareholding to a party as relief for unfair prejudice was within the court’s discretion – Tanfield Chambers

Posted July 28th, 2015 in appeals, company law, insolvency, news, shareholders, valuation by sally

‘Granting an option to purchase a shareholding to a party for a significant sum as relief for unfair prejudice was within the court’s discretion under the Companies Act 2006 s.996 despite valuation evidence showing the company was balance sheet insolvent.’

Full story

Tanfield Chambers, 14th July 2015

Source: www.tanfieldchambers.co.uk

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Resolving the rules of insolvency – 11 Stone Buildings

Posted July 28th, 2015 in appeals, consent, costs, cross-claims, insolvency, liquidators, news, winding up by sally

‘Restructuring & Insolvency analysis: In what ways has Re Kingstons Investments Ltd shed light on longstanding ambiguities in the Insolvency Rules 1986? Jamie Riley, commercial litigator at 11 Stone Buildings, explores the case and explains why the final decision will be so important for insolvency lawyers.’

Full story

11 Stone Buildings, June 2015

Source: www.11sb.com

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New insolvency legislation: A guide to the new Deregulation Act 2015 and Small Business, Enterprise and Employment Act 2015 – Hardwicke Chambers

Posted July 28th, 2015 in administration orders, insolvency, legislation, news by sally

‘The Small Business, Enterprise and Employment Act 2015 (SEEBA) and the Deregulation Act 2015 were added to the statute book on 26 March. Both contain provisions that make significant changes to the Insolvency Act 1986.’

Full story

Hardwicke Chambers, 10th June 2015

Source: www.hardwicke.co.uk

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Insolvency–when can secondary proceedings in other member states be opened? – 11 Stone Buildings

Posted July 25th, 2015 in EC law, insolvency, jurisdiction, news, subsidiary companies by sally

‘Restructuring & Insolvency analysis: Discussing the European Court of Justice’s (ECJ) judgment in Comité d’entreprise de Nortel Networks SA, John Jessup of 11 Stone Buildings says the significant point to be taken from this case is that those who plan to open, or have opened, main insolvency proceedings can do little to prevent secondary proceedings being opened in another member state.’

Full story (PDF)

11 Stone Buildings, July 2015

Source: www.11sb.com

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Consumer Prepayments on Retailer Insolvency – Law Commission

Posted June 19th, 2015 in consultations, consumer protection, insolvency, news by tracey

‘In a consultation paper published on 18 June 2015, the Law Commission considers whether prepaying consumers should be better protected in the event of company insolvency, either through improved voluntary mechanisms or required by law.’

Full press release

Law Commission, 18th June 2015

Source: www.lawcommission.justice.gov.uk

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In re Hartmann Capital Ltd (in special administration) – WLR Daily

Posted June 9th, 2015 in administrators, fees, insolvency, law reports by tracey

In re Hartmann Capital Ltd (in special administration); [2015] EWHC 1514 (Ch); [2015] WLR (D) 241

‘As a matter of construction of article 4 of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Commencement No 5 and Saving Provisions) Order 2013, which spoke in specific terms of an administrator “appointed pursuant to the provisions of Part II of the [Insolvency] 1986 Act” and a company which had “entered into administration under Part II of the 1986 Act”, administrators appointed pursuant to the Investment Bank Special Administration Regulations 2011 (SI 2011/245) were denied the funding possibilities available to other administrators.’

WLR Daily, 13th May 2015

Source: www.iclr.co.uk

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In re Lehman Bros International (Europe) (in administration) (No 4) – WLR Daily

Posted May 21st, 2015 in appeals, banking, insolvency, law reports by sally

In re Lehman Bros International (Europe) (in administration) (No 4) [2015] EWCA Civ 485; [2015] WLR (D) 218

‘The Court of Appeal made rulings following determination of issues raised in the administration of three companies as to the potential liability of two members in the group for the liabilities of the principal trading company, an unlimited company, and in particular its subordinated liabilities, and the relationship between their liability, if any, as members and their claims as creditors.’

WLR Daily, 14th May 2015

Source: www.iclr.co.uk

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Howell v Lerwick Commercial Mortgage Corporation Ltd – WLR Daily

Posted May 7th, 2015 in bankruptcy, debts, insolvency, law reports, regulations, setting aside by sally

Howell v Lerwick Commercial Mortgage Corporation Ltd [2015] EWHC 1177 (Ch); [2015] WLR (D) 200

‘Where the debt in a statutory demand itself was not disputed but the debtor relied on a cross-claim which did not equal the debt but fell short of it by less than £750, the statutory demand was not necessarily to be set aside under the residual discretion in rule 6.5(4)(d) of the Insolvency Rules 1986.’

