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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Government stands firm on ending LASPO exemption for insolvency proceedings – Litigation Futures

Posted September 16th, 2014 in insolvency, news, time limits by tracey

‘The government has indicated that it will not rethink the end of the LASPO exemption currently applied to insolvency proceedings, which is due to expire next year.’

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Litigation Futures, 15th September 2014

Source: www.litigationfutures.com

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Burgo Group SpA v Illochroma SA (in liquidation) and another – WLR Daily

Posted September 9th, 2014 in EC law, insolvency, jurisdiction, law reports by sally

Burgo Group SpA v Illochroma SA (in liquidation) and another (Case C-327/13); ECLI:EU:C:2014:2158; [2014] WLR (D) 386

‘Article 3(2) of Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings meant that, where winding-up proceedings were opened in respect of a company in a member state other than that in which it had its registered office, secondary insolvency proceedings could also be opened in respect of that company in the other member state in which its registered office was situated and in which it possessed legal personality. The question as to which person or authority was empowered to seek the opening of secondary proceedings had to be determined on the basis of the national law of the member state within the territory of which the opening of such proceedings was sought pursuant to article 29(b) of the Regulation. The right to seek the opening of secondary proceedings could not, however, be restricted to creditors who had their domicile or registered office within the member state in whose territory the relevant establishment was situated, or to creditors whose claims arose from the operation of that establishment. Where the main insolvency proceedings were winding-up proceedings, the decision as to whether the court before which the action seeking the opening of secondary insolvency proceedings had been brought could take account of criteria as to appropriateness was governed by the national law of the member state within the territory of which the opening of secondary proceedings was sought. However, when establishing the conditions for the opening of secondary proceedings, member states had to comply with EU law and, in particular, its general principles, as well as the provisions of the Regulation.’

WLR Daily, 4th September 2014

Source: www.iclr.co.uk

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Nickel & Goeldner Spedition GmbH v “Kintra” UAB – WLR Daily

Posted September 9th, 2014 in carriage of goods, debts, EC law, insolvency, jurisdiction, law reports by sally

Nickel & Goeldner Spedition GmbH v “Kintra” UAB (Case C-157/13) ECLI:EU:C:2014:2145; [2014] WLR (D) 387

‘An action for the payment of a debt based on the provision of carriage services taken by the insolvency administrator of an insolvent undertaking in the course of insolvency proceedings opened in one member state and taken against a service recipient established in another member state came under the concept of “civil and commercial matters” within the meaning of article 1(1) of Council Regulation (EC) No 44/2001. Moreover, article 71 of Regulation No 44/2001 meant that, in a situation where a dispute fell within the scope of both that regulation and the Convention on the Contract for the International Carriage of Goods by Road, as amended, a member state could, in accordance with article 71(1) of that Regulation, apply the rules concerning jurisdiction laid down in article 31(1) of that Convention.’

WLR Daily, 4th September 2014

Source: www.iclr.co.uk

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IRHPs Mis-selling Claims Update: Consequential Losses – No. 5 Chambers

Posted September 3rd, 2014 in banking, damages, insolvency, interest, news by sally

‘In May 2013 nine banks (“the Banks”) agreed to review their sales to unsophisticated customers in accordance with terms of references agreed with the FCA. At the end of June 2014 the FCA reported that all participating banks had completed their sales reviews in relation to customers who joined the Review before March 2014. By the end of June 2014 the Banks had sent out 16,000 redress letters, 13,500 of which included a cash redress offer and with the balance of 2,500 confirming that the sale had been compliant with the (then) FSA rules or that the customer had suffered no loss. By the end of June 2014 8,000 customers had accepted their redress offers, and the Banks had paid out £1.2 billion.’

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No. 5 Chambers, 19th August 2014

Source: www.no5.com

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A new PD for Insolvency Proceedings: minor changes can still trip you up – 11 Stone Buildings

Posted August 7th, 2014 in insolvency, news, practice directions, winding up by sally

‘With very little fanfare indeed, a new Practice Direction for Insolvency Proceedings came into effect on 29 July 2014, replacing that of February 2012. The changes between the 2012 and 2014 Insolvency Practice Directions are minor, but have the potential to trip up practitioners. Thomas Robinson sets out the three main areas to note.’

