Category: debts

Nortel / Lehman Supreme Court decision: guidance on insolvency expenses and provable claims – 11 Stone Buildings

Posted July 31st, 2013 in administrators, debts, expenses, insolvency, news, pensions by sally

“The Supreme Court ruled today that sums claimed under a Financial Support Direction of the Pensions
Regulator that is issued after a company’s entry to insolvency will rank as provable debts. It disagreed with both the High Court and a unanimous Court of Appeal, which had held that sums claimed under such a FSD were payable as insolvency expenses. The Supreme Court also rejected an argument that such a claim ranked below ordinary creditors as a non-provable liability.”

Full story (PDF)

11 Stone Buildings, 24th July 2013

Source: www.11sb.com

OFT forces payday lenders out of market – The Guardian

Posted July 31st, 2013 in consumer protection, debts, financial regulation, financial services ombudsman, loans, news by sally

“Almost a third of the payday lenders ordered to clean up their practices have opted to withdraw from the industry, the Office of Fair Trading has revealed, as the deadline for firms to respond passed.”

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The Guardian, 30th July 2013

Source: www.guardian.co.uk

In the matter of the Nortel Companies; In the matter of the Lehman Companies; In the matter of the Lehman Companies No 2 – Supreme Court

Posted July 29th, 2013 in administrators, contribution, debts, expenses, insolvency, law reports, pensions by sally

In the matter of the Nortel Companies; In the matter of the Lehman Companies; In the matter of the Lehman Companies No 2 [2013] UKSC 52 (YouTube)

Supreme Court, 24th July 2013

Source: www.youtube.com/user/UKSupremeCourt

Nortel decision restores claims by the Pensions Regulator to position envisaged by Parliament, expert says – OUT-LAW.com

Posted July 25th, 2013 in debts, insolvency, news, pensions by tracey

“Claims by the Pensions Regulator in relation to an insolvent company’s pension scheme rank as provable debts alongside the claims of other unsecured creditors, the UK’s highest court has ruled.24 Jul 2013.”

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OUT-LAW.com, 24th July 2013

Source: www.out-law.com

Menelaou v Bank of Cyprus UK Ltd – WLR Daily

Posted July 5th, 2013 in appeals, banking, debts, law reports, restitution, substitution by tracey

Menelaou v Bank of Cyprus UK Ltd: [2013] EWCA Civ 1960;   [2013] WLR (D)  266

“A bank which had released its charges over property in exchange for a new charge over property purchased from the proceeds of sale of the other property was entitled by subrogation to an unpaid vendor’s lien on the new property.”

WLR Daily, 2nd July 2013

Source: www.iclr.co.uk

Roundtable: future of the bar – Law Society’s Gazette

Posted June 24th, 2013 in barristers, debts, diversity, legal aid, legal education, news, pupillage by sally

“The fortunes of commercial and publicly funded barristers could hardly be more divergent at present. But it is not simply a ‘tale of two bars’. The bar’s monied and impecunious sections are co-dependent, according to those present at the Gazette’s roundtable discussion on the future of the bar. That division in fortunes is not new. But it has increased, and if further legal aid cuts follow, will become even more dramatic. As the discussion starts, it is noted that of 1,700 students emerging from bar school each year, perhaps fewer than 400 will secure pupillages – a modern low.”

Full story

Law Society’s Gazette, 24th June 2013

Source: www.lawgazette.co.uk

SDT rulings send out warning to law firms over relationships with debt recovery companies – Legal Futures

Posted June 17th, 2013 in charities, consumer credit, consumer protection, debts, disciplinary procedures, fines, law firms, news, professional conduct, Solicitors Regulation Authority by sally

“Law firms must not allow arrangements with debt recovery companies to compromise their independence, the Solicitors Regulation Authority (SRA) has warned, after two solicitors were fined heavily for allowing litigation to be carried out in their name.”

Full story

Legal Futures, 17th June 2013

Source: www.legalfutures.co.uk

Group Seven Ltd v Allied Investment Corpn Ltd and others – WLR Daily

Posted June 13th, 2013 in civil procedure rules, company law, debts, injunctions, law reports, shareholders by sally

Group Seven Ltd v Allied Investment Corpn Ltd and others [2013] EWHC 1509 (Ch); [2013] WLR (D) 224

“A company which had a sole director, who also owned all its shares, did not hold or control its assets in accordance with that sole director and shareholder’s ‘direct or indirect instructions’ within the meaning of paragraph 6 of the standard form freezing order in the Civil Procedure Rules.”

WLR Daily, 6th June 2013

Source: www.iclr.co.uk

Committal Applications in financial remedy proceedings: when, how and why to make one – Zenith Chambers

Posted May 21st, 2013 in civil procedure rules, committals, contempt of court, debts, detention, financial provision, news by sally

“An order made in family proceedings for the payment of money can be enforced by judgement summons, and, if the statutory criteria are satisfied, an order made committing the judgement debtor to prison for up to 6 weeks. Given that in all likelihood only half of this time will be served, and that the time served doesn’t actually produce any cash for the creditor, the obvious question for the person seeking to
enforce the order is ‘what is the point?’. In fact, the Court of Appeal said as much in the case of Mubarak in 2000; ‘I doubt whether experienced specialist practitioners will think that it has sufficient value for money to be worth its initiation.'”

