Lincoln Covid loan abuser gets 10-year business ban – BBC News
‘A Lincoln student has been banned from running a company for 10 years after abusing a Covid recovery loan.’
BBC News, 8th August 2022
Source: www.bbc.co.uk
Category: insolvency
Unlocking the crypt: insolvency & cryptocurrency – New Law Journal
‘Despite the UK’s intention to be a global leader in cryptoassets, the courts are still wrestling with the basics: Rachel Coyle of 36 Commercial explains why it’s time to get to grips with the insolvency context.’
New Law Journal, 8th July 2022
Source: www.newlawjournal.co.uk
FTH v Varis Developments – adjudication and insolvency meet head on again – Practical Law: Construction Blog
‘In its decision in Bresco v Lonsdale, the Supreme Court confirmed that insolvent companies have the statutory and contractual right to adjudicate construction disputes, even if that claim is affected by insolvency set-off.’
Practical Law: Construction Blog , 29th June 2022
The obligation to pay a notified sum where the contractor is insolvent – Practical Law: Construction Blog
‘The general rule created by section 111 of the Construction Act 1996 is well known: in the absence of a pay less notice, the notified sum is to be paid without set-off or deduction. Although this is capable of causing problems for an employer in the short term, any overpayments can usually be corrected in future payment cycles (whether interim or final) or by a true value adjudication (following S&T (UK) Ltd v Grove Developments Ltd).’
Practical Law: Construction Blog, 15th June 2022
Solicitors lose appeal over £2m invoice charged through DBA – Law Society’s Gazette
‘The Court of Appeal has dismissed an attempt by solicitors to secure a £2m payment from an insolvent client for work carried out on a damages based agreement.’
Law Society's Gazette, 12th May 2022
Source: www.lawgazette.co.uk
Case Preview: Stanford International Bank Ltd (In Liquidation) v HSBC Bank Plc – UKSC Blog
‘On 19 January 2022, the Supreme Court heard the appeal in Stanford International Bank Ltd (In Liquidation) v HSBC Bank Plc. The appeal turns on whether a company in liquidation can be considered to have suffered loss where, while it is still trading, its bank pays money out of the company’s accounts to discharge debts owed by the company. It is likely that this case will further set out the limits of the Quincecare duty, following a spate of recent high-profile cases in this area.’
UKSC Blog, 26th April 2022
Source: ukscblog.com
JCT’s insolvency payment regime – how does it work? – Practical Law: Construction Blog
‘The case of Levi Solicitors LLP v Wilson and another considered the impact of contractor insolvency on debts owed to an employer under a JCT contract.
Significantly, the court helpfully clarified how the payment regime under JCT contracts operated in the context of insolvency. This blog takes a closer look at the case.’
Practical Law: Construction Blog, 6th April 2022
Farrar Out – Local Government Lawyer
‘Clare Mendelle and James Goldthorpe discuss how the insolvency of Farrar Construction leads to clarity from the Courts on dealing with an insolvent contractor under JCT.’
Local Government Lawyer, 11th March 2022
Source: www.localgovernmentlawyer.co.uk
JCT insolvency ruling: time limit on termination not condition precedent – OUT-LAW.com
‘An English High Court ruling in an insolvency case concerning a Joint Contracts Tribunal (JCT) Minor Works contract (2011) could apply to other standard form contracts in the same suite, a legal expert has said.’
OUT-LAW.com, 4th March 2022
Source: www.pinsentmasons.com
Adjudication and Insolvency; Enforcement Proceedings in the post-Bresco Landscape – Local Government Lawyer
‘Clare Mendelle and Sarah Wertheim take a look at guidance provided by the Court of Appeal regarding security arrangements for insolvent claimants in the post-Bresco landscape.’
Local Government Lawyer, 12th November 2021
Source: www.localgovernmentlawyer.co.uk
Bankruptcy Petitions – Petitioner Substitution r.10.27 and Change of Carriage r.10.29 – 33 Bedford Row
‘In England and Wales, there should only be one bankruptcy petition against a debtor at any one time. As stated in Re Maud [2020] EWHC 1469 (also known as Edgeworth Capital (Luxembourg) Sarl v Maud)(‘Re Maud’), by Snowden J, at paragraph 98:
“Consistent with the principle that a bankruptcy petition is a class remedy, the legislation, rules and court practice are generally based upon the notion that there should only be one petition against a debtor at any one time.”‘
33 Bedford Row, 14th October 2021
Source: www.33bedfordrow.co.uk
FCA wins appeal over action on Carillion collapse – Law Society’s Gazette
‘The Financial Conduct Authority does not need the permission of the insolvency court to take regulatory action against a company in liquidation, the High Court has ruled in a case concerning the “spectacular collapse” of construction giant Carillion.’
Law Society's Gazette, 29th October 2021
Source: www.lawgazette.co.uk
Research Briefing: Bankruptcy – House of Commons Library
‘This Commons briefing paper provides a outline of bankruptcy procedures in England and Wales.’
House of Commons Library , 27th October 2021
Source: commonslibrary.parliament.uk
Going for broke: Court of Appeal decides on insolvent party enforcement of adjudication awards – Practical Law: Construction Blog
‘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.’
Practical Law: Construction Blog, 7th October 2021
Giving evidence “not a game”, judge tells expert witness – Legal Futures
‘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”.’
Legal Futures, 28th September 2021
Source: www.legalfutures.co.uk
Patisserie Valerie auditors fined £2.3m over ‘serious lack of competence’ – The Guardian
‘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.’
The Guardian, 27th September 2021
Source: www.theguardian.com
Winding Up Petitions – Balancing Supporting and Opposing Creditors – 33 Bedford Row
‘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).’
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”).’
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.’
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?’
Gatehouse Chambers, 22nd July 2021
Source: gatehouselaw.co.uk
