Law firm investigating VW emissions scandal hired to examine BHS – The Guardian

Posted August 12th, 2016 in administrators, bankruptcy, insolvency, law firms, news, pensions by sally

‘The US law firm investigating the diesel emissions scandal at Volkswagen is to examine the conduct of BHS directors in the run-up to the retailer’s collapse.’

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The Guardian, 11th August 2016

Source: www.guardian.co.uk

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Supreme Court: money owed by insolvent agent to its principal not held on constructive trust – OUT-LAW.com

‘Money which an agent personally owed to its principal at the point the former became insolvent is not held on “constructive trust” for the principal, instead forming part of the assets of the insolvent business to be divided up between all creditors in a proportionate way, the UK’s highest court has ruled.’

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OUT-LAW.com, 29th July 2016

Source: www.out-law.com

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Third party rights of direct action against insurers due to come into force – OUT-LAW.com

Posted July 29th, 2016 in insolvency, insurance, news, third parties by tracey

‘New rights for third parties to bring direct actions against insurers in the event that an insured party against which they have a claim becomes insolvent will come into force on 1 August 2016.’

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OUT-LAW.com, 28th July 2016

Source: www.out-law.com

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Finance & Divorce Update, July 2016 – Family Law week

‘Edward Heaton, Principal Associate and Jane Booth, Associate, both of Mills & Reeve LLP, analyse the news and case law relating to financial remedies and divorce during June 2016.’

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Family Law Week, 15th July 2016

Source: www.familylawweek.co.uk

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Consumer Prepayments on Retailer Insolvency – Law Commission

‘This project is complete. We laid our report before Parliament on 13 July 2016 and await the Government’s response.
This project, which was commissioned by the Department for Business, Innovation and Skills (BIS), considered whether greater protection is needed for consumers who lose deposits or gift vouchers when retailers or other service providers become insolvent.’

Full press release

Law Commission, 14th July 2016

Source: http://www.justice.gov.uk/lawcommission

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Liability of the MIB for Insolvent Insurers – Park Square Barristers

Posted July 12th, 2016 in appeals, insolvency, insurance, Motor Insurers’ Bureau, news by sally

‘Caroline Wood considers the recent Court of Appeal decision concerning the liability of the MIB where an insurer has become insolvent.’

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Park Square Barristers, 3rd June 2016

Source: www.parksquarebarristers.co.uk

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Watchdog demands more powers to stop cold-calling kingpins from dodging fines – Daily Telegraph

‘Cold call kings behind millions of nuisance calls are getting away with it because the Government has refused to hold them personally liable, the departing Information Commissioner has told The Telegraph. Christopher Graham, in his final interview before stepping down, said he had repeatedly pressed ministers to give him the power to pursue the directors of cold-calling companies – but his pleas had been ignored.’

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Daily Telegraph, 18th June 2016

Source: www.telegraph.co.uk

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Hosking and another v Slaughter and May – WLR Daily

Posted June 3rd, 2016 in administrators, costs, insolvency, law reports by sally

Hosking and another v Slaughter and May [2016] EWCA Civ 474

‘During a company’s administration the administrators employed a firm of solicitors and agreed their fees. The company was wound up and the liquidators were subsequently appointed. Shortly thereafter the administrators approved the solicitors’ final invoice which post-dated the liquidators’ appointment. The liquidators applied to the court for an order for a detailed assessment of the costs agreed between the administrators and the solicitors, pursuant to rule 7.34 of the Insolvency Rules 1986. The registrar concluded that the administrators could agree and pay the fees of the solicitors and there was neither power under rule 7.34 nor inherent jurisdiction for the court to order a detailed assessment of costs. The judge dismissed the liquidators’ appeal against the registrar’s order refusing a detailed assessment of costs but allowed the appeal in respect of the final invoice, concluding that rule 7.34 did not apply to former administrators so the final invoice had not been properly approved and would have to be approved by the liquidators. The liquidators appealed against the judge’s decision not to order a detailed assessment and the solicitors appealed against the order that the final invoice had not been properly approved.’

WLR Daily, 24th May 2016

Source: www.iclr.co.uk

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End of LASPO exemption for insolvency “will lead to unscrupulous behaviour” – Litigation Futures

Posted June 3rd, 2016 in company directors, fees, insolvency, insurance, news by sally

‘Most insolvency practitioners and lawyers believe the end of the exemption for insolvency litigation from the abolition of recoverable success fees and insurance premiums in conditional fee cases will lead to “unscrupulous or illegal behaviour” by company directors, a survey has found.’

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Litigation Futures, 3rd June 2016

Source: www.litigationfutures.co.uk

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Appeal judges refuse to order assessment of costs agreed by administrators – Litigation Futures

Posted May 26th, 2016 in administrators, appeals, costs, fees, insolvency, law firms, news by tracey

‘The Court of Appeal has refused a request by the liquidators of a company for a detailed assessment of costs agreed by the firm’s administrators.’

