Treat Insolvency Rules as ‘a complete code’ for payment of statutory interest, rules Court of Appeal – OUT-LAW.com

‘The Court of Appeal has determined the extent of creditors’ entitlements to statutory interest on their debts and the correct approach for calculating their entitlement. It has ruled on the entitlement of representative creditors of Lehman Brothers International (Europe) (LBIE) to the surplus funds and on the calculation of the statutory interest due to them.’

Full Story

OUT-LAW.com, 10th November 2017

Source: www.out-law.com

The Jackson effect: One costs firm set to close as another leaves debt behind in administrator sale – Litigation Futures

Posted October 30th, 2017 in costs, debts, insolvency, law firms, legal services, news by sally

‘The harsh impact of the Jackson reforms on the costs world is on display today as we reveal that one costs business is closing down, while it has emerged that another has been reborn after the directors bought the assets, files and outstanding WIP from its joint administrators.’

Full Story

Litigation Futures, 30th October 2017

Source: www.litigationfutures.com

Appeal judges reject law firm’s claim for fees under insolvency CFA – Litigation Futures

Posted August 9th, 2017 in appeals, costs, estoppel, insolvency, news, solicitors by sally

‘The Court of Appeal has rejected a law firm’s claim to its legal fees in a battle with a liquidator over a conditional fee agreement (CFA).’

Full Story

Litigation Futures, 8th August 2017

Source: www.litigationfutures.com

Dozens of leading charities face insolvency after Government demands back pay for night-time carers – The Independent

‘Dozens of leading charities could face insolvency within weeks after the Government ruled they must pay millions of pounds in back payments to overnight carers.’

Full Story

The Independent, 19th July 2017

Source: www.independent.co.uk

The Insolvency Rules 2016: an assault on red tape? – Hardwicke Chambers

‘The long-awaited overhaul of the Insolvency Rules 1986 (IR 1986) is now complete, and the Insolvency Rules 2016 (IR 2016) came into force on 6 April 2017. The journey to this point has not been without its difficulties and it would be fair to say that many had anticipated them being in force some time earlier. Perhaps unusually for provisions so overtly procedural in their nature, IR 2016 have also proved to be somewhat controversial.

Full Story

Hardwicke Chambers, 14th June 2017

Source: www.hardwicke.co.uk

In re Nortel Networks UK Ltd and related companies (No 2) – WLR Daily

Posted June 21st, 2017 in administrators, courts, expenses, insolvency, jurisdiction, law reports by sally

In re Nortel Networks UK Ltd and related companies (No 2) [2017] EWHC 1429 (Ch)

‘The applicants, the administrators of companies in the same group, were aware of a number of potential claims, which might if established, qualify as administration expenses (“expense claims”), and thereby rank for payment in priority to the claims of unsecured creditors. Neither the Insolvency Act 1986, nor the Insolvency Rules 1986, nor the Insolvency Rules 2016 provided any express mechanism under which an administrator could require expense claims to be asserted by a specific date, or enable him to refuse to deal with claims asserted after that date in the context of a distribution to unsecured creditors. In the absence of any applicable statutory scheme, the administrators applied to the High Court for directions under paragraph 63 of Schedule B1 to the 1986 Act to implement a scheme informing potential claimants that any expense claims which had not yet been made had to be notified to the administrators on a prescribed form on or before a specified date.’

WLR Daily, 16th June 2017

Source: www.iclr.co.uk

Construction v Insolvency: Adjudicators’ decisions will be enforced, despite a statutory moratorium – Hardwicke Chambers

Posted May 16th, 2017 in arbitration, construction industry, enforcement, insolvency, news by sally

‘The Housing Grants, Construction and Regeneration Act 1996 (as amended)(“the Construction Act”) implies terms concerning payment and the right to adjudicate in construction contracts. Despite this Act being primarily concerned with construction contract issues, insolvency practitioners are becoming increasingly familiar with its provisions because of the rights to payment the Act creates. These rights are increasingly being used as a basis to commence insolvency proceedings.’

Full story

Hardwicke Chambers, 24th April 2017

Source: www.hardwicke.co.uk

Challenges Arising from Brexit – Henderson Chambers

‘In the light of Brexit, uncertain times lie ahead! How can small businesses cope with the challenges which the withdrawal of the United Kingdom from the European Union will necessarily entail and with the uncertainty that will persist so long as no concluded agreement(s) has/have been struck between the British Government and its EU counterparts.’

Full story

Henderson Chambers, 5th April 2017

Source: www.hendersonchambers.co.uk

Speech by The Chancellor of the High Court: A Look at the Future for Insolvency and Business Litigation in London – Courts and Tribunals Judiciary

Posted November 15th, 2016 in courts, insolvency, judges, judiciary, speeches by tracey

‘I am keen to speak tonight about the important work of the Rolls Building and the real value of the international reputation of our law and our judges in the post-Brexit world.’

