Manchester loan sharks jailed after preying on young mothers – BBC News
“Three Manchester loan sharks who charged vulnerable people 100% interest and menaced them by mobile phone have been jailed.”
BBC News, 24th September 2013
Source: www.bbc.co.uk
Category: debts
Van Buggenhout and another v Banque Internationale à Luxembourg SA – WLR Daily
“A payment made at the behest of debtor subject to insolvency proceedings to one of the latter’s creditors did not fall within the scope of article 24(1) of Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings. That provision enabled a person who honoured an obligation ‘for the benefit of’ a debtor, who was subject to insolvency proceedings opened in another member state , when it should have been honoured for the benefit of the liquidator, to be deemed to have discharged it if he was unaware of the opening of proceedings.”
WLR Daily, 19th September 2013
Source: www.iclr.co.uk
LAG: ‘disturbing’ drop off in legal aid cases – LegalVoice
“The Legal Action Group has warned that what remains of civil legal aid could just ‘wither away’ as new research reveals ‘a disturbing reduction’ in the take-up of cases, writes Jon Robins. According to the group, there has been a marked drop off even for the cases still covered by legal aid.”
LegalVoice, 11th September 2013
Source: www.legalvoice.org.uk
Father jailed for stealing to launch son’s racing career – Daily Telegraph
“A father has been jailed for stealing £600,000 from the taxpayer to try and make his son the next Lewis Hamilton.”
Daily Telegraph, 9th September 2013
Source: www.telegraph.co.uk
Debt adviser jailed for preying on ‘vulnerable’ customers – BBC News
“A self styled debt adviser has been jailed for bullying customers into remortgaging their homes and then pocketing the money for himself.”
BBC News, 21st August 2013
Source: www.bbc.co.uk
Bailiffs called in by councils for 1.8m debts, charity warns – BBC News
“Local councils have called in bailiffs an ‘excessive’ 1.8m times in the last year to collect debts on their behalf, according to the Money Advice Trust.”
BBC News, 22nd August 2013
Source: www.bbc.co.uk
High Court ruling establishes certainty for members of underfunded pension schemes on company insolvency, says expert – OUT-LAW.com
“It would be ‘unprincipled’ to allow administrators of an insolvent company to use money ring-fenced for the purposes of its underfunded pension scheme to settle their debt to the scheme’s trustees, the High Court has ruled.”
OUT-LAW.com, 2nd August 2013
Source: www.out-law.com
Nortel / Lehman Supreme Court decision: guidance on insolvency expenses and provable claims – 11 Stone Buildings
“The Supreme Court ruled today that sums claimed under a Financial Support Direction of the Pensions
Regulator that is issued after a company’s entry to insolvency will rank as provable debts. It disagreed with both the High Court and a unanimous Court of Appeal, which had held that sums claimed under such a FSD were payable as insolvency expenses. The Supreme Court also rejected an argument that such a claim ranked below ordinary creditors as a non-provable liability.”
Full story (PDF)
11 Stone Buildings, 24th July 2013
Source: www.11sb.com
OFT forces payday lenders out of market – The Guardian
“Almost a third of the payday lenders ordered to clean up their practices have opted to withdraw from the industry, the Office of Fair Trading has revealed, as the deadline for firms to respond passed.”
The Guardian, 30th July 2013
Source: www.guardian.co.uk
In the matter of the Nortel Companies; In the matter of the Lehman Companies; In the matter of the Lehman Companies No 2 – Supreme Court
Supreme Court, 24th July 2013
Nortel decision restores claims by the Pensions Regulator to position envisaged by Parliament, expert says – OUT-LAW.com
“Claims by the Pensions Regulator in relation to an insolvent company’s pension scheme rank as provable debts alongside the claims of other unsecured creditors, the UK’s highest court has ruled.24 Jul 2013.”
OUT-LAW.com, 24th July 2013
Source: www.out-law.com
Menelaou v Bank of Cyprus UK Ltd – WLR Daily
Menelaou v Bank of Cyprus UK Ltd: [2013] EWCA Civ 1960; [2013] WLR (D) 266
“A bank which had released its charges over property in exchange for a new charge over property purchased from the proceeds of sale of the other property was entitled by subrogation to an unpaid vendor’s lien on the new property.”
WLR Daily, 2nd July 2013
Source: www.iclr.co.uk
SDT rulings send out warning to law firms over relationships with debt recovery companies – Legal Futures
“Law firms must not allow arrangements with debt recovery companies to compromise their independence, the Solicitors Regulation Authority (SRA) has warned, after two solicitors were fined heavily for allowing litigation to be carried out in their name.”
Legal Futures, 17th June 2013
Source: www.legalfutures.co.uk
Group Seven Ltd v Allied Investment Corpn Ltd and others – WLR Daily
Group Seven Ltd v Allied Investment Corpn Ltd and others [2013] EWHC 1509 (Ch); [2013] WLR (D) 224
“A company which had a sole director, who also owned all its shares, did not hold or control its assets in accordance with that sole director and shareholder’s ‘direct or indirect instructions’ within the meaning of paragraph 6 of the standard form freezing order in the Civil Procedure Rules.”
WLR Daily, 6th June 2013
Source: www.iclr.co.uk
Committal Applications in financial remedy proceedings: when, how and why to make one – Zenith Chambers
“An order made in family proceedings for the payment of money can be enforced by judgement summons, and, if the statutory criteria are satisfied, an order made committing the judgement debtor to prison for up to 6 weeks. Given that in all likelihood only half of this time will be served, and that the time served doesn’t actually produce any cash for the creditor, the obvious question for the person seeking to
enforce the order is ‘what is the point?’. In fact, the Court of Appeal said as much in the case of Mubarak in 2000; ‘I doubt whether experienced specialist practitioners will think that it has sufficient value for money to be worth its initiation.'”
Full story (PDF)
Zenith Chambers, 16th May 2013
Source: www.zenithchambers.co.uk
VFS Financial Services Ltd v JF Plant Tyres Ltd – WLR Daily
VFS Financial Services Ltd v JF Plant Tyres Ltd: [2013] EWHC 346 (QB); [2013] WLR (D) 91
“A ‘disposition’ of goods for the purposes of section 29(1) of the Hire-Purchase Act 1964 was limited to a transaction where the goods had been transferred for money.”
WLR Daily, 26th February 2013
Source: www.iclr.co.uk
Highbury Pension Fund Management Co and another v Zirfin Investments Ltd and others – WLR Daily
“A creditor was entitled to invoke the equitable doctrine of marshalling to claim the benefit of securities held by a doubly-secured creditor even if the two securities did not both come from a debtor if one of the securities derived from a principal for whom the debtor stood surety.”
WLR Daily, 14th February 2013
Source: www.iclr.co.uk
Rogue bailiff menace exposed as complaints soar – The Guardian
“The true scale of the problem posed by ‘lawless bailiffs’ is revealed as shocking figures show a sharp rise in complaints about their behaviour since the start of the banking crisis.”
The Guardian, 27th January 2013
Source: www.guardian.co.uk
