Insolvency proceedings, guarantees and contractual pre-conditions – Hardwicke Chambers

Posted August 29th, 2019 in contracts, guarantees, insolvency, news, statutory demands by sally

‘If you are considering commencing insolvency proceedings against another party, do ensure that they actually owe you a debt before you do so. This point is so obvious that it barely needs stating. However, Martin v McLaren Construction Ltd serves as an example of how things can go badly wrong if it is not double-checked.’

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Hardwicke Chambers, August 2019

Source: hardwicke.co.uk

Further clarification on the impact of a CVA on adjudication enforcement – Practical Law: Construction Blog

Posted May 23rd, 2019 in appeals, construction industry, contracts, damages, enforcement, insolvency, news by tracey

‘In January, in the second of the two conjoined appeals of Bresco Electrical Services Ltd v Michael J Lonsdale (Electrical) Ltd, Cannon Corporate Ltd v Primus Build Ltd, the Court of Appeal upheld the first instance decision to enforce an adjudicator’s decision where the enforcing party was in a company voluntary arrangement (CVA). In contrast, last week in Indigo Projects London Ltd v Razin and another, the court refused to enforce an adjudicator’s decision where the enforcing party was in a CVA. The reasoning was that enforcement of the decision would interfere with the accounting exercise to be carried out under the CVA. The court provided useful guidance on when this argument is likely to succeed.’

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Practical Law: Construction Blog, 22nd May 2019

Source: constructionblog.practicallaw.com

Barrister’s non-contractual fees “vest in trustee in bankruptcy” – Legal Futures

Posted April 15th, 2019 in bankruptcy, barristers, fees, insolvency, news, trustees in bankruptcy by michael

‘A barrister’s non-contractual fees are property for the purposes of insolvency law and vest in his trustee in bankruptcy, the Court of Appeal has ruled.’

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Legal Futures, 15th April 2019

Source: www.legalfutures.co.uk

Law firm insolvencies hit new high amid ‘loan stacking’ warning – Legal Futures

Posted April 10th, 2019 in debts, insolvency, law firms, loans, news, statistics by sally

‘The number of insolvencies among solicitors’ firms reached a new high last year, Insolvency Service figures have shown, and a funder has warned that the practice of ‘loan stacking’ will only make things worse.’

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Legal Futures, 10th April 2019

Source: www.legalfutures.co.uk

City watchdog told to review London Capital & Finance collapse – The Guardian

‘Government orders FCA inquiry into £236m scandal surrounding investment firm.’

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The Guardian, 1st April 2019

Source: www.theguardian.com

Supreme Court: income tax must be deducted from creditor interest – OUT-LAW.com

‘Income tax must be deducted before administrators can pay out statutory interest to the creditors of an insolvent company, the UK’s highest court has confirmed.’

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OUT-LAW.com, 14th March 2019

Source: www.out-law.com

Gambling Commission defends taking no action on BetBright closure – The Guardian

Posted March 15th, 2019 in consumer protection, gambling, insolvency, news by sally

‘The Gambling Commission has defended its handling of the controversial closure of the online bookmaker BetBright, which decided to void bets with a potential payout of around £1m when it ceased operations last week, saying that customers of the firm would have received nothing back had the firm gone into liquidation.’

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The Guardian, 14th March 2019

Source: www.theguardian.com

Bresco Electrical Services Ltd (in liquidation) v Michael J Lonsdale (Electrical) Ltd [2019] EWCA Civ 27 – Hardwicke Chambers

Posted February 20th, 2019 in enforcement, injunctions, insolvency, jurisdiction, news, stay of proceedings by sally

‘This case concerned both the appeal in Bresco v Lonsdale and Cannon Corporate v Primus Build. The present case comment is only concerned with the former.’

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Hardwicke Chambers, 6th February 2019

Source: hardwicke.co.uk

Shutting Pandora’s Box – Hardwicke Chambers

Posted February 19th, 2019 in appeals, construction industry, contracts, injunctions, insolvency, jurisdiction, news by sally

‘Ever since 31 July 2018, when Fraser J handed down his judgment in Michael J Lonsdale (Electrical) Ltd v Bresco Electrical Services Ltd (in liquidation) [2018] EWHC 2043 (TCC), many of those involved in either insolvency or construction have been in a state of confusion tinged with disbelief. The potential ramifications were quite startling and the unease was only heightened by the more or less contemporary but very different decision of HHJ Waksman QC (as he then was) in Cannon Corporate Ltd v Primus Build Ltd [2018] EWHC 2143 (TCC). Both matters came before the Court of Appeal in November, since when the legal profession has been holding its collective breath. Now that the Court of Appeal has handed down its much-awaited judgment in these conjoined appeals the exhalation has been audible.’

