Category: debts

Costs, Expenses and Provable Debts – Hardwicke Chambers

Posted February 15th, 2012 in administrators, costs, debts, expenses, insolvency, news by sally

“October last year saw the decision of the Court of Appeal in litigation arising from the administrations of Nortel and Lehman Brothers (Re Nortel GMBH [2011] EWCA Civ 1124). The case concerned the treatment of contribution notices from the Pensions Regulator by the administrators. However, for those who ventured beyond mention of the Pensions Regulator, the decision contains a useful review of the law pertaining to whether liabilities fall as provable debts or expenses of the insolvency process.”

Full story

Hardwicke Chambers, 8th February 2012

Source: www.hardwicke.co.uk

Blight and others v Brewster – WLR Daily

Posted February 10th, 2012 in bankruptcy, debts, enