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.’

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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.’

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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.’

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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”.’

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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.’

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Legal Futures, 20th February 2015

Source: www.legalfutures.co.uk

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ATE insurer not estopped from avoiding policy, High Court rules – Litigation Futures

Posted February 19th, 2015 in costs, estoppel, fraud, insolvency, insurance, misrepresentation, news by sally

‘After-the-event (ATE) insurer Temple Legal Protection was not estopped from avoiding payment on a policy after a fraudulent misrepresentation, the High Court has ruled.’

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Litigation Futures, 18th February 2015

Source: www.litigationfutures.com

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UK restructuring laws already geared towards business rescue, says government – OUT-LAW.com

Posted February 11th, 2015 in company law, debts, EC law, insolvency, news, small businesses by sally

‘UK procedures allowing businesses to restructure in order to avoid insolvency already meet EU plans for a more ‘rescue-orientated’ approach to business failure and insolvency, according to a discussion document published by the Insolvency Service.’

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OUT-LAW.com, 10th February 2015

Source: www.out-law.com

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The £8.8m typo: how one mistake killed a family business – The Guardian

Posted January 29th, 2015 in compensation, government departments, insolvency, mistake, news, small businesses by sally

‘The Welsh engineering firm of Taylor & Sons has won a major claim against the government agency after they mixed it up with another firm of a similar name.’

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The Guardian, 28th January 2015

Source: www.guardian.co.uk

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Modified Universalism – Privy to Singular Clarification – RPC Commercial Disputes Blog

Posted January 27th, 2015 in Hong Kong, insolvency, liquidators, news, privacy, winding up by sally

‘While most jurisdictions provide liquidators with wide investigative powers to locate and realise assets locally, the exercise of such powers becomes more complicated when the assets are situated overseas. As more and more businesses expand globally and corporate structures become equally more complex, the liquidators’ task becomes more problematic in winding up such companies.’

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RPC Commercial Disputes Blog,

Source: www.rpc.co.uk

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New rules governing UK banks and investment firms in financial difficulty come into force – OUT-LAW

Posted January 23rd, 2015 in banking, EC law, financial regulation, insolvency, news by sally

‘UK regulators have published final rules governing how they will treat banks and investment firms in financial difficulty, following changes to EU law which will require investors and bondholders to bear the cost of bank failure.’

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OUT-LAW.com, 22nd January 2015

Source: www.out-law.com

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Horton v Henry – WLR Daily

Posted January 6th, 2015 in bankruptcy, insolvency, law reports, pensions, trustees in bankruptcy by sally

Horton v Henry [2014] EWHC 4209 (Ch); [2014] WLR (D) 551

‘There was no power vested in the court pursuant to section 310 of the Insolvency Act 1986 to make an income payments order in respect of an uncrystallised pension not yet in payment.’

WLR Daily, 17th December 2014

Source: www.iclr.co.uk

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Salford Estates (No 2) Ltd v Altomart Ltd – WLR Daily

Posted December 12th, 2014 in arbitration, debts, insolvency, law reports, stay of proceedings, winding up by sally

Salford Estates (No 2) Ltd v Altomart Ltd [2014] EWCA Civ 157; [2014] WLR (D) 527

‘The stay provisions in section 9(1) of the Arbitration Act 1996 did not apply to a winding up petition where the ground of the petition was that the company was unable to pay its debts and what was in dispute was that issue generally or, more specifically, whether there was outstanding and due a particular debt mentioned in the petition.’

WLR Daily, 8th December 2014

Source: www.iclr.co.uk

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Krys and another v Stichting Shell Pensioenfonds – WLR Daily

Posted December 8th, 2014 in foreign jurisdictions, injunctions, insolvency, law reports, liquidators by sally

Krys and another v Stichting Shell Pensioenfonds [2014] UKPC 41; [2014] WLR (D) 516

‘There is no principle in insolvency proceedings which prevents an anti-suit injunction being made against a foreign creditor so as to restrain him from resorting to the courts of his own country. A creditor may not seek or enforce an order from a foreign court which will result in his enjoying prior access to any part of the insolvent estate.’

WLR Daily, 26th November 2014

Source: www.iclr.co.uk

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High Court ruling will create new market for pensions debts, says expert – OUT-LAW.com

Posted December 5th, 2014 in debts, insolvency, news, pensions, trusts, winding up by sally

‘A new market for trading the pension debts of insolvent companies will be created as a result of a recent High Court ruling. The ruling will also result in more efficient, earlier winding up of pension schemes when companies go out of business.’

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OUT-LAW.com, 4th December 2014

Source: www.out-law.com

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Constructing safety nets – Hardwicke Chambers

Posted November 18th, 2014 in construction industry, contracting out, guarantees, insolvency, news by sally

‘Notwithstanding the economic upturn, many UK contractors are still tendering for work at negative margins; sustaining losses; and arguably operating one major dispute away from the brink. This article examines the common forms of security used by employers to safeguard performance by contractors, and/or protect against insolvency, and considers the degree of comfort they afford.’

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Hardwicke Chambers, 16th October 2014

Source: www.hardwicke.co.uk

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PricewaterhouseCoopers v Saad Investments Co Ltd – WLR Daily

Posted November 12th, 2014 in foreign jurisdictions, insolvency, law reports, Supreme Court, winding up by tracey

PricewaterhouseCoopers v Saad Investments Co Ltd: [2014] UKPC 35; [2014] WLR (D) 475

‘A court would not normally entertain submissions from strangers to a winding up to the effect that a winding up order should not have been made, but general rule should not be elevated into an immutable principle, applicable in every case irrespective of its facts.’

WLR Daily, 10th November 2014

Source: www.iclr.co.uk

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Singularis Holdings Ltd v PricewaterhouseCoopers – WLR Daily

Posted November 12th, 2014 in evidence, foreign jurisdictions, insolvency, law reports, Supreme Court, winding up by tracey

Singularis Holdings Ltd v PricewaterhouseCoopers: [2014] UKPC 36; [2014] WLR (D) 476

‘There was a power at common law to assist a foreign court of insolvency jurisdiction by ordering the production of information in oral or documentary form which was necessary for the administration of a foreign winding up. However, that power was not exercisable where an equivalent order could not have been made by the court in which the foreign liquidation was proceeding.’

WLR Daily, 20th November 2014

Source: www.iclr.co.uk

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Parkwell Investments Ltd and another v Revenue and Customs Commissioners – WLR Daily

Posted October 22nd, 2014 in insolvency, law reports, tribunals, VAT, winding up by sally

Parkwell Investments Ltd and another v Revenue and Customs Commissioners [2014] EWHC 3381 (Ch); [2014] WLR (D) 432

‘The High Court had jurisdiction to appoint a provisional liquidator notwithstanding the fact that appeals by the company in respect of disputed VAT assessments were pending in the First-tier Tax Tribunal.’

WLR Daily, 16th October 2014

Source: www.iclr.co.uk

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Bar Council urges government rethink on end of insolvency LASPO exemption – Litigation Futures

Posted September 23rd, 2014 in barristers, insolvency, news, reports, time limits by sally

‘The Bar Council has urged the government to reconsider its plans to end the Jackson reforms exemption currently applied to insolvency litigation.’

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Litigation Futures, 23rd September 2014

Source: www.litigationfutures.com

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