Promontoria (Oak) Limited v Emanuel [2020] EWHC 563 (Ch) – Tanfield Chambers

Posted May 29th, 2020 in assignment, debts, land registration, mortgages, news, repossession by sally

‘In a possession and money claim brought by the registered assignee of a legal charge, the Appeal Judge found that the Claimant was entitled to possession as the registered title holder of a legal charge, despite his allowing the Defendant’s appeal and holding that the Claimant had not proved that a valid assignment of the debt had occurred at trial.’

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Tanfield Chambers, 28th May 2020

Source: www.tanfieldchambers.co.uk

FCA warns banks not to put pressure on clients during Covid-19 crisis – The Guardian

‘The City watchdog is cracking down on UK banks that have been preying on corporate clients seeking financial help during the Covid-19 crisis.’

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The Guardian, 28th April 2020

Source: www.theguardian.com

Further Consumer Credit Debt Moratorium – Henderson Chambers

Posted April 28th, 2020 in consumer credit, coronavirus, debts, financial regulation, news by sally

‘Following last week’s moratorium imposed by the Financial Conduct Authority in relation to credit card debts, overdrafts and personal loans, the FCA is imposing a similar moratorium on hire-purchase (annoyingly referred to by the trendy term ‘rent-to-own’), high-cost short-term credit (payday loans), buy-nowpay-later deals (BNPL) and pawn agreements.’

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Henderson Chambers, 24th April 2020

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Not signed, not sealed, not delivered – Nearly Legal

‘A first instance county court judgment on a possession claim, but with a range of interesting issues. The Ratcliffes were the landlords, Ms Patterson was the tenant and Mr Porter a guarantor, who played no part in proceedings. The tenancy was an assured shorthold tenancy with the most recent fixed term beginning in June 2018. Rent arrears accrued (on which more later) and the Ratcliffes brought a claim for possession under grounds 8, 10 and 11 Schedule 2 Housing Act 1988.’

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Nearly Legal, 26th April 2020

Source: nearlylegal.co.uk

Commercial property landlords banned from demanding rent arrears – The Guardian

Posted April 24th, 2020 in coronavirus, debts, landlord & tenant, news, rent, repossession, winding up by sally

‘Commercial property landlords in the UK have been temporarily banned from taking legal action against tenants who have not paid their rent, to protect retailers and other businesses from “aggressive rent collection” during the coronavirus crisis.’

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The Guardian, 23rd April 2020

Source: www.theguardian.com

Three Month Moratorium on Consumer Credit Debts – Henderson Chambers

‘The Covid-19 crisis has led the Financial Conduct Authority to issue authoritative guidance to consumer credit lenders which will oblige them to grant a three month moratorium on debts and to reduce interest costs.’

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Henderson Chambers, 9th April 2020

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Further Lessons from Lehman Bros: The Court’s Control of Office Holders – Hardwicke Chambers

Posted March 20th, 2020 in administrators, appeals, banking, chambers articles, coronavirus, debts, insolvency, news by sally

‘When major financial institutions go to the wall the ensuing legal squabbles over the carcases often provide rich seams that can be mined to provide judicial clarification of the law for the benefit of all. The spectacular collapse of the Lehman Brothers empire is no exception and the latest chapter does not disappoint. In Lehman Brothers Australia Ltd (In Liquidation) v Macnamara & Ors (Joint Administrators of Lehman Brothers International (Europe) (In Administration)) [2020] EWCA Civ 321, the Court of Appeal (Patten, David Richards, Newey LJJ) has provided some timely and useful clarification on the correct test for the court to apply when considering the exercise of its inherent jurisdiction to control its officers within the principle of Re Cordon, Ex p. James (1873-74) LR 9 Ch App 609 or through the more specifically targeted statutory provisions for such control, as for example those in para 74 of Schedule B1 to the Insolvency Act 1986 (IA 1986) with regard to administrators. In the present climate induced by Coronavirus (COVID-19), any clarity that makes the necessity of going to court less likely is to be doubly welcomed.’

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Hardwicke Chambers, 17th March 2020

Source: hardwicke.co.uk

FCA: credit card firms must stop suspending all users in debt spiral – The Guardian

Posted February 4th, 2020 in consumer credit, debts, financial regulation, interest, news by sally

‘Britain’s financial watchdog has warned credit card firms against the blanket suspension of cards of consumers who are stuck in a debt spiral, telling them to reduce or waive interest and other charges instead.’

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The Guardian, 3rd February 2020

Source: www.theguardian.com

A scheme of arrangement cannot compel a landlord to accept a surrender of a lease because this would interfere with the landlord’s proprietary rights, the High Court in England has ruled – OUT-LAW.com

Posted January 24th, 2020 in debts, landlord & tenant, leases, loans, news, schemes of arrangement by tracey

‘A scheme of arrangement cannot compel a landlord to accept a surrender of a lease because this would interfere with the landlord’s proprietary rights, the High Court in England has ruled.’

