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.’

Full story

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.’

Full story

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.’

Full story

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.’

Full story

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.’

Full story

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.’

Full story

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.’

Full story

Litigation Futures, 29th October 2015

Source: www.litigationfutures.com

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Jackson urges government to end insolvency litigation exemption from his reforms –

‘Lord Justice Jackson has called for the recently extended exemption for insolvency cases from the impact of his reforms to come to an end, describing recoverability as “an instrument of oppression, which is liable to crush defendants who have a good defence”.’

Full story

Litigation Futures, 20th October 2015

Source: www.litigationfutures.com

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Jackson: drop ‘oppressive’ exemption to my rules – Law Society’s Gazette

Posted October 21st, 2015 in bankruptcy, civil justice, civil procedure rules, costs, insolvency, news by sally

‘Lord Justice Jackson has urged the government to ditch one of the final exemptions to his civil justice reforms.’

Full story

Law Society’s Gazette, 19th October 2015

Source: www.lawgazette.co.uk

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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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