Solicitors lose appeal over £2m invoice charged through DBA – Law Society’s Gazette

Posted May 13th, 2022 in appeals, costs, damages, insolvency, law firms, news, solicitors by tracey

‘The Court of Appeal has dismissed an attempt by solicitors to secure a £2m payment from an insolvent client for work carried out on a damages based agreement.’

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Law Society's Gazette, 12th May 2022

Source: www.lawgazette.co.uk

Case Preview: Stanford International Bank Ltd (In Liquidation) v HSBC Bank Plc – UKSC Blog

Posted April 27th, 2022 in appeals, banking, damages, debts, insolvency, liquidators, news, Supreme Court by sally

‘On 19 January 2022, the Supreme Court heard the appeal in Stanford International Bank Ltd (In Liquidation) v HSBC Bank Plc. The appeal turns on whether a company in liquidation can be considered to have suffered loss where, while it is still trading, its bank pays money out of the company’s accounts to discharge debts owed by the company. It is likely that this case will further set out the limits of the Quincecare duty, following a spate of recent high-profile cases in this area.’

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UKSC Blog, 26th April 2022

Source: ukscblog.com

JCT’s insolvency payment regime – how does it work? – Practical Law: Construction Blog

Posted April 11th, 2022 in construction industry, contracts, debts, insolvency, news by tracey

‘The case of Levi Solicitors LLP v Wilson and another considered the impact of contractor insolvency on debts owed to an employer under a JCT contract.
Significantly, the court helpfully clarified how the payment regime under JCT contracts operated in the context of insolvency. This blog takes a closer look at the case.’

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Practical Law: Construction Blog, 6th April 2022

Source: constructionblog.practicallaw.com

Farrar Out – Local Government Lawyer

‘Clare Mendelle and James Goldthorpe discuss how the insolvency of Farrar Construction leads to clarity from the Courts on dealing with an insolvent contractor under JCT.’

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Local Government Lawyer, 11th March 2022

Source: www.localgovernmentlawyer.co.uk

JCT insolvency ruling: time limit on termination not condition precedent – OUT-LAW.com

Posted March 7th, 2022 in company law, construction industry, contracts, debts, insolvency, news, time limits by tracey

‘An English High Court ruling in an insolvency case concerning a Joint Contracts Tribunal (JCT) Minor Works contract (2011) could apply to other standard form contracts in the same suite, a legal expert has said.’

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OUT-LAW.com, 4th March 2022

Source: www.pinsentmasons.com

Adjudication and Insolvency; Enforcement Proceedings in the post-Bresco Landscape – Local Government Lawyer

Posted November 15th, 2021 in appeals, dispute resolution, enforcement, insolvency, news by tracey

‘Clare Mendelle and Sarah Wertheim take a look at guidance provided by the Court of Appeal regarding security arrangements for insolvent claimants in the post-Bresco landscape.’

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Local Government Lawyer, 12th November 2021

Source: www.localgovernmentlawyer.co.uk

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.”‘

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33 Bedford Row, 14th October 2021

Source: www.33bedfordrow.co.uk

FCA wins appeal over action on Carillion collapse – Law Society’s Gazette

Posted November 1st, 2021 in appeals, company law, financial services ombudsman, insolvency, news by tracey

‘The Financial Conduct Authority does not need the permission of the insolvency court to take regulatory action against a company in liquidation, the High Court has ruled in a case concerning the “spectacular collapse” of construction giant Carillion.’

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Law Society's Gazette, 29th October 2021

Source: www.lawgazette.co.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.’

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House of Commons Library , 27th October 2021

Source: commonslibrary.parliament.uk

Going for broke: Court of Appeal decides on insolvent party enforcement of adjudication awards – Practical Law: Construction Blog

Posted October 8th, 2021 in appeals, enforcement, insolvency, news by tracey

‘The Court of Appeal has handed down judgment in John Doyle Contractors Ltd v Erith Contractors Ltd. It is one of the first cases following the Supreme Court’s decision in Bresco Electrical Services Ltd v Michael J Lonsdale (Electrical) Ltd to test the courts’ willingness to allow insolvent parties to enforce adjudicators’ awards.’

