KPMG fined £4.3m for ‘serious failings’ in Conviviality audit – The Guardian

Posted January 19th, 2022 in auditors, bankruptcy, disciplinary procedures, fines, news, professional conduct by michael

‘The accounting regulator, the Financial Reporting Council (FRC), found “a serious lack of competence” in KPMG’s 2017 audit of the company, which collapsed within nine months of the accounts being signed off.’

Full Story

The Guardian, 19th January 2022

Source: www.theguardian.com

Bankruptcy Petitions – Petitioner Substitution r.10.27 and Change of Carriage r.10.29 – 33 Bedford Row

Posted November 3rd, 2021 in bankruptcy, chambers articles, debts, insolvency, news by sally

‘In England and Wales, there should only be one bankruptcy petition against a debtor at any one time. As stated in Re Maud [2020] EWHC 1469 (also known as Edgeworth Capital (Luxembourg) Sarl v Maud)(‘Re Maud’), by Snowden J, at paragraph 98:

“Consistent with the principle that a bankruptcy petition is a class remedy, the legislation, rules and court practice are generally based upon the notion that there should only be one petition against a debtor at any one time.”‘

Full Story

33 Bedford Row, 14th October 2021

Source: www.33bedfordrow.co.uk

Research briefing: Bankruptcy: trustee’s right of inquiry – House of Commons Library

Posted November 1st, 2021 in bankruptcy, disclosure, news, parliament, trustees in bankruptcy by tracey

‘This Commons briefing paper provides an outline of the trustee’s right of inquiry into the bankrupt’s property and dealings, including his right to examine third parties.’

Full Story

House of Commons Library , 29th October 2021

Source: commonslibrary.parliament.uk

Research Briefing: Bankruptcy – House of Commons Library

Posted October 29th, 2021 in bankruptcy, insolvency, news, parliament by tracey

‘This Commons briefing paper provides a outline of bankruptcy procedures in England and Wales.’

Full Story

House of Commons Library , 27th October 2021

Source: commonslibrary.parliament.uk

Winding Up Petitions – Balancing Supporting and Opposing Creditors – 33 Bedford Row

Posted August 6th, 2021 in bankruptcy, chambers articles, debts, insolvency, news, winding up by sally

‘Where a creditors’ winding up petition is presented and the petitioner seeks a winding up order under section 122(1)(f) of the Insolvency Act 1986, and the debtor/respondent company does not resist or its points of defence/opposition prove unmeritorious, the petitioner will be entitled to a winding up order as of right (in Latin, ex debito justitiae). However, this “as of right” entitlement only relates to the relationship between the petitioner and the debtor/respondent (‘debtor’). Where the debtor has only one creditor, i.e. the petitioning creditor, there will be no other, wider interests, to consider (leaving aside the rare intrusion of contributories’ interests). However, where the debtor has other creditors, those other creditors may wish[5] for their voices to be heard as to whether the Companies Court should, under section 125 of the Insolvency Act 1986: (i) make the winding up order; (ii) dismiss the petition; or (iii) make some other order, for instance, to adjourn/stay the winding up petition pending some other event (e.g. a vote on an creditors voluntary arrangement proposal).’

Full Story

33 Bedford Row, 1st August 2021

Source: www.33bedfordrow.co.uk

No TUPE protection for staff after firm’s owner made bankrupt – Legal Futures

‘There was no protection for staff under the TUPE after the sole owner of a law firm was made bankrupt and the practice taken over, the Employment Appeal Tribunal (EAT) has ruled.’

Full Story

Legal Futures, 8th April 2021

Source: www.legalfutures.co.uk

Insolvency Team – Recent Insolvency Case Update – Hardwicke Chambers

Posted March 11th, 2021 in bankruptcy, chambers articles, insolvency, news by sally

‘These case summaries first appeared in LexisNexis’ Insolvency Case Alerter. They represent some of the more interesting insolvency decisions to have been published recently.’

Full Story

Hardwicke Chambers, 4th March 2021

Source: hardwicke.co.uk

Beneficial Joint Tenants, Survivorship and Creditors of a Deceased Bankrupt – Section 421A of the Insolvency Act 1986 – 33 Bedford Row

Posted November 10th, 2020 in bankruptcy, bereavement, landlord & tenant, news by sally

‘Where Person A and Person B are beneficial joint tenants of land/property (leasehold/freehold), and Person A dies, the effect of the rule of survivorship is that, from the moment of death forward, Person B will be left as the sole beneficial interest holder. It does not matter whether Person A dies testate or intestate, nor what Person A’s Will might say. Person B will be left as the sole beneficial interest holder. To put this into a typical, real world scenario: this will often be the case where two spouses/partners own land/property and one of them dies.’

Full Story

33 Bedford Row, 24th October 2020

Source: www.33bedfordrow.co.uk

Judge rules challenge to business rates liability orders “totally without merit” – Local Government Lawyer

Posted November 6th, 2020 in Administrative Court, appeals, bankruptcy, local government, news, rates by tracey

‘The Administrative Court has thrown out a challenge to business rates liability orders as being “totally without merit”, and has imposed an extended civil restraint order to limit future litigation by the complainant.’