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Litigation Futures, 25th May 2016

Source: www.litigationfutures.com

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Shipping fuel supply agreement was at no time ‘sale of goods’, Supreme Court confirms – OUT-LAW.com

Posted May 13th, 2016 in contracts, insolvency, news, shipping law by tracey

‘The supply of “bunkers” of marine fuel on credit for immediate use was not governed by the 1979 Sale of Goods Act, leaving the shipping company in debt to the bank which has taken over the liabilities of the insolvent bunker supplier, the UK’s highest court has confirmed.’

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OUT-LAW.com, 12th May 2016

Source: www.out-law.com

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CFA could be assigned after firm went bust, circuit judge rules – Litigation Futures

Posted May 12th, 2016 in agreements, fees, insolvency, law firms, news, solicitors by sally

‘An insolvent firm of solicitors could validly assign conditional fee agreements (CFAs) to another law firm, a circuit judge has ruled in a much-anticipated case that is expected to end up in the Court of Appeal.’

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Litigation Futures, 12th May 2016

Source: www.litigationfutures.com

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Existing laws ‘putting people’s pensions at risk’ – BBC News

Posted May 9th, 2016 in inquiries, insolvency, news, pensions, select committees by sally

‘The chancellor has been warned that gaps in existing pension laws “could put the retirement savings of many thousands of people at risk”.’

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BBC News, 7th May 2016

Source: www.bbc.co.uk

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Just and Equitable Winding – Up & Bankruptcy Trustees – New Square Chambers

‘In a recent decision the Companies Court has held that trustees in bankruptcy do not need to satisfy the actual registration requirements set out in s.124(2)(b) of the Insolvency Act 1986 (“IA”) before presenting a just and equitable winding-up petition. For the first time, the decision in Stratford Edward Hamilton & James Ashley Dowers (Trustees in Bankruptcy of Charles Newell Brown) v Maureen Frances Brown & C&MB Holdings Ltd [2016] EWHC 191 (Ch)puts bankruptcy trustees in the same position as they are in with respect to unfair prejudice petitions and means that they do not have to wait a minimum of six months following their appointment to have the necessary locus to present a just and equitable winding up petition.’

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New Square Chambers, 11th April 2016

Source: www.newsquarechambers.co.uk

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High Court: commercial tenant cannot assign lease to its guarantor – OUT-LAW.com

Posted March 23rd, 2016 in assignment, guarantees, insolvency, landlord & tenant, leases, news by tracey

‘Anti-avoidance provisions in the 1995 Landlord and Tenant (Covenants) Act prevent a tenant from assigning a lease to its guarantor, the High Court has ruled.’

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OUT-LAW.com, 21st March 2016

Source: www.out-law.com

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Higher education reform much-needed, but government must take time to get the framework right, says expert – OUT-LAW.com

‘Reforming higher education in England is both long overdue, and vitally needed to protect the sector’s hard-won reputation.’

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OUT-LAW.com, 15th January 2016

Source: www.out-law.com

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Wrongful trading: A tale of Robin Hood directors – New Square Chambers

Posted December 9th, 2015 in company directors, contribution, insolvency, news, winding up by sally

‘Applications for wrongful trading under s 214 of the Insolvency Act 1986 are notoriously difficult. In Brooks v Armstrong [2015] EWHC 2289 (Ch), Registrar Jones ordered the former directors of Robin Hood Centre plc (the “Directors”) (the “Company”) to make a contribution to the Company’s assets under s 214. But the relatively small award serves as a cautionary reminder of the risks of s 214 applications for liquidators and directors alike.’

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New Square Chambers, 1st December 2015

Source: www.newsquarechambers.co.uk

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Bar Council and ABI join calls for permanent exemption from LASPO for insolvency cases – Litigation Futures

Posted November 24th, 2015 in barristers, fees, insolvency, insurance, news by sally

‘The Bar Council and the Association of British Insurers (ABI) have added their voices to calls from business organisations for a permanent exemption for insolvency cases from the provisions of LASPO.’

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Litigation Futures, 23rd November 2015

Source: www.litigationfutures.com

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City Link directors ‘not guilty’ of failing to notify government of looming redundancies – OUT-LAW.com

Posted November 17th, 2015 in company directors, crime, insolvency, news, notification, prosecutions, redundancy by tracey

‘City Link did not breach laws requiring them to notify the government that they were “proposing to dismiss” thousands of employees who were made redundant when the business became insolvent last year, a court has ruled.’

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OUT-LAW.com, 16th November 2015

Source: www.out-law.com

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IPs hit back at Jackson: ending LASPO exemption would create ‘windfall’ for third-party funders – Litigation Futures

Posted October 30th, 2015 in company directors, costs, fees, insolvency, insurance, news, third parties by sally

‘Abolishing the exemption from LASPO for insolvency cases would create a “windfall” for third-party funders, insolvency trade body R3 has argued.’

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Litigation Futures, 29th October 2015

Source: www.litigationfutures.com

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