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.’

Full story

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.’

Full story

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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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.’

Full story

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.’

Full story

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.’

Full story (PDF)

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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