Bank Handlowy w Warszawie SA and another v Christianapol sp z oo – WLR Daily

Posted November 26th, 2012 in EC law, insolvency, jurisdiction, law reports, winding up by sally

Bank Handlowy w Warszawie SA and another v Christianapol sp z oo (Case C-116/11); [2012] WLR (D) 340

“On the proper interpretation of Council Regulation (EC) No 1346/2000, it was for the national law of the member state in which insolvency proceedings had been opened to determine at which moment the closure of those proceedings occurred. Where proceedings had a protective purpose, it was permissible to open secondary insolvency proceedings in the member state in which the debtor had an establishment. The court before which an application to have secondary insolvency proceedings opened had been made, could not examine the insolvency of a debtor against which main proceedings had been opened in another member state, even where the latter proceedings had a protective purpose.”

WLR Daily, 22nd November 2012

Source: www.iclr.co.uk

Government considers extension of winding up powers beyond banks – OUT-LAW.com

Posted August 6th, 2012 in banking, consultations, EC law, government departments, insurance, news, winding up by sally

“The Government is seeking views on whether to extend its existing powers to stabilise or wind up ‘systemically important’ large banks to other vital financial services functions such as investments and insurance.”

Full story

OUT-LAW.com, 6th August 2012

Source: www.out-law.com

Bilta (UK) Ltd (in liquidation) and others v Nazir and others – WLR Daily

Bilta (UK) Ltd (in liquidation) and others v Nazir and others [2012] EWHC 2163 (Ch); [2012] WLR (D) 236

“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

Reform of the Process to Apply for Bankruptcy and Compulsory Winding Up – Hardwicke Chambers

Posted July 31st, 2012 in arbitration, bankruptcy, news, winding up by sally

“Earlier this year, Mr Edward Davey MP, Minister for Consumer Affairs at BIS, announced the launch of a 12 week consultation regarding the reform of the application process for bankruptcy and company winding up. The Insolvency Service noted that: ‘The consultation sets out proposals that aim to provide the most appropriate and efficient route into bankruptcy and winding up, and to ensure that the Court’s focus is on dispute resolution.'”

Full story

Hardwicke Chambers, 27th July 2012

Source: www.hardwicke.co.uk

In re Asegaai Consultants Ltd and other companies; Wood and another v Mistry – WLR Daily

Posted July 12th, 2012 in disqualification, fraud, law reports, liquidators, winding up by sally

In re Asegaai Consultants Ltd and other companies; Wood and another v Mistry [2012] EWHC 1899 (Ch); [2012] WLR (D) 198

“The court would not exercise its discretion under section 4(1)(b) of the Company Directors Disqualification Act 1986 to make a disqualification order against a liquidator who had been guilty of any fraud in relation to the company or of any breach of his duty as such liquidator unless serious misconduct had been established. Where a liquidator applied pursuant to section 16(2) of the Act for a disqualification order under section 4 it was not a prerequisite that the liquidator should have a financial interest in the order being made.”

WLR Daily, 10th July 2012

Source: www.iclr.co.uk

Interedil Srl (in liquidation) v Fallimento Interedil Srl and another – WLR Daily

Posted November 22nd, 2011 in EC law, insolvency, jurisdiction, law reports, winding up by sally

Interedil Srl (in liquidation) v Fallimento Interedil Srl and another Case C-396/09; [2011] WLR (D) 334

“The term ‘centre of a debtor’s main interests’ in article 3(1) of Council Regulation (EC) No 1346/2000 was to be interpreted by reference to European Union law, which attached greater importance to the place of the company’s central administration, in particular the place of its registered office. Where a company’s registered office was transferred before the lodging of a request to open insolvency proceedings, its centre of main activities was presumed to be the place of its new registered office.”

WLR Daily, 20th October 2011

Source: www.iclr.co.uk

Bridge Trustees Ltd v Yates and others (Secretary of State for Work and Pensions intervening) – WLR Daily

Posted August 1st, 2011 in law reports, pensions, winding up by tracey

Bridge Trustees Ltd v Yates and others (Secretary of State for Work and Pensions intervening) [2011] UKSC 42;  [2011] WLR (D)  267

“Equilibrium of assets and liabilities was not a requirement of the definition of a money purchase pension scheme under section 181 of the Pension Schemes Act 1993.”

