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
Category: insolvency
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
Court sanctions Part 26A restructuring plan – Mills & Reeve
‘The court considered whether it could make an order sanctioning a Part 26A restructuring plan (“Plan”) where the company was incorporated in England to rely on the English court’s jurisdiction to sanction a Plan.’
Mills & Reeve, 8th June 2021
Source: www.mills-reeve.com
Ex-reality TV stars’ ‘misleading’ debt ads banned – BBC News
‘Instagram posts by three reality TV stars promising that people in financial trouble could wipe out 85% of their debt have been banned.’
BBC News, 2nd June 2021
Source: www.bbc.co.uk
The Cram Slam – Part 26A Restructuring Plans and Commercial Leases – Local Government Lawyer
‘David Nelson looks at the impact on landlords of a controversial High Court decision to allow a restructuring plan for a chain of health clubs.’
Local Government Lawyer, 28th May 2021
Source: www.localgovernmentlawyer.co.uk
High Court dismisses allegations over administrators’ conduct – OUT-LAW.com
‘The High Court of England and Wales has dismissed a claim brought by the liquidators of One Blackfriars Limited against its former joint administrators over the sale of the company’s main asset, a development site in Blackfriars, London.’
OUT-LAW.com, 15th April 2021
Source: www.pinsentmasons.com
Part 26A scheme not within scope of Lugano Convention – Mills & Reeve
‘The insolvency criteria for instigating a Part 26A scheme had the effect that Part 26A schemes fall within the insolvency carve out contained in the Lugano Convention and so are not within its scope.’
Mills & Reeve, 8th April 2021
Source: www.mills-reeve.com
High Court: restructuring plans are ‘insolvency proceedings’ – OUT-LAW.com
‘A recent High Court decision on the legal status of a UK statutory restructuring plan may impact on the way in which these proceedings are viewed by European courts post-Brexit.’
OUT-LAW.com, 12th March 2021
Source: www.pinsentmasons.com
Insolvency Team – Recent Insolvency Case Update – Hardwicke Chambers
‘These case summaries first appeared in LexisNexis’ Insolvency Case Alerter. They represent some of the more interesting insolvency decisions to have been published recently.’
Hardwicke Chambers, 4th March 2021
Source: hardwicke.co.uk
Effect on Brexit on Part 26A Arrangements and Reconstructions – Wilberforce Chambers
‘It is one of the ironies of Brexit that the UK has effectively implemented many of the features of the 2019 EU Restructuring Directive[1], providing for restructuring plans with cross-class cram down and moratoria, before all of the remaining EU member states (although the Corporate Insolvency and Governance Act 2020 was avowedly not the implementation of EU law). The EU member states are required to implement the Restructuring Directive by 17 July 2021, although to date only Germany, the Netherlands and Greece have done so and many more are expected to seek an extension of the deadline to July 2022.’
Wilberforce Chambers, February 2021
Source: www.wilberforce.co.uk
Insolvent Defendants – St John’s Chambers
‘The continuing impact of the Covid-19 pandemic is slowly but surely beginning to cast a shadow over personal injury claims. As the months have rolled on, viable businesses, starved of custom, are facing the prospect of being forced to cease trading. Those same businesses are the Defendants in many ongoing and pending claims. So, what happens when a Defendant becomes insolvent?’
St John's Chambers, February 2021
Source: stjohnsbuildings.com
Administrator appointment not void despite notice failure – OUT-LAW.com
‘A secured creditor’s appointment of an administrator was not void despite the fact it failed to notify its intention to make the appointment to another secured creditor whose security was in place first, the High Court has ruled.’
OUT-LAW.com, 8th February 2021
Source: www.pinsentmasons.com
Legal bid launched to ban ex-Carillion directors from top boardroom roles – The Guardian
‘The UK government has launched a legal bid to ban eight former Carillion directors from holding senior boardroom positions, almost three years on from the collapse of the outsourcing business.’
The Guardian, 13th January 2021
Source: www.theguardian.com