Full story (PDF)

Zenith Chambers, 16th May 2013

Source: www.zenithchambers.co.uk

BNY Corporate Trustee Services Limited and others (Respondents) v Neuberger Berman Europe Ltd(on behalf of Sealink Funding Ltd) and others (Appellants); BNY Corporate Trustee Services Limited and others (Respondents) v Eurosail-UK 2007-3BL PLC (Appellant) – Supreme Court

Posted May 10th, 2013 in company law, debts, insolvency, law reports, Supreme Court, winding up by sally

BNY Corporate Trustee Services Limited and others (Respondents) v Neuberger Berman Europe Ltd(on behalf of Sealink Funding Ltd) and others (Appellants); BNY Corporate Trustee Services Limited and others (Respondents) v Eurosail-UK 2007-3BL PLC (Appellant) [2013] UKSC 28 (YouTube)

Supreme Court, 9th May 2013

Source: www.youtube.com/user/UKSupremeCourt

VFS Financial Services Ltd v JF Plant Tyres Ltd – WLR Daily

Posted March 8th, 2013 in consumer credit, debts, law reports by tracey

VFS Financial Services Ltd v JF Plant Tyres Ltd: [2013] EWHC 346 (QB);   [2013] WLR (D)  91

“A ‘disposition’ of goods for the purposes of section 29(1) of the Hire-Purchase Act 1964 was limited to a transaction where the goods had been transferred for money.”

WLR Daily, 26th February 2013

Source: www.iclr.co.uk

Highbury Pension Fund Management Co and another v Zirfin Investments Ltd and others – WLR Daily

Posted February 22nd, 2013 in banking, debts, guarantees, law reports, loans by sally

Highbury Pension Fund Management Co and another v Zirfin Investments Ltd and others [2013] EWHC 238 (Ch); [2013] WLR (D) 71

“A creditor was entitled to invoke the equitable doctrine of marshalling to claim the benefit of securities held by a doubly-secured creditor even if the two securities did not both come from a debtor if one of the securities derived from a principal for whom the debtor stood surety.”

WLR Daily, 14th February 2013

Source: www.iclr.co.uk

Rogue bailiff menace exposed as complaints soar – The Guardian

Posted January 28th, 2013 in bailiffs, complaints, debts, fees, news, professional conduct, regulations by sally

“The true scale of the problem posed by ‘lawless bailiffs’ is revealed as shocking figures show a sharp rise in complaints about their behaviour since the start of the banking crisis.”

Full story

The Guardian, 27th January 2013

Source: www.guardian.co.uk

New rules for bailiffs industry – The Independent

Posted January 25th, 2013 in bailiffs, debts, news, professional conduct, regulations by tracey

“Bailiffs will be regulated under new laws to ‘clean up’ the industry and protect vulnerable debtors, the Government has announced.”

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The Independent, 25th January 2013

Source: www.independent.co.uk

Almost £2 billion in court fines and confiscation orders remain unpaid – Daily Telegraph

Posted January 21st, 2013 in assets recovery, confiscation, courts, debts, fines, news by sally

“Nearly £2 billion in court fines and confiscation orders remain unpaid, official figures show, as the Government admitted it needed to do more to tackle the debt.”

Full story

Daily Telegraph, 19th January 2013

Source: www.telegraph.co.uk

OFT bars RBS debt collecting that puts homes at risk – Daily Telegaph

Posted January 11th, 2013 in banking, charging orders, debts, news by tracey

“Regulator imposes requirements on Royal Bank of Scotland’s use of charging orders – a way of collecting unsecured debts that could see borrowers lose their homes.”

Full story

Daily Telegraph, 11th January 2013

Source: www.telegraph.co.uk

Payday loan firms warned over lending and debt collection – BBC News

Posted November 20th, 2012 in consumer credit, consumer protection, debts, news, reports by sally

“The payday loan industry has been warned to improve the way it lends money and collects debts, or face sanctions.”

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BBC News, 20th November 2012

Source: www.bbc.co.uk

Byankov v Glaven sekretar na Ministerstvo na vatreshnite raboti – WLR Daily

Posted October 12th, 2012 in debts, EC law, freedom of movement, law reports by sally

Byankov v Glaven sekretar na Ministerstvo na vatreshnite raboti (Case C-249/11); [2012] WLR (D) 269

“European Union law precluded the application of a national provision which provided for the imposition of a restriction on the freedom of movement, within the European Union, of a national of a member state, solely on the ground that he owed a legal person governed by private law a debt which exceeded a statutory threshold and was unsecured.”

WLR Daily, 4th October 2012

Source: www.iclr.co.uk

SerVaas Inc v Rafidain Bank – WLR Daily

Posted August 31st, 2012 in debts, enforcement, international law, law reports, state immunity, third parties by tracey

SerVaas Inc v Rafidain Bank: [2012] UKSC 40;   [2012] WLR (D)  257

“Whether property was ‘for the time being in use or intended for use for commercial purposes’ within the meaning of section 13(4) of the State Immunity Act 1978 did not depend on the property’s origin but on the use to which the state had chosen to put it.”

WLR Daily, 17th August 2012

Source: www.iclr.co.uk

Link Financial Ltd v Jones – WLR Daily

Posted August 24th, 2012 in assignment, consumer credit, debts, law reports by sally

Link Financial Ltd v Jones [2012] EWHC 2402 (QB); [2012] WLR (D) 251

“A legal assignee of the debt due under a regulated consumer credit agreement which had given notice of the assignment to the debtor was a “creditor” within the meaning of section 189 of the Consumer Credit Act 1974 and entitled to bring proceedings to recover the debt.”

WLR Daily, 22nd August 2012

Source: www.iclr.co.uk