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Practical Law: Construction Blog, 7th October 2021

Source: constructionblog.practicallaw.com

Giving evidence “not a game”, judge tells expert witness – Legal Futures

Posted September 28th, 2021 in accounts, company law, expert witnesses, insolvency, news by sally

‘An expert witness has apologised to the High Court after being told by a judge not to treat giving evidence in court “as a game”.’

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Legal Futures, 28th September 2021

Source: www.legalfutures.co.uk

Patisserie Valerie auditors fined £2.3m over ‘serious lack of competence’ – The Guardian

Posted September 27th, 2021 in accountants, auditors, fines, insolvency, news by sally

‘The auditor of Patisserie Valerie has been fined £2.3m and accused of a “serious lack of competence” over its role in the accounting scandal that led to the collapse of the cafe chain.’

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The Guardian, 27th September 2021

Source: www.theguardian.com

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).’

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33 Bedford Row, 1st August 2021

Source: www.33bedfordrow.co.uk

E-money and online payment institutions: when it all goes wrong – Radcliffe Chambers

‘The 2007-2008 financial crisis and the devastating reminder that banks were not immune from failure, brought about a raft of regulatory changes designed to protect customers and the wider economy. These included, if all else failed, bespoke administration procedures for banks, building societies and investment banks contained within the Banking Act 2009 (“BA 2009”).’

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Radcliffe Chambers, 22nd July 2021

Source: radcliffechambers.com

‘Breathing space’ on contractual disputes – Law Society’s Gazette

‘At the start of the first lockdown in March 2020, both the government and the courts made efforts to provide ‘breathing space’ for companies and stem the tide of legal action flowing out of Covid-19’s disruption to business.’

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Law Society's Gazette, 26th July 2021

Source: www.lawgazette.co.uk

Preserving causes of action in an insolvency context: reasonable diligence and the Limitation Act – Gatehouse Chambers

‘What is reasonable diligence when a company has entered an insolvency process and has abandoned its trading functions?’

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Gatehouse Chambers, 22nd July 2021

Source: gatehouselaw.co.uk

Court sanctions Part 26A restructuring plan – Mills & Reeve

‘The court considered whether it could make an order sanctioning a Part 26A restructuring plan (“Plan”) where the company was incorporated in England to rely on the English court’s jurisdiction to sanction a Plan.’

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Mills & Reeve, 8th June 2021

Source: www.mills-reeve.com

Ex-reality TV stars’ ‘misleading’ debt ads banned – BBC News

Posted June 3rd, 2021 in advertising, complaints, consumer protection, debts, insolvency, internet, news by sally

‘Instagram posts by three reality TV stars promising that people in financial trouble could wipe out 85% of their debt have been banned.’

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BBC News, 2nd June 2021

Source: www.bbc.co.uk

The Cram Slam – Part 26A Restructuring Plans and Commercial Leases – Local Government Lawyer

Posted May 28th, 2021 in company law, debts, insolvency, landlord & tenant, news by tracey

‘David Nelson looks at the impact on landlords of a controversial High Court decision to allow a restructuring plan for a chain of health clubs.’

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Local Government Lawyer, 28th May 2021

Source: www.localgovernmentlawyer.co.uk

High Court dismisses allegations over administrators’ conduct – OUT-LAW.com

Posted April 16th, 2021 in administrators, chambers articles, insolvency, liquidators, news by tracey

‘The High Court of England and Wales has dismissed a claim brought by the liquidators of One Blackfriars Limited against its former joint administrators over the sale of the company’s main asset, a development site in Blackfriars, London.’

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OUT-LAW.com, 15th April 2021

Source: www.pinsentmasons.com