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11 Stone Buildings, August 2014

Source: www.11sb.com

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In re PGL Realisations plc and other companies; Laverty and others v British Gas Trading Ltd – WLR Daily

Posted August 6th, 2014 in administrators, debts, energy, insolvency, law reports by sally

In re PGL Realisations plc and other companies; Laverty and others v British Gas Trading Ltd [2014] EWHC 2721 (Ch); [2014] WLR (D) 364

‘Charges arising under deemed contracts for supplies of gas and electricity to retail premises after the companies had entered into administration and after the premises had been vacated by the companies were provable debts within rule 13(12(1)(b) of the Insolvency Rules 1986.’

WLR Daily, 31st July 2014

Source: www.iclr.co.uk

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In re MF Global UK Ltd (in special administration) (No 5) – WLR Daily

In re MF Global UK Ltd (in special administration) (No 5): [2014] EWHC 2222 (Ch); [2014] WLR (D) 294

‘There was nothing in the rules contained in Chapters 7 and 7A of the Client Assets Sourcebook (“CASS 7 and 7A”), which formed part of the Financial Services Authority Handbook, which expressly excluded the statutory power of compromise contained in section 15 of the Trustee Act 1925.’

WLR Daily, 4th July 2014

Source: www.iclr.co.uk

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Fibria Celulose S/A v Pan Ocean Co Ltd and another – WLR Daily

Posted July 4th, 2014 in agency, assignment, contracts, foreign jurisdictions, insolvency, law reports by tracey

Fibria Celulose S/A v Pan Ocean Co Ltd and another: Kim v Fibria Celulose S/A: [2014] EWHC 2124 (Ch); [2014] WLR (D) 288

‘The relief available under article 21(1) of the UNCITRAL Model Law on Cross-Border Insolvency, as scheduled to the Cross-Border Insolvency Regulations 2006 (SI 2006/1030), upon recognition by the English court of a foreign insolvency proceeding was limited to such relief as it would be open to the court to grant in domestic insolvency proceedings.’

WLR Daily, 30th June 2014

Source: www.iclr.co.uk

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Henderson (Respondent) v Foxworth Investments Limited and another (Appellants) – Supreme Court

Posted July 3rd, 2014 in appeals, hotels, insolvency, law reports, liquidators, Scotland, Supreme Court by sally

Henderson (Respondent) v Foxworth Investments Limited and another (Appellants) [2014] UKSC 41 (YouTube)

Supreme Court, 2nd July 2014

Source: www.youtube.com/user/UKSupremeCourt

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Fruit machines and Blue Monkeys: can administrators be personally liable for converting ROT goods? – 11 Stone Buildings

Posted June 26th, 2014 in administrators, gambling, insolvency, news, title to goods by sally

‘Administrators are often faced with a large number of retention of title (“ROT”) claims from suppliers who demand a quick adjudication of their claim, frequently on the back of incomplete evidence, and in the days immediately following an appointment when administrators’ resources are stretched. The recent decision Blue Monkey Gaming Ltd v Hudson & others [2014] EWHC (Ch)provides some useful guidance for both administrators and ROT claimants.’

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11 Stone Buildings, June 2014

Source: www.11sb.com

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Insolvent defendants and claimants – Thirty Nine Essex Street

‘Corporate bodies (limited companies or LLPs) have a separate legal identity that ceases to exist upon dissolution. Dissolution can occur, broadly speaking, in two ways, one is at the end of the process of winding up (whether voluntary or compulsory) and the other is by the process of striking off the Register of Companies or limited liability partnerships. The latter occurs either as a result of the company’s or LLP’s failure to file accounts, returns etc. or by a process of voluntary striking off.’

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Thirty Nine Essex Street, 7th March 2014

Source: www.39essex.com

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In re Lehman Brothers (International) (Europe) (in administration) (No 5) – WLR Daily

In re Lehman Brothers (International) (Europe) (in administration) (No 5); Contrarian Funds LLC v Lomas and others [2014] EWHC 1687 (Ch);  [2014] WLR (D)  233

‘Approach of court to applications for extensions of time under the Insolvency Rules 1986 in light of the reformulation of CPR r 3.9 and the test to be applied on an application for relief from sanctions.’