Full speech

Courts and Tribunals Judiciary, 10th November 2016

Source: www.judiciary.gov.uk

Summary of the Key Changes in the Insolvency Rules 2016 – Hardwicke Chambers

Posted November 9th, 2016 in insolvency, news, regulations by sally

‘The Insolvency Rules 2016 (“the 2016 Rules”) were published and laid before parliament on 25 October 2016. The rules will come in to force on 6 April 2017. The following note summarises the key features of the rules.’

Full story

Hardwicke Chambers, 27th October 2016

Source: www.hardwicke.co.uk

In re Nortel Networks UK Ltd and related companies – WLR Daily

Posted November 8th, 2016 in administrators, agreements, insolvency, law reports by sally

In re Nortel Networks UK Ltd and related companies [2016] EWHC 2769 (Ch)

‘The administrators of nineteen Europe, Middle East and Africa companies in the N group and the conflict administrator of one of those companies applied for directions enabling a global settlement to be made of the vast majority of disputes that had arisen in relation to the affairs of the group and the distribution of the proceeds of sale of its assets.’

WLR Daily, 31st November 2016

Source: www.iclr.co.uk

Number of insolvencies jumps by a fifth in England and Wales – The Guardian

Posted October 31st, 2016 in insolvency, news, statistics by sally

‘The number of people becoming insolvent across England and Wales leapt by a fifth in the third quarter of 2016, with experts warning that the numbers could continue to increase as the cost of living rises following the UK’s Brexit vote.’

Full story

The Guardian, 28th October 2016

Source: www.guardian.co.uk

‘Modernised’ English insolvency rules will come into force in April – OUT-LAW.com

Posted October 31st, 2016 in insolvency, news, regulations by sally

‘”Modernised and consolidated” insolvency rules, which will come into force in England and Wales on 7 April 2017, have just been published.’

Full story

OUT-LAW.com, 28th October 2016

Source: www.out-law.com

Serious Fraud Office steps up BHS investigation – The Guardian

Posted September 29th, 2016 in fraud, insolvency, news, pensions, Serious Fraud Office by tracey

‘The Serious Fraud Office has stepped up its inquiries into the collapse of BHS and the conduct of the department store chain’s former owner Dominic Chappell.’

Full story

The Guardian, 28th September 2016

Source: www.guardian.co.uk

Law firm investigating VW emissions scandal hired to examine BHS – The Guardian

Posted August 12th, 2016 in administrators, bankruptcy, insolvency, law firms, news, pensions by sally

‘The US law firm investigating the diesel emissions scandal at Volkswagen is to examine the conduct of BHS directors in the run-up to the retailer’s collapse.’

Full story

The Guardian, 11th August 2016

Source: www.guardian.co.uk

Supreme Court: money owed by insolvent agent to its principal not held on constructive trust – OUT-LAW.com

‘Money which an agent personally owed to its principal at the point the former became insolvent is not held on “constructive trust” for the principal, instead forming part of the assets of the insolvent business to be divided up between all creditors in a proportionate way, the UK’s highest court has ruled.’

Full story

OUT-LAW.com, 29th July 2016

Source: www.out-law.com

Third party rights of direct action against insurers due to come into force – OUT-LAW.com

Posted July 29th, 2016 in insolvency, insurance, news, third parties by tracey

‘New rights for third parties to bring direct actions against insurers in the event that an insured party against which they have a claim becomes insolvent will come into force on 1 August 2016.’

Full story

OUT-LAW.com, 28th July 2016

Source: www.out-law.com

Finance & Divorce Update, July 2016 – Family Law week

‘Edward Heaton, Principal Associate and Jane Booth, Associate, both of Mills & Reeve LLP, analyse the news and case law relating to financial remedies and divorce during June 2016.’

Full story

Family Law Week, 15th July 2016

Source: www.familylawweek.co.uk

Consumer Prepayments on Retailer Insolvency – Law Commission

‘This project is complete. We laid our report before Parliament on 13 July 2016 and await the Government’s response.
This project, which was commissioned by the Department for Business, Innovation and Skills (BIS), considered whether greater protection is needed for consumers who lose deposits or gift vouchers when retailers or other service providers become insolvent.’

Full press release

Law Commission, 14th July 2016

Source: http://www.justice.gov.uk/lawcommission

Liability of the MIB for Insolvent Insurers – Park Square Barristers

Posted July 12th, 2016 in appeals, insolvency, insurance, Motor Insurers’ Bureau, news by sally

‘Caroline Wood considers the recent Court of Appeal decision concerning the liability of the MIB where an insurer has become insolvent.’

Full story

Park Square Barristers, 3rd June 2016

Source: www.parksquarebarristers.co.uk