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

Part 26A scheme not within scope of Lugano Convention – Mills & Reeve

Posted April 13th, 2021 in brexit, company law, insolvency, news, treaties by sally

‘The insolvency criteria for instigating a Part 26A scheme had the effect that Part 26A schemes fall within the insolvency carve out contained in the Lugano Convention and so are not within its scope.’

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Mills & Reeve, 8th April 2021

Source: www.mills-reeve.com

High Court: restructuring plans are ‘insolvency proceedings’ – OUT-LAW.com

Posted March 15th, 2021 in banking, brexit, company law, EC law, insolvency, jurisdiction, news by tracey

‘A recent High Court decision on the legal status of a UK statutory restructuring plan may impact on the way in which these proceedings are viewed by European courts post-Brexit.’

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OUT-LAW.com, 12th March 2021

Source: www.pinsentmasons.com

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.’

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Hardwicke Chambers, 4th March 2021

Source: hardwicke.co.uk

Effect on Brexit on Part 26A Arrangements and Reconstructions – Wilberforce Chambers

Posted February 11th, 2021 in brexit, chambers articles, EC law, insolvency, news by sally

‘It is one of the ironies of Brexit that the UK has effectively implemented many of the features of the 2019 EU Restructuring Directive[1], providing for restructuring plans with cross-class cram down and moratoria, before all of the remaining EU member states (although the Corporate Insolvency and Governance Act 2020 was avowedly not the implementation of EU law). The EU member states are required to implement the Restructuring Directive by 17 July 2021, although to date only Germany, the Netherlands and Greece have done so and many more are expected to seek an extension of the deadline to July 2022.’

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Wilberforce Chambers, February 2021

Source: www.wilberforce.co.uk

Insolvent Defendants – St John’s Chambers

Posted February 11th, 2021 in chambers articles, insolvency, insurance, news, personal injuries, third parties by sally

‘The continuing impact of the Covid-19 pandemic is slowly but surely beginning to cast a shadow over personal injury claims. As the months have rolled on, viable businesses, starved of custom, are facing the prospect of being forced to cease trading. Those same businesses are the Defendants in many ongoing and pending claims. So, what happens when a Defendant becomes insolvent?’

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St John's Chambers, February 2021

Source: stjohnsbuildings.com

Administrator appointment not void despite notice failure – OUT-LAW.com

Posted February 9th, 2021 in administrators, floating charges, insolvency, news, notification by tracey

‘A secured creditor’s appointment of an administrator was not void despite the fact it failed to notify its intention to make the appointment to another secured creditor whose security was in place first, the High Court has ruled.’

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OUT-LAW.com, 8th February 2021

Source: www.pinsentmasons.com

Legal bid launched to ban ex-Carillion directors from top boardroom roles – The Guardian

Posted January 14th, 2021 in company directors, disqualification, insolvency, news, public interest by tracey

‘The UK government has launched a legal bid to ban eight former Carillion directors from holding senior boardroom positions, almost three years on from the collapse of the outsourcing business.’

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The Guardian, 13th January 2021

Source: www.theguardian.com

Claimants in breast implant case buy cause of action to sue defendant’s lawyers – Litigation Futures

‘A leading defendant law firm and a QC have failed to strike out a professional negligence action brought after the claimants in a case they defended acquired their insolvent client’s cause of action.’

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Litigation Futures, 16th December 2020

Source: www.litigationfutures.com

CVAs, COVID-19 and Rescue Culture – 3 Hare Court

Posted November 10th, 2020 in company law, coronavirus, insolvency, news by sally

‘Businesses across the United Kingdom are facing treacherous times. The COVID-19 pandemic and its consequent restrictions have caused many businesses to suffer a pronounced drop in income, turnover and profits whilst still being liable to pay overhead costs such as rent to landlords. When businesses start to re-open, they will need to find a way to pay the overhead costs accrued during the COVID-19 pandemic, as well as ongoing costs.’

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3 Hare Court, 2nd November 2020

Source: www.3harecourt.com