Category: insolvency

Hunt v Conwy County Borough Council – WLR Daily

Posted June 3rd, 2013 in bankruptcy, housing, insolvency, law reports, local government, statutory interpretation by sally

Hunt v Conwy County Borough Council [2013] EWHC 1154 (Ch); [2013] WLR (D) 205

“It was open to the court to entertain an application under section 320(2)(c) to vest a dwelling in its occupants notwithstanding that the applicant occupied only part of the disclaimed property as his dwelling house and it was open to the court, on such an application, to make an order relating to only a part of the disclaimed property.”

WLR Daily, 8th May 2013

Source: www.iclr.co.uk

In re Tambrook Jersey Ltd; HSBC Bank plc v Tambrook Jersey Ltd – WLR Daily

Posted May 24th, 2013 in appeals, insolvency, Jersey, jurisdiction, law reports by tracey

In re Tambrook Jersey Ltd: HSBC Bank plc v Tambrook Jersey Ltd: [2013] EWCA 576; [2013] WLR (D) 193

“The English court could ‘assist’ a foreign insolvency court for the purposes of section 426(4) of the Insolvency Act 1986 where there were no existing insolvency proceedings in the foreign jurisdiction.”

WLR Daily, 22nd May 2013

Source: www.iclr.co.uk

Disclaimers and discretionary vesting orders – A piercing reminder – 11 Stone Buildings

Posted May 21st, 2013 in appeals, housing, insolvency, news by sally

LexisNexis asked David Nicholls to consider the court’s discretion to make a vesting order in light of the recent case Hunt and another v Conwy County Borough Council [2013] All ER (D) 101 (May) in the Chancery Division.”

Full story (PDF)

11 Stone Buildings, 15th May 2013

Source: www.11sb.com

When are the proceeds of an agent’s breach of fiduciary duty held on trust? – Sports Law Bulletin from Blackstone Chambers

Posted May 20th, 2013 in appeals, constructive trusts, fiduciary duty, insolvency, news, trustees in bankruptcy by sally

“In FHR European Ventures LLP & ors v Mankarious & ors [2013] EWCA Civ 17 the Court of Appeal returned to the question when an agent holds proceeds of a breach of fiduciary duty as constructive trustee for his principal. The decision is required reading for sports lawyers asked to advise on breach of fiduciary duty cases. That is so not least because FHR addresses the decision in Sinclair Investments (UK) Ltd v Versailles Trade Finance Ltd [2011] EWCA Civ 347 in which the Court considered that it was bound by Lister & Co v Stubbs 45 Ch D 1 (CA) to reject the broad approach to the imposition of constructive trusts in this field which was described in Attorney General for Hong Kong v Reid [1994] 1 AC 324 (PC).”

Full story

Sports Law Bulletin from Blackstone Chambers, 20th May 2013

Source: www.sportslawbulletin.org

Solvent or insolvent: the Supreme Court lays down the test for s123 of IA 1986 – 11 Stone Buildings

Posted May 15th, 2013 in company law, insolvency, news, statutory interpretation, strict liability by sally

“In a unanimous judgment handed down on 9th May 2013, the Supreme Court confirmed that the ‘balance
sheet’ test insolvency in section 123 of the Insolvency Act 1986 is not a mechanical exercise of comparing the value of a company’s assets against the value of its liabilities; but a more sophisticated test requiring a judgment as to whether the present assets of a company will reasonably enable the company’s present and future liabilities to be met. In so doing, their Lordships rejected the ‘point of no return’ test formulated by Lord Neuberger MR in the Court of Appeal. Christopher Boardman reviews BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL Plc.”

Full story (PDF)

11 Stone Buildings, 13th May 2013

Source: www.11sb.com

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

HSBC Bank plc v Tambrook Jersey Ltd – WLR Daily

Posted April 24th, 2013 in administrators, banking, courts, foreign jurisdictions, insolvency, Jersey, law reports by sally

HSBC Bank plc v Tambrook Jersey Ltd [2013] EWHC 866 (Ch); [2013] WLR (D) 146

“The English court could not “assist” a foreign insolvency court for the purposes of section 426(4) of the Insolvency Act 1986 where there were no existing insolvency proceedings in the foreign jurisdiction or any intention to commence such proceedings.”