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Hardwicke Chambers, 7th February 2019

Source: hardwicke.co.uk

The primacy of insolvency law over construction law – Hardwicke Chambers

Posted February 19th, 2019 in appeals, construction industry, contracts, insolvency, jurisdiction, news by sally

‘With the Court of Appeal’s decision in Bresco Electrical Services Ltd v Michael J Lonsdale (Electrical) Ltd just a few weeks old, it is hardly surprising that people are looking again at the relationship between insolvency law and adjudication, noting that in cases of liquidation where parties have a cross claim, construction law defers to insolvency law.’

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Hardwicke Chambers, 14th February 2019

Source: hardwicke.co.uk

Cannon Corporate Ltd v Primus Build Ltd [2019] EWCA Civ 27 – Hardwicke Chambers

Posted February 19th, 2019 in appeals, construction industry, enforcement, insolvency, jurisdiction, news by sally

‘This was a conjoined appeal alongside Bresco v Lonsdale. In this case, Cannon and Primus had already participated in an adjudication, with the decision of the adjudicator favouring Primus. Primus would later enter into a Company Voluntary Arrangement.’

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Hardwicke Chambers, 13th February 2019

Source: hardwicke.co.uk

Private probation firms in Wales and south west in administration – BBC News

Posted February 18th, 2019 in contracting out, insolvency, news, probation by sally

‘Private firms which manage thousands of offenders in Wales and south west England have gone into administration.’

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BBC News, 15th February 2019

Source: www.bbc.co.uk

Oystons ousted as high court brings in the receiver at Blackpool – The Guardian

Posted February 14th, 2019 in insolvency, news, receivers, sport by sally

‘Blackpool have been put into receivership so the club can be sold and the proceeds used to pay off some of the £22m owed by their owners, the Oyston family, to the Latvian banker Valeri Belokon, a court has ordered.’

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The Guardian, 13th February 2019

Source: www.theguardian.com

Adjudication and insolvency – guidance from the Court of Appeal – Practical Law: Construction Blog

‘Summer 2018 will be remembered as a special time by many readers of this blog: whether it was the spectacular weather, the giddy heights hit by the England football team, or Fraser J’s decision in Michael J Lonsdale (Electrical) Ltd v Bresco Electrical Services Ltd (In Liquidation), it was a summer to remember.’

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Practical Law: Construction Blog, 6th February 2019

Source: constructionblog.practicallaw.com

Liquidators can use, but not enforce, adjudication in construction contracts – OUT-LAW.com

‘Companies in liquidation can theoretically refer claims to an adjudicator under construction law but it would be a futile exercise as the decision could not be enforced in most cases, the Court of Appeal in England has ruled.’

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OUT-LAW.com, 4th February 2019

Source: www.out-law.com

Does Cannon v Primus mean an end to general jurisdictional reservations? – Practical Law: Construction Blog

‘It was only published at the end of last week, so I’m not sure if you’ve had chance to look at Coulson LJ’s judgment in Bresco Electrical Services Ltd v Michael J Lonsdale (Electrical) Ltd, Cannon Corporate Ltd v Primus Build Ltd. If not, then you should. It contains some important stuff about liquidation and CVAs, and when it is appropriate (and possible) to adjudicate if the referring party is subject to one of those processes.’

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Practical Law: Construction Blog, 30th January 2019

Source: constructionblog.practicallaw.com

Howard Grossman: Northampton Town ‘missing millions’ developer banned – BBC News

Posted February 5th, 2019 in accounts, company directors, fiduciary duty, insolvency, loans, news, sport by tracey

‘A property developer has been banned from running companies for 10 years after failing to provide accounting records to explain more than £5m missing from a football club loan.’

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BBC News, 5th February 2019

Source: www.bbc.co.uk

Court of Appeal says no to indefinite delay to insolvency case – OUT-LAW.com

Posted January 18th, 2019 in appeals, debts, delay, foreign jurisdictions, insolvency, news, Supreme Court by tracey

‘The Court of Appeal has said that English courts will not indefinitely delay a case, preventing English creditors from pursuing claims in insolvency proceedings abroad, especially when the foreign proceedings had ended. It said that an English debt can only be discharged by an English law process.’

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OUT-LAW.com, 17th January 2019

Source: www.out-law.com

The return of Crown preference – OUT-LAW.com

Posted November 14th, 2018 in budgets, insolvency, news, taxation by sally

‘A Budget measure concerning tax and insolvency effectively puts the UK’s tax authority back among preferential creditors in an insolvency. Is this a failure to learn from history?’

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OUT-LAW.com, 13th November 2018

Source: www.out-law.com

High Court: administrator appointment can be simultaneous with court notice – OUT-LAW.com

Posted November 12th, 2018 in administrators, insolvency, news, notification, time limits by tracey

‘The High Court in England has confirmed that the industry standard wording used in the notice of appointment does not invalidate the appointment of the administrators. The same practice had previously been called into question in a case involving NJM Clothing.’

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OUT-LAW.com, 12th November 2018

Source: www.out-law.com