WLR Daily, 27th July 2011

Source: www.iclr.co.uk

Belmont Park Investments Pty v BNY Corporate Trustee Services Ltd – WLR Daily

Posted July 29th, 2011 in insolvency, law reports, Supreme Court, winding up by tracey

Belmont Park Investments Pty v BNY Corporate Trustee Services Ltd [2011] UKSC 38;  [2011] WLR (D)  260

“The policy behind the anti-deprivation rule in insolvency law, that parties could not, on bankruptcy, deprive the bankrupt of property which would otherwise be available for creditors, was to be given a commonsense application which prevented its application to bona fide commercial transactions which did not have as their predominant purpose the deprivation of the property of one of the parties on bankruptcy.”

WLR Daily, 27th July 2011

Source: www.iclr.co.uk

Regina v Taylor (George Charles) – WLR Daily

Posted March 31st, 2011 in appeals, documents, insolvency, law reports, winding up by sally

Regina v Taylor (George Charles) [2011] EWCA Crim 728;  [2011] WLR (D)  108

“Records kept on computer that affected or related to a company’s property or affairs were within the composite expression ‘book or paper affecting or relating to the company’s property or affairs’ within section 206(1)(c) of the Insolvency Act 1986.”

WLR Daily, 25th March 2011

Source: www.iclr.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and other – WLR Daily

Posted March 9th, 2011 in company law, debts, insolvency, law reports, winding up by sally

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and others [2011] EWCA Civ 227; [2011] WLR (D) 73

“A company was ‘deemed to be unable to pay its debts’ within section 123(2) of the Insolvency Act 1986 when the amount of its liabilities, taking into account its contingent and prospective liabilities, exceeded the value of its assets to such an extent that the company had reached the point of no return, and if it continued to use its cash or other assets for current purposes it would amount to a fraud on future or contingent creditors.”

WLR Daily, 8th March 2011

Source: www.lawreports.co.uk

Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and others – WLR Daily

Posted August 9th, 2010 in debts, insolvency, law reports, winding up by sally

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and others [2010] EWHC 2005 (Ch); [2010] WLR (D) 223

“The requirement in s 123(2) of the Insolvency Act 1986 to ‘[take] into account [the company’s] contingent and prospective liabilities’ when determining whether the value of the company’s assets was less than the amount of its liabilities could not require such liabilities to be aggregated at their face value with debts presently due, nor require the conversion of prospective liabilities denominated in some currency other than sterling into sterling at the present spot rate.”

WLR Daily, 3rd August 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Bridge Trustees Ltd v Yates and others (Secretary of State for Work and Pensions intervening) – WLR Daily

Posted March 8th, 2010 in appeals, law reports, pensions, winding up by sally

Bridge Trustees Ltd v Yates and others (Secretary of State for Work and Pensions intervening) [2010] EWCA Civ 179; [2010] WLR (D) 65

“Where a hybrid occupational pension scheme was being wound up the benefits derived from voluntary contributions made to the scheme by the employee and matched by their employer’s contribution, ranked first in order of priority in the winding up of the scheme.”

WLR Daily, 4th March 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Irish Reel Productions Ltd v Capitol Films Ltd – WLR daily

Posted February 12th, 2010 in costs, law reports, winding up by sally

Irish Reel Productions Ltd v Capitol Films Ltd [2010] EWHC 180 (Ch); [2010] WLR (D) 33

“Where a person presented a winding up petition and appeared at the hearing of an administration application the court had jurisdiction to order that the costs of prosecuting the petition were payable as an expense of the administration.”

WLR Daily, 11th February 2010

Source: www.lawreports.co.uk

Please note once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Byers and others v Yacht Bull Corpn and another – WLR Daily

Posted February 3rd, 2010 in insolvency, jurisdiction, law reports, winding up by sally

Byers and others v Yacht Bull Corpn and another [2010] EWHC 133 (Ch); [2010] WLR (D) 18

“A claim to beneficial ownership of a yacht did not fall within the exception contained in art 1(2)(b) of Council Regulation (EC) No 44/2001 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters so that the Regulation did not apply to ‘proceedings relating to the winding up of insolvent companies’.”