WLR Daily, 1st May 2015

Source: www.iclr.co.uk

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The Trustees of the Olympic Airlines SA Pension and Life Assurance Scheme (Appellant) v Olympic Airlines SA (Respondent) – Supreme Court

Posted April 30th, 2015 in airlines, appeals, compensation, insolvency, law reports, pensions, Supreme Court by sally

The Trustees of the Olympic Airlines SA Pension and Life Assurance Scheme (Appellant) v Olympic Airlines SA (Respondent) [2015] UKSC 27 (YouTube)

Supreme Court, 29th April 2015

Source: www.youtube.com/user/UKSupremeCourt

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Jetivia SA and another (Appellants) v Bilta (UK) Limited and others (Respondents) – Supreme Court

Jetivia SA and another (Appellants) v Bilta (UK) Limited and others (Respondents) [2015] UKSC 23 (YouTube)

Supreme Court, 22nd April 2015

Source: www.youtube.com/user/UKSupremeCourt

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Bilta (UK) Ltd (in liquidation) and others v Nazir and others (No 2) (Revenue and Customs Commissioners intervening) – WLR Daily

Bilta (UK) Ltd (in liquidation) and others v Nazir and others (No 2) (Revenue and Customs Commissioners intervening) [2015] UKSC 23; [2015] WLR (D) 182

‘The defence of ex turpi causa non oritur actio is not available to company directors in a claim by the company for conspiracy to defraud the company because the directors’ conduct cannot be attributed to the company in the context of its claim for a breach of the directors’ duties. Section 213 of the Insolvency Act 1986 has extra territorial effect and can be invoked against the directors.’

WLR Daily, 22nd April 2015

Source: www.iclr.co.uk

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In re Melodious Corpn; Pui-Kwan v Kam-Ho and others – WLR Daily

Posted April 8th, 2015 in administrators, company directors, insolvency, law reports by sally

In re Melodious Corpn; Pui-Kwan v Kam-Ho and others [2015] EWHC 621 (Ch); [2015] WLR (D) 162

‘Rule 7.55 of the Insolvency Rules 1986 had no application in circumstances where a meeting of the board of directors of the company purporting to place the company into administration out of court pursuant to paragraph 22(2) of Schedule B1 to the Insolvency Act 1986 was inquorate and accordingly the resolution to appoint an administrator was invalid.’

WLR Daily, 10th March 2015

Source: www.iclr.co.uk

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Solicitors’ client accounts: whose money is it anyway? – Hardwicke Chambers

Posted April 1st, 2015 in appeals, damages, insolvency, loans, news, solicitors by sally

‘If a potential defendant is insolvent, it is a matter of critical importance to the potential claimant if they are able to assert a proprietary right over money or goods as opposed to a mere personal claim for damages.’

Full story

Hardwicke Chambers, 24th March 2015

Source: www.hardwicke.co.uk

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Income payment orders and pensions revisited: The decision in Horton v Henry – 11 Stone Buildings

Posted March 17th, 2015 in bankruptcy, insolvency, news, pensions by sally

‘The recent High Court decision in Horton v Henry has now thrown the debate over the extent to which the pension pot of a bankrupt can be made available to his creditors wide open.’

Full story (PDF)

11 Stone Buildings, January 2015

Source: www.11sb.com

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Just like that! – New Square Chambers

Posted March 17th, 2015 in company law, duty of care, insolvency, news, winding up by sally

‘The recent decision of Mr Justice Edis in DavisonSebry v Companies House and the Registrar of Companies [2015] EWHC 115 (QB) has highlighted how, in the interconnected age of the internet, the careless click of a mouse button can have incredibly far-reaching consequences and abruptly destroy the business of a successful company. The unusual facts would suggest that further cases against the Registrar (against whom judgment was entered) would be unlikely, not least because the reporting procedures are bound to be tightened up.’

Full story (PDF)

New Square Chambers, February 2015

Source: www.newsquarechambers.co.uk

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SRA overrides opposition to ditch insolvency regulation – Law Society’s Gazette

Posted March 13th, 2015 in consultations, insolvency, news, Solicitors Regulation Authority by sally

‘The Solicitors Regulation Authority has ignored most respondents to its consultation on ceasing to regulate insolvency practitioners (IPs) and will press ahead with the plan.’

Full story

Law Society’s Gazette, 12th March 2015

Source: www.lawgazette.co.uk

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Plans to restrict use of conditional fee agreements in insolvency cases dropped ‘for the time being’ – OUT-LAW.com

Posted March 5th, 2015 in delay, fees, insolvency, insurance, news, personal injuries by tracey

‘Successful parties to insolvency cases will not be prevented from recovering conditional fee agreement (CFA) “success” fees and legal insurance premiums from their opponents from April, after the UK government extended a temporary exemption from the general ban “for the time being”.’

Full story

OUT-LAW.com, 4th March 2015

Source: www.out-law.com

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JSC Bank of Moscow v Kekhman and others – WLR Daily

Posted February 26th, 2015 in banking, bankruptcy, domicile, insolvency, law reports by sally

JSC Bank of Moscow v Kekhman and others [2015] EWHC 396 (Ch); [2015] WLR (D) 82

‘When considering whether to exercise its discretion to make a bankruptcy order on a debtor’s petition, the court was to have regard to whether the petitioner could show (1) that he had a sufficiently close connection with England and Wales; (2) that there was a reasonable possibility of benefit resulting from the making of a bankruptcy order; and (3) that one or more persons interested in the distribution of assets were persons over whom the English court could exercise jurisdiction.’

WLR Daily, 20th February 2015

Source: www.iclr.co.uk

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Court Appeal overturns ruling that law firm wrongly paid out £2.3m from client account – Legal Futures

Posted February 23rd, 2015 in airports, appeals, breach of trust, client accounts, insolvency, law firms, news by sally

‘The Court of Appeal has overturned a High Court decision that a Sussex law firm wrongly paid out £2.28m it had received from a group of investors in what turned out to be a doomed airport investment scheme.’

Full story

Legal Futures, 20th February 2015

Source: www.legalfutures.co.uk

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