“The appointment of an investment bank administrator under the Investment Bank Special Administration Regulations 2011 was not analogous to the appointment of a liquidator.”
WLR Daily, 1st November 2012
Source: www.iclr.co.uk
“Insolvency cases should not be treated differently to other cases when it comes to deciding what foreign judgments can be enforced in the UK, the Supreme Court has said.”
OUT-LAW.com, 26th October 2012
Source: www.out-law.com
“The court had jurisdiction under paragraph 43(6) of Schedule B1 to the Insolvency Act 1986 to give permission retrospectively to institute legal proceedings against a company in administration.”
WLR daily, 24th October 2012
Source: www.iclr.co.uk
“Leading care home chains and providers of care for people in their own homes are to face new controls following the collapse of Southern Cross, the biggest company in the sector.”
The Guardian, 25th October 2012
Source: www.guardian.co.uk
In re Euromaster Ltd: [2012] EWHC 2356 (Ch); [2012] WLR (D) 258
“If the appointment of an administrator was made in breach of the restriction in paragraph 28(2) of Schedule B1 to the Insolvency Act 1986, the appointment was irregular, but valid. In the case of an irregular (as opposed to a void) appointment of administrators the position was governed by rule 7.55 of the Insolvency Rules 1986.”
WLR Daily, 10th August 2012
Source: www.iclr.co.uk
Cartwright and another v Registrar of Companies: [2012] EWCA Civ 1159; [2012] WLR (D) 255
“The date on which the administration of a company was converted into a creditors’ voluntary liquidation was the date on which the registrar of companies registered the conversion notice on the company’s file at Companies House, not the date the registrar received the notice sent by the administrators, on the true construction of paragraph 83 of Schedule B1 to the Insolvency Act 1986 as inserted. The administrators’ term of office was in general automatically extended if a conversion notice under paragraph 83 was duly filed.”
WLR Daily, 24th August 2012
Source: www.iclr.co.uk
“A recent High Court decision which appears to confirm that the failure to serve notice of intention to appoint an administrator on the relevant company does not invalidate the appointment leaves unanswered questions, a restructuring law expert has said.”
OUT-LAW.com, 6th August 2012
Source: www.out-law.com
“Section 213 of the Insolvency Act 1986 had extraterritorial effect. Sir Andrew Morritt C so held in the Chancery Division when dismissing the application by the sixth defendant Jetivia SA (‘Jetivia’), a company incorporated in Switzerland, and the seventh defendant, its sole director Urs Brunschweiler (‘B’), seeking orders that the claim by the second and third claimants, Kevin John Hellard and David Anthony Ingram, the liquidators of the first claimant, Bilta (UK) Ltd (‘Bilta’), alleging that the defendants had conspired to injure and defraud Bilta and were knowingly parties to the carrying on of the business of Bilta with intent to defraud the creditors of Bilta and other fraudulent purposes, should be summarily dismissed. Save for the ninth defendant, only Jetivia and B were now participating in the proceedings.”
WLR Daily, 30th July 2012
Source: www.iclr.co.uk
“For many insolvency practitioners (in the wider sense), the European Convention on Human Rights (‘ECHR’) and the Human Rights Act 1998 (‘HRA’) are pieces of legislation having little impact upon day to day insolvency practice.”
Hardwicke Chambers, 27th July 2012
Source: www.hardwicke.co.uk
“The issue of not getting your salary paid has been in the news as a result of the problems at NatWest, but while those employees will eventually get their cash, some employees never do. So what are your legal rights if an employer does not pay you for work you have done?”
The Guardian, 28th June 2012
Source: www.guardian.co.uk
“The ‘football creditor rule’ under which football creditors, such as the club’s players and managers, were paid in full in priority to other creditors did not offend either the pari passu principle or the anti-deprivation rule.”
WLR Daily, 25th May 2012
Source: www.iclr.co.uk
“The controversial rule allowing the Football League and Premier League to insist that football players, managers and other clubs get paid before other creditors if a football club enters administration will ‘likely become an irrelevance’ as penalties against insolvent teams become more sophisticated, according to an expert.”