WLR Daily, 12th April 2013

Source: www.iclr.co.uk

Hunt v Hosking and ors – WLR Daily

Posted March 5th, 2013 in insolvency, law reports, valuation by sally

Hunt v Hosking and ors [2013] EWHC 311 (Ch); [2013] WLR (D) 89

“When bringing an application under section 238 of the Insolvency Act 1986 there needed to be a transaction to which the company was a party and that involved mutuality. It did not extend to unilateral actions taken by somebody who had acted without authority.”

WLR Daily, 22nd February 2013

Source: www.iclr.co.uk

Joint Administrators of Heritable Bank plc v Winding Up Board of Landsbanki Islands Hf – WLR Daily

Posted March 4th, 2013 in administrators, appeals, EC law, insolvency, jurisdiction, law reports, Supreme Court, winding up by sally

Joint Administrators of Heritable Bank plc v Winding Up Board of Landsbanki Islands Hf [2013] UKSC 13; [2013] WLR (D) 85

“The decision of a court in another member state of the European Economic Area in relation to the insolvency of a credit institution in that state had effect in the United Kingdom in relation to any of that institution’s branches in the United Kingdom as if it were part of the general insolvency law of the United Kingdom. However the decision of that court did not have any effect on proceedings in an United Kingdom court dealing with the insolvency of an United Kingdom credit institution so that all the defences available under United Kingdom insolvency law could be invoked.”

WLR Daily, 27th February 2013

Source: www.iclr.co.uk

Joint Administrators of Heritable Bank plc (Respondent) v The Winding-Up Board of Landsbanki Islands HF (Appellant) (Scotland) – Supreme Court

Posted February 28th, 2013 in appeals, banking, cross-claims, insolvency, law reports, Scotland, Supreme Court by sally

Joint Administrators of Heritable Bank plc (Respondent) v The Winding-Up Board of Landsbanki Islands HF (Appellant) (Scotland) [2013] UKSC 13 | UKSC 2011/0234 (YouTube)

Supreme Court, 27th February 2013

Source: www.youtube.com/user/UKSupremeCourt

Davis and another v Price and another – WLR Daily

Posted February 26th, 2013 in appeals, bankruptcy, costs, individual voluntary arrangements, insolvency, law reports by sally

Davis and another v Price and another [2013] EWHC 323 (Ch); [2013] WLR (D) 78

“Statutory demands served in respect of the liability for a debt created by an order for costs were subject to the terms of individual voluntary arrangements (‘IVAs’) proposed by the debtors and approved by creditors and therefore they should be set aside.”

WLR Daily, 21st February 2013

Source: www.iclr.co.uk

Insolvency of software sub-licensor did not end firm’s rights of use under that licence, rules High Court – OUT-LAW.com

Posted February 18th, 2013 in company law, copyright, insolvency, intellectual property, licensing, news by sally

“Businesses can retain the right to use copyrighted software under sub-licences awarded by head-licensees in circumstances where those head-licensees are subject of a termination or become insolvent, the High Court has said.”

Full story

OUT-LAW.com, 15th February 2013

Source: www.out-law.com

In re Coniston Hotel (Kent) LLP (in liquidation) Bernsten and another v Tait and another – WLR Daily

Posted February 11th, 2013 in administrators, compensation, insolvency, law reports, news, pleadings by sally

In re Coniston Hotel (Kent) LLP (in liquidation) Bernsten and another v Tait and another [2013] EWHC 93 (Ch); [2013] WLR (D) 46

“Points of claim in insolvency proceedings should concisely set out every fact necessary to establish the legal basis for the relief sought but with a degree of particularity to enable those responding to understand the nature of the case.”

WLR Daily, 1st February 2013

Source: www.iclr.co.uk

A new European approach to business failure and insolvency – Hardwicke Chambers

Posted February 8th, 2013 in EC law, enforcement, insolvency, jurisdiction, news, regulations by sally

“In December 2012, alongside the new European Regulation on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters1, the European Commission released its proposal for a new Insolvency Regulation which is put forward to amend the current European Regulation on insolvency proceedings2 adopted on 29 May 2000.”