WLR Daily, 23rd May 2014

Source: www.iclr.co.uk

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Buying businesses and assets from an administrator ~ Guidelines for the unwary – 11 Stone Buildings

Posted May 12th, 2014 in administrators, employment, insolvency, news, sale of goods by sally

‘Purchasing businesses and assets from an administrator can be tempting at an attractive price but there are lots of traps for the unwary. In this Insider, Tom Shepherd focuses on three key areas to consider when there is a sale of a business out of administration. First, he lists the types of sale that an administrator is likely to be involved in, including the much talked about pre-pack. Then he outlines the different types of due diligence a purchaser might want to think about when he is buying assets from an administrator. Last but not least, he considers the position of employees in that situation.’

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11 Stone Buildings, May 2014

Source: www.11sb.com

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Is a limited recourse agreement no longer an effective weapon against winding-up? – 11 Stone Buildings

Posted March 26th, 2014 in consumer credit, EC law, insolvency, news, winding up by sally

‘This article questions the decision in ARM Asset-Backed Securities S.A. [2013] EWHC 3351 CH which found that a company was insolvent despite a contractual limited recourse provision which provided that the company was not liable to pay its bondholders more than its available funds.’

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11 Stone Buildings, February 2014

Source: www.11sb.com

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

Posted March 18th, 2014 in banking, insolvency, law reports by tracey

In re Lehman Brothers International (Europe) (in administration) (No 4):[2014] EWHC 704 (Ch);  [2014] WLR (D)  132

‘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 March 2014

Source: www.iclr.co.uk

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“Game, set but not quite match” following the C of A decision re rents in administration – 11 Stone Buildings

Posted March 10th, 2014 in administrators, expenses, insolvency, leases, news, rent by sally

‘Many commercial landlords will be delighted with the Court of Appeal’s unanimous decision in Jervis v Pillar Denton Limited (Game Station) and Others [2014] EWCA Civ 180, overruling the decisions in Goldacre and Luminar. The Court of Appeal held that, applying the Lundy Granite principle, the question of whether quarterly rent due under a lease was an administration expense or a provable debt depended not on whether the rent fell due during the period of the administration, but whether the property had been used for the benefit of the administration. Sarah Clarke gives the background to these cases, sets out the Game appeal decision and highlights its consequences as well as the real concerns for officeholders.’

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11 Stone Buildings, February 2014

Source: www.11sb.com

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Jervis and others v Pillar Denton Ltd (Game Station) and others – WLR Daily

Posted February 28th, 2014 in administrators, expenses, insolvency, law reports, rent by sally

Jervis and others v Pillar Denton Ltd (Game Station) and others [2014] EWCA Civ 180 ; [2014] WLR (D) 94

‘In the context of insolvency, where rent was payable in advance the office holder should make payments at the rate of the rent for the duration of any period during which he retained possession of the demised property for the benefit of the winding up or administration. The rent would be treated as accruing from day to day. Those payments were payable as expenses of the winding up or administration. The duration of the period was a question of fact and was not determined merely by reference to which rent days occurred before, during or after that period.’

WLR Daily, 24th February 2014

Source: www.iclr.co.uk

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Marks & Spencer plc v Revenue and Customs Commissioners (No 2) – WLR Daily

Posted February 28th, 2014 in corporation tax, EC law, insolvency, law reports, subsidiary companies by sally

Marks & Spencer plc v Revenue and Customs Commissioners (No 2) [2014] UKSC 11; [2014] WLR (D) 90

‘A company was entitled to make successive claims to cross-border group relief against corporation tax in relation to the same loss incurred in the same accounting period by a European subsidiary which had gone into liquidation and then to withdraw any earlier claims in respect of the same surrendered loss which did not meet the subsequent judicially determined test, subject to the claim ultimately relied upon not being statute-barred.’

WLR Daily, 19th February 2014

Source: www.iclr.co.uk

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Landlords win legal battle over Game – Daily Telegraph

Posted February 25th, 2014 in appeals, insolvency, landlord & tenant, news, rent by sally

‘Court of Appeal ruling gives high street landlords more protection in administrations’

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Daily Telegraph, 24th February 2014

Source: www.telegraph.co.uk

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