WLR Daily, 2nd February 2010

Source: www.lawreports.co.uk

Perpetual Trustee Co Ltd and another v BNY Corporate Trustee Services Ltd and another Butters and others (joint administrators of WW Realisation 8 Ltd and another) v BBC Worldwide Ltd and others – WLR Daily

Posted November 12th, 2009 in contracting out, insolvency, law reports, winding up by sally

Perpetual Trustee Co Ltd and another v BNY Corporate Trustee Services Ltd and another
Butters and others (joint administrators of WW Realisation 8 Ltd and another) v BBC Worldwide Ltd and others [2009] EWCA Civ 1160; [2009] WLR (D) 322

“The anti-deprivation rule, which as a matter of public policy prevented parties from contracting out of the insolvency legislation by removing assets otherwise available for creditors, did not apply to complex contractual provisions by which investors were granted rights over assets derived from their own moneys, rights which were modified when an event of default happened, or to licence termination and share option provisions operative on insolvency which did not contravene the Insolvency Act 1986. The rule did not normally apply to a deprivation completed before the liquidation, bankruptcy or its equivalent occurred.”

WLR Daily, 10th November 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Perpetual Trustee Co Ltd v BNY Corporate Trustee Services Ltd and another; Belmont Park Investments Pty Ltd v Same – WLR Daily

Posted July 31st, 2009 in insolvency, law reports, winding up by sally

Perpetual Trustee Co Ltd v BNY Corporate Trustee Services Ltd and another; Belmont Park Investments Pty Ltd v Same [2009] EWHC 1912 (Ch); [2009] WLR (D) 262

 “Although a contractual provision which had the effect of requiring a person who had become insolvent to be deprived of an asset conflicted with the principle that an insolvent’s assets would be available for distribution among his creditors and would generally be unenforceable, the principle did not invalidate contractual provisions which had the effect of prejudicing creditors of a company in the event of insolvency by the actual or effective removal of an asset from the insolvent estate.”

WLR Daily, 30th July 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Easterly Ltd v Headway plc – WLR Daily

Posted July 27th, 2009 in law reports, pensions, trusts, winding up by sally

Easterly Ltd v Headway plc [2009] EWCA Civ 793; [2009] WLR (D) 255

“A partial buy-out of a guaranteed minimum pension was not precluded by statutory obligations.”

WLR Daily, 24th July 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

In re Stanford International Bank Ltd and others – WLR Daily

Posted July 7th, 2009 in insolvency, jurisdiction, law reports, winding up by sally

“The ‘centre of main interests’ for the purposes of the Cross-Border Insolvency Regulations 2006 must be identified by reference to factors which were both objective and ascertainable by third parties. What was ascertainable by a third party was what was in the public domain and what a typical third party would learn as a result of dealing with the company.”

WLR Daily, 6th July 2009

Source: www.lawreports.co.uk  

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Bolsover District Council v Dennis Rye Ltd – Times Law Reports

Posted May 19th, 2009 in cross-claims, insolvency, law reports, winding up by sally

Bolsover District Council v Dennis Rye Ltd

Court of Appeal

“A judge hearing a winding-up petition against a company, when faced with a cross-claim by the company against the petitioner, had to consider only whether the evidence before him was sufficient to satisfy him that the company’s cross-claim was not merely arguable but was genuine and serious, and not whether the company should have previously taken action on the cross-claim unless it had a good reason for not doing so.”

The Times, 19th May 2009

Source: www.timesonline.co.uk

Bolsover District council v Dennis Rye Ltd – WLR Daily

Posted May 8th, 2009 in cross-claims, insolvency, law reports, winding up by sally

Bolsover District council v Dennis Rye Ltd; [2009] EWCA Civ 372; [2009] WLR (D) 147

Where a company served with a winding-up petition contended that it had a cross-claim against the petitioner, the issue for the judge was whether the evidence before him was sufficient to satisfy him that the company’s cross claim was not merely arguable but was genuine and serious, and not whether the company should have previously asserted, litigated or issued proceedings for the cross-claim unless it had a good excuse for not doing so.”

WLR Daily, 7th May 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.