Full story

Hardwicke Chambers, 1st February 2013

Source: www.hardwicke.co.uk

Enforcement of foreign insolvency judgments in England and Wales ~ Rubin, New Cap and beyond – 11 Stone Buildings

Posted February 7th, 2013 in enforcement, insolvency, judgments, jurisdiction, news, Supreme Court by sally

“After the euphoria engendered by the Court of Appeal judgments in Rubin v Eurofinance SA and New Cap Reinsurance v Grant, the longawaited judgment of the Supreme Court which was handed down on 23 October 2012, has left the insolvency profession scratching its collective head. Lexa Hilliard QC takes a closer look at the judgment and explains why its reasoning is not entirely convincing.”

Full story (PDF)

11 Stone Buildings, January 2013

Source: www.11sb.com

COMI, bankruptcy tourism and forum shopping – 11 Stone Buildings

Posted February 7th, 2013 in bankruptcy, choice of forum, insolvency, jurisdiction, news by sally

“The UK Bankruptcy Courts have become the destination of choice for foreign debtors leading to ‘bankruptcy tourism’ and forum shopping. Why is this the case and is it ever safe to travel? Marcia Shekerdemian sets the scene, examines this phenomenon and puts a few cases under the insolvency microscope.”

Full story (PDF)

11 Stone Buildings, February 2013

Source: www.11sb.com

In re MF Global UK Ltd (in special administration) Heis and others v Attestor Value Master Fund LP and another – WLR Daily

Posted January 31st, 2013 in administration orders, financial regulation, insolvency, law reports by sally

In re MF Global UK Ltd (in special administration); Heis and others v Attestor Value Master Fund LP and another [2013] EWHC 92 (Ch); [2013] WLR (D) 30

“The hindsight principle was not applicable to the determination of claims to client money for the purposes of a distribution under Chapter 7A of the Client Assets Sourcebook (‘CASS 7A’) issued by the Financial Services Authority in accordance with its powers under Part X of the Financial Services and Markets Act 2000.”

WLR Daily, 29th January 2013

Source: www.iclr.co.uk

Gift vouchers ~ Can consumer protection be tightened? – 11 Stone Buildings

Posted January 28th, 2013 in consumer protection, insolvency, news by sally

“The selling of gift vouchers by distressed retailers such as Comet, Jessops and HMV, in the run up to going into administration has been the subject of much adverse comment in the media in recent weeks. Consumers always seem to be pulling the short straw. Why is this and can anything be done to protect their position better?”

Full story

11 Stone Buildings, January 2013

Source: www.11sb.com

Bank Handlowy w Warszawie SA and another v Christianapol sp z oo – WLR Daily

Posted November 26th, 2012 in EC law, insolvency, jurisdiction, law reports, winding up by sally

Bank Handlowy w Warszawie SA and another v Christianapol sp z oo (Case C-116/11); [2012] WLR (D) 340

“On the proper interpretation of Council Regulation (EC) No 1346/2000, it was for the national law of the member state in which insolvency proceedings had been opened to determine at which moment the closure of those proceedings occurred. Where proceedings had a protective purpose, it was permissible to open secondary insolvency proceedings in the member state in which the debtor had an establishment. The court before which an application to have secondary insolvency proceedings opened had been made, could not examine the insolvency of a debtor against which main proceedings had been opened in another member state, even where the latter proceedings had a protective purpose.”

WLR Daily, 22nd November 2012

Source: www.iclr.co.uk

McRoberts v McRoberts – WLR Daily

Posted November 7th, 2012 in bankruptcy, divorce, family courts, insolvency, law reports by sally

McRoberts v McRoberts [2012] EWHC 2966 (Ch); [2012] WLR (D) 305

“If review or modification of an obligation imposed in matrimonial proceedings was not within the jurisdiction of the matrimonial courts under the Matrimonial Causes Acts, then s 281(5) of the Insolvency Act 1986 should not be deployed to supply some additional basis of review. When exercising its discretion under s 281(5) to release a bankrupt from bankruptcy debt, the question the court had to ask was whether, accepting that the obligation’s imposition was justified, there was any real prospect of it being satisfied now or in the future and whether its release was necessary to enable or at least substantially assist the discharged bankrupt to re-establish himself.”

WLR Daily, 1st November 2012

Source: www.iclr.co.uk