insolvency – Page 7 – Current Awareness

Director must compensate creditors for cut-price purchase from insolvent company – Law Society’s Gazette

Posted January 23rd, 2020 in company directors, company law, compensation, insolvency, news, valuation by tracey

‘Directors of insolvent companies should not be allowed to buy assets of the business on the cheap, the High Court has ruled. In Systems Building Services Group Limited [2020] EWHC 54 (Ch), the court this week ruled that a director is liable to pay the liquidators of his company money he saved by not placing a house owned by the company on the open market when the company went under.’

Law Society's Gazette, 22nd January 2020

Source: www.lawgazette.co.uk

Liquidator’s firm liable for opponent’s costs after funding litigation – OUT-LAW.com

Posted January 13th, 2020 in company directors, costs, insolvency, limitations, liquidators, news, third parties by tracey

‘The High Court has characterised a liquidator’s firm as a real party to the litigation which it funded as it stood to make financial gain from the action and was therefore found not to be a pure funder facilitating access to justice.’

OUT-LAW.com, 10th January 2020

Source: www.pinsentmasons.com

Barristers to lose out from Iraq claims firm’s liquidation – Legal Futures

Posted January 13th, 2020 in bankruptcy, barristers, company directors, insolvency, Iraq, legal aid, news, professional conduct by tracey

‘Barristers instructed by now-defunct Birmingham law firm Public Interest Lawyers (PIL) are set to lose out significantly from its liquidation, although its collapse may yet spark legal action, it has emerged.’

Legal Futures, 13th January 2020

Source: www.legalfutures.co.uk

Bury fight on after winding-up petition is dismissed in London court – The Guardian

Posted December 19th, 2019 in insolvency, news, sport, taxation, winding up by sally

‘The Companies Court heard on Wednesday that Bury and their owner, Steve Dale, had settled an outstanding debt with HM Revenue & Customs. The winding-up petition was dismissed by Judge Sally Barber, with the club instructed to pay costs.’

The Guardian, 18th December 2019

Source: www.theguardian.com

Out-of-hours Administration Appointments: The SAGA continues – Guildhall Chambers

Posted December 10th, 2019 in administrators, insolvency, news, notification, service by sally

‘It is now more than 17 years since the Enterprise Act 2002 was enacted with the laudable aim of streamlining the administration procedure, resulting in the introduction of the out-of-court administration regime set out in Schedule B1 to the Insolvency Act 1986 (“the Act”).’

Guildhall Chambers, 2nd December 2019

Source: www.guildhallchambers.co.uk

Property Guardians, vanishing companies and still getting it wrong – Nearly Legal

Posted December 6th, 2019 in houses in multiple occupation, insolvency, landlord & tenant, news, subsidiary companies by sally

‘You may or may not have heard that one of the largest Property Guardian firms put itself (and all its related companies) into voluntary liquidation on 6 November 2019. But that is what Camelot did.’

Nearly Legal, 5th December 2019

Source: nearlylegal.co.uk

High Court cannot stay liquidated company’s Magistrates’ Court case – OUT-LAW.com

Posted November 26th, 2019 in insolvency, jurisdiction, news, stay of proceedings by tracey

‘The High Court in England has ruled that it does not have the authority to stop a criminal trial in another court to protect the creditors of a company in voluntary liquidation.’

OUT-LAW.com, 25th November 2019

Source: www.pinsentmasons.com

Re Skeggs Beef Limited [2019] EWHC 2607 (Ch) and SJ Henderson & Company Limited [2019] EWHC 2742 (Ch) – Case Comment – Guildhall Chambers

Posted November 19th, 2019 in electronic filing, floating charges, insolvency, news by sally

‘Two recent decisions have shed yet more light on the “byzantine” system for out of hours appointments. Both confirm that the courts will continue to take a relatively detailed, yet pragmatic, approach to this issue.’

Guildhall Chambers, 8th November 2019

Source: www.guildhallchambers.co.uk

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.’

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.’

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.’

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.’

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.’

Hardwicke Chambers, 14th October 2019

Source: hardwicke.co.uk

A Summary Of Recent Corporate Insolvency Cases – Hardwicke Chambers

Posted October 30th, 2019 in administrators, company directors, company law, fraud, insolvency, news, podcasts, professional conduct by sally

‘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.’

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.’

4 New Square, 28th October 2019

Source: www.4newsquare.com

Boss of bogus law firm disqualified as director – Legal Futures

Posted October 25th, 2019 in company directors, complaints, insolvency, law firms, news, professional conduct, solicitors, Solicitors Regulation Authority by sally

‘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.’

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.’

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.’

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.’

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.’

Legal Futures, 15th April 2019

Source: www.legalfutures.co.uk

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