Court overturns CVA supervisors’ decisions to reject creditors’ proofs of debt – OUT-LAW.com

Posted November 14th, 2019 in contracts, debts, insolvency, news by tracey

‘The High Court in England has overturned decisions made by supervisors of a company voluntary arrangement (CVA) to reject creditors’ proof of debt for dividend purposes.’

Full Story

OUT-LAW.com, 11th November 2019

Source: www.pinsentmasons.com

CVAs after the Debenhams decision – Falcon Chambers

Posted November 7th, 2019 in company law, debts, insolvency, landlord & tenant, news by sally

‘In May 2019, the requisite majority of the creditors of Debenhams Retail Ltd voted in favour of a company voluntary arrangement (“CVA”) proposed pursuant to s.1 of the Insolvency Act 1986. As has become common, the scheme of arrangement proposed by the CVA only affected the rights of landlords and rating authorities. All other creditors were to be paid in full.’

Full Story

Falcon Chambers, 31st October 2019

Source: www.falcon-chambers.com

Court rejects debtor’s challenge to the validity of assignment of debt (Nicoll v Promontoria (Ram 2) Ltd) – Littleton Chambers

Posted November 1st, 2019 in assignment, debts, insolvency, loans, news by sally

‘Restructuring & Insolvency analysis: James Bickford Smith, barrister at Littleton Chambers, examines the High Court’s decision in Nicoll v Promontoria (Ram 2) Ltd that the appellant debtor’s challenge to the validity of an assignment of his debt to the respondent should not have been entertained by the judge below because although the appellant had sought to put the effectiveness of the assignment in issue in his first witness statement, the point that he took was entirely different from that which he took before the judge.’

Full Story

Littleton Chambers, 3rd October 2019

Source: www.littletonchambers.com

Insolvency Update – Using winding up procedure to collect a debt: Sell Your Car With Us Ltd v Anil Sareen [2019] EWHC 2332 – Hardwicke Chambers

Posted October 31st, 2019 in debts, insolvency, news, winding up by sally

‘The recent case of Sell Your Car With Us Ltd v Anil Sareen will be of interest to practitioners in Corporate Insolvency as it provides a useful reminder that there is no strict rule that the winding up procedure is inapt for mere debt collection.’

Full Story

Hardwicke Chambers, 7th October 2019

Source: hardwicke.co.uk

Negotiating Retail CVAs – where are we now? Amanda Eilledge considers the recent decision in Discovery (Northampton) Limited v Debenhams [2019] EWHC 2441 (Ch) – Hardwicke Chambers

Posted October 31st, 2019 in insolvency, leases, news, rent by sally

‘2018 was seen by many as the ‘year of the CVA’ and the year of the so -called ‘Retail CVA’ in particular. Such CVAs have been used in an attempt by companies operating in the retail and casual dining sector with burdensome leases to reduce the cost of their premises whilst continuing to trade.’

Full Story

Hardwicke Chambers, 14th October 2019

Source: hardwicke.co.uk

A Summary Of Recent Corporate Insolvency Cases – Hardwicke Chambers

‘Phillip Patterson provides a summary of recent corporate insolvency cases covering:

– Fraudulent trading;
– Misfeasance, transactions defrauding creditors and the duties of directors; and
– The out of court appointment of administrators.’

Full Story

Hardwicke Chambers, 9th October 2019

Source: hardwicke.co.uk

The impact of foreign insolvency proceedings on English law bank guarantees: ascertaining foreign law, the scope of the European Insolvency Regulation and the effect of pending actions – 4 New Square

Posted October 29th, 2019 in EC law, enforcement, guarantees, insolvency, Ireland, news, notification, service by sally

‘Shail Patel acted for the successful defendants at trial in Bank of Baroda v Maniar [2019] EWHC 2463 Comm, in resisting claims by the bank on personal guarantees. The case raised a number of important points of European cross border insolvency law under the European Insolvency Regulation, and the English Court’s exercise of a foreign law judicial power.’

Full Story

4 New Square, 28th October 2019

Source: www.4newsquare.com

Boss of bogus law firm disqualified as director – Legal Futures

‘The head of a bogus solicitors’ firm has received a 10-year director’s disqualification for running the business with a total lack of integrity.’

Full Story

Legal Futures, 24th October 2019

Source: www.legalfutures.co.uk

MPs announce inquiry into Thomas Cook collapse – The Guardian

Posted September 27th, 2019 in auditors, company directors, holidays, inquiries, insolvency, news, select committees by tracey

‘MPs are to hold an inquiry into the role of “corporate greed” in the collapse of Thomas Cook, focusing on directors’ stewardship of the company, how much they were paid and how its accounts were prepared and signed off by auditors.’

Full Story

The Guardian, 26th September 2019

Source: www.theguardian.com

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

Hardwicke Chambers, 13th February 2019

Source: hardwicke.co.uk