OUT-LAW.com, 28th May 2012
Source: www.out-law.com
“Arrears of rent due during the provisional liquidation period were to be treated as an expense of the liquidation and payable in priority to most other liquidation expenses.”
WLR Daily, 16th May 2012
Source: www.iclr.co.uk
Bootes and others v Ceart Risk Services Ltd [2012] EWHC 1178 (Ch); [2012] WLR (D) 136
“A failure to comply with section 362A of the Financial Services and Markets Act 2000 in the appointment of administrators did not necessarily invalidate that appointment irreparably.”
WLR Daily, 25th April 2012
Source: www.iclr.co.uk
“More football clubs in England may go into administration in the next few years if football authorities elect to fine clubs for spending beyond their means, a sports law expert has said.”
OUT-LAW.com, 27th April 2012
Source: www.out-law.com
F-Tex SIA v Lietuvos-Anglijos UAB „Jadecloud-Vilma“; (Case C-213/10); [2012] WLR (D) 123
“Where a liquidator assigned a claim to have a transaction set aside derived from the national law applicable to the insolvency proceedings, the claim subsequently made by the assignee against a third party to have the transaction set aside came within the concept of ‘civil and commercial matters’ within the meaning of article 1(1) of Council Regulation (EC) No 44/2001 of 22 December 2000 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (OJ 2001 L12, p1) and was no longer covered by the exception in article 2(b) for insolvency proceedings.”
WLR Daily, 19th April 2012
Source: www.iclr.co.uk
“On 23 February 2012, with surprisingly little fanfare, the Chancellor of the High Court issued a new Insolvency Practice Direction (PD 2012). PD 2012 came into force with immediate effect. It not only replaces the existing practice direction (PD 1999) but also ‘all previous Practice Directions, Practice Statements and Practice Notes’ relating to insolvency proceedings.”
Hardwicke Chambers, 29th March 2012
Source: www.hardwicke.co.uk
BESTrustees plc v Kaupthing Singer & Friedlander Ltd [2012] EWHC 629 (Ch); [2012] WLR (D) 84
“Where an insolvency event had occurred in relation to an employer, thereby triggering a calculation of the deficiencies in the assets of a pension fund under section 75 of the Pensions Act 1995, the time at which both the value of the pension scheme assets and the cost of the notional acquisition of annuities in the market to match its liabilities should be assessed was the ‘applicable time’ within the meaning of regulation 5 of the Occupational Pension Schemes (Employer Debt) Regulations 2005, which, in the form which the regulation 5 had taken as at 8 October 2008, was the date of the insolvency event.”
WLR Daily, 16th March 2012
Source: www.iclr.co.uk
“The ‘client money pool’ to be distributed among former clients of Lehman Brothers’ London affiliate was not limited to money which had been placed in segregated client accounts, as required by the Financial Services Authority, but extended to identifiable client money which the company had failed to segregate and had retained in its own house accounts. The pool was to be distributed rateably among all clients who had a contractual entitlement to have money segregated and not just those in whose favour segregation had actually occurred.”
WLR Daily, 29th February 2012
Source: www.iclr.co.uk
Cartwright and another v Registrar of Companies: [2012] EWHC 359 (Ch); [2012] WLR (D) 48
“Where a company’s administrators sent notice to the registrar of companies to place the company into voluntary liquidation, and the notice was sent and received by the registrar before the termination of the administration, but the administrative steps to bring about that registration occurred after the end of administration, paragraph 83(4) of Schedule 1B to the Insolvency Act 1986 should be interpreted as requiring registration with effect from the day of receipt. The phrases in paragraph 83(6) ‘on the registration of a notice’ and ‘on the day on which the notice is registered’ were treated as references to the effective date of registration, ie the date of receipt of the notice.”
WLR Daily, 24th February 2012
Source: www.iclr.co.uk
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