Full Story

Local Government Lawyer, 5th November 2020

Source: www.localgovernmentlawyer.co.uk

Former BHS owner found guilty of tax evasion as he ‘funded yacht, Bentley and luxury holiday’ – The Independent

Posted November 6th, 2020 in bankruptcy, corporation tax, insolvency, news, pensions, tax evasion, taxation, VAT by tracey

‘The former owner of BHS has been convicted of evading tax on £2.2m of income he received from buying the failed high-street chain. Instead of paying the tax he knew he owed, Dominic Chappell, 53, spent a fortune on a luxury lifestyle that included a £90,000 yacht, a Bentley Continental car, a Bahamas holiday and some expensive Beretta guns, Southwark Crown Court heard.’

Full Story

The Independent, 5th November 2020

Source: www.independent.co.uk

The Court of Appeal considers the consequences of failure to serve a registration order under the Lugano Convention: Islandsbanki Hf & Ors v Stanford [2020] EWCA Civ 480 – Hardwicke Chambers

Posted June 26th, 2020 in appeals, bankruptcy, chambers articles, civil procedure rules, debts, news by sally

‘Oliver Hyams and Amy Held investigate the recent case of Islandsbanki Hf & Ors v Stanford [2020] EWCA Civ 480.’

Full Story

Hardwicke Chambers, 23rd June 2020

Source: hardwicke.co.uk

COVID-19 Topics: The Basics of Individual Insolvency – Thomas More Chambers

Posted June 12th, 2020 in bankruptcy, chambers articles, coronavirus, debts, insolvency, news by sally

‘Beyond the medical and physical toll that Covid-19 is taking on sufferers and their families, the economic crisis with lockdown is also expected to lead to a surge in corporate and individual insolvencies. Individuals in particular are likely to be unfamiliar with their options when facing insolvency and with the procedures that aim to balance the twin goals of granting individuals relief from their debt whilst fairly distributing the individual’s assets to creditors.’

Full Story

Thomas More Chambers, 29th May 2020

Source: www.thomasmore.co.uk

Has coronavirus changed the UK justice system for ever? – The Guardian

‘The pandemic has led to big changes in trials, many of of which are likely to be permanent.’

Full Story

The Guardian, 24th May 2020

Source: www.theguardian.com

Barristers to lose out from Iraq claims firm’s liquidation – Legal Futures

‘Barristers instructed by now-defunct Birmingham law firm Public Interest Lawyers (PIL) are set to lose out significantly from its liquidation, although its collapse may yet spark legal action, it has emerged.’

Full Story

Legal Futures, 13th January 2020

Source: www.legalfutures.co.uk

Couple must repay £10.4 million after ripping off struggling firms to live high life on yachts – Crown Prosecution Service

Posted September 13th, 2019 in assets recovery, banking, bankruptcy, fraud, loans, news, proceeds of crime by tracey

‘A couple who made a fortune bankrupting companies to fund their lavish lifestyle have today been ordered to repay more than £10million.’

Full Story

Crown Prosecution Service, 12th September 2019

Source: www.cps.gov.uk

Payments from discharged bankrupt ‘should not continue after second bankruptcy’ – OUT-LAW.com

Posted August 9th, 2019 in appeals, bankruptcy, debts, news, trustees in bankruptcy by tracey

‘A man does not have to continue making payments after he was discharged from a first bankruptcy and made bankrupt for a second time, the Court of Appeal in England has ruled.’

Full Story

OUT-LAW.com, 8th August 2019

Source: www.pinsentmasons.com

High court judge leads inquiry into London Capital & Finance scandal – The Guardian

‘The government has launched an independent inquiry into the collapse of London Capital & Finance, the investment firm at the centre of a mounting £236m financial scandal in which thousands of investors lost money. Dame Elizabeth Gloster, a leading high court judge specialising in corporate failures, finance and fraud, will lead the investigation into the company and the oversight of the City watchdog ahead of its collapse.’

Full Story

The Guardian, 23rd May 2019

Source: www.theguardian.com

‘Bullying’ libel judge’s dismissal of claim reversed on appeal – Law Society’s Gazette

‘Appeal judges have strongly criticised the “surprising and troubling” conduct of a High Court judge towards a litigant in person during a defamation hearing, saying he “cast off the mantle of impartiality”. Ruling in Serafin v Malkiewicz and Others, Lord Justice Lewison, Lord Justice McCombe and Lord Justice Haddon-Cave allowed an appeal against Mr Justice Jay’s dismissal of a libel claim against a London Polish-language newspaper.’

Full Story

Law Society's Gazette, 20th May 2019

Source: www.lawgazette.co.uk

Barrister’s non-contractual fees “vest in trustee in bankruptcy” – Legal Futures

Posted April 15th, 2019 in bankruptcy, barristers, fees, insolvency, news, trustees in bankruptcy by michael

‘A barrister’s non-contractual fees are property for the purposes of insolvency law and vest in his trustee in bankruptcy, the Court of Appeal has ruled.’

Full Story

Legal Futures, 15th April 2019

Source: www.legalfutures.co.uk

First-lodged bankruptcy petition should be heard first, says High Court – OUT-LAW.com

Posted February 27th, 2019 in appeals, bankruptcy, documents, judges, news, service by tracey

‘A judge in the Insolvency and Companies Court (ICC) was wrong to adjourn a bankruptcy petition hearing, an action which meant that the first creditors to present bankruptcy petitions would have their case heard first. The High Court in England has said that the ICC judge should have given reasons for not following two previous ICC orders that the first petition be heard first.’

Full Story

OUT-LAW.com, 27th February 2019

Source: www.out-law.com