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OUT-LAW.com, 23rd January 2020

Source: www.pinsentmasons.com

Court overturns CVA supervisors’ decisions to reject creditors’ proofs of debt – OUT-LAW.com

Posted November 14th, 2019 in contracts, debts, insolvency, news by tracey

‘The High Court in England has overturned decisions made by supervisors of a company voluntary arrangement (CVA) to reject creditors’ proof of debt for dividend purposes.’

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OUT-LAW.com, 11th November 2019

Source: www.pinsentmasons.com

CVAs after the Debenhams decision – Falcon Chambers

Posted November 7th, 2019 in company law, debts, insolvency, landlord & tenant, news by sally

‘In May 2019, the requisite majority of the creditors of Debenhams Retail Ltd voted in favour of a company voluntary arrangement (“CVA”) proposed pursuant to s.1 of the Insolvency Act 1986. As has become common, the scheme of arrangement proposed by the CVA only affected the rights of landlords and rating authorities. All other creditors were to be paid in full.’

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Falcon Chambers, 31st October 2019

Source: www.falcon-chambers.com

Court rejects debtor’s challenge to the validity of assignment of debt (Nicoll v Promontoria (Ram 2) Ltd) – Littleton Chambers

Posted November 1st, 2019 in assignment, debts, insolvency, loans, news by sally

‘Restructuring & Insolvency analysis: James Bickford Smith, barrister at Littleton Chambers, examines the High Court’s decision in Nicoll v Promontoria (Ram 2) Ltd that the appellant debtor’s challenge to the validity of an assignment of his debt to the respondent should not have been entertained by the judge below because although the appellant had sought to put the effectiveness of the assignment in issue in his first witness statement, the point that he took was entirely different from that which he took before the judge.’

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Littleton Chambers, 3rd October 2019

Source: www.littletonchambers.com

Insolvency Update – Using winding up procedure to collect a debt: Sell Your Car With Us Ltd v Anil Sareen [2019] EWHC 2332 – Hardwicke Chambers

Posted October 31st, 2019 in debts, insolvency, news, winding up by sally

‘The recent case of Sell Your Car With Us Ltd v Anil Sareen will be of interest to practitioners in Corporate Insolvency as it provides a useful reminder that there is no strict rule that the winding up procedure is inapt for mere debt collection.’

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Hardwicke Chambers, 7th October 2019

Source: hardwicke.co.uk

Wonga customers’ average compensation payout may be just £118 – The Guardian

Posted October 9th, 2019 in administrators, compensation, complaints, debts, interest, loans, news, statistics by sally

‘Customers who were mis-sold loans by the collapsed payday lender Wonga are expected to receive less than 10% of what they are owed in compensation after administrators revealed that only £41m will be put aside for claimants.’

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The Guardian, 9th October 2019

Source: www.theguardian.com

UK court rejects landlords’ challenge to Debenhams CVA – Pinsent Masons

Posted September 25th, 2019 in company law, debts, landlord & tenant, news, rent by michael

‘Court rejected landlords’ challenge to Debenhams’ CVA in what will be seen as a victory for retailers and a validation of “landlord only” CVAs.’

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Pinsent Masons, 24th Septwmber 2019

Source: www.pinsentmasons.com

Failure to attend trial “means more than turning up late” – Litigation Futures

Posted September 5th, 2019 in appeals, civil procedure rules, debts, delay, loans, news, striking out, trials by tracey

‘The High Court has set aside an order made by a recorder striking out a claim because the claimants were two hours late for a trial in Cornwall.’

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Litigation Futures, 5th September 2019

Source: www.litigationfutures.com

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.’

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OUT-LAW.com, 8th August 2019

Source: www.pinsentmasons.com

Court rejects appeal against judgment delivered after 18 months – Law Society’s Gazette

Posted July 26th, 2019 in appeals, debts, delay, fraud, judges, judgments, misrepresentation, news by tracey

‘Losing defendants in a civil claim have failed to overturn a judge’s ruling – despite it taking him 18 months from the end of proceedings to hand it down.’

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Law Society's Gazette, 26th July 2019

Source: www.lawgazette.co.uk

Body-worn cameras to be compulsory for bailiffs – BBC News

Body-worn cameras are to be compulsory for bailiffs under government plans to improve the treatment of people in debt.

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BBC News, 22nd July 2019

Source: www.bbc.co.uk

Can’t Pay? We’ll Take it Away! bailiff entered house unlawfully – BBC News

Posted June 25th, 2019 in bailiffs, debts, media, news by sally

‘A bailiff from television’s Can’t Pay? We’ll Take it Away! who entered a house unlawfully left the occupants feeling “violated” and “like the guilty party”.’

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BBC News, 25th June 2019

Source: www.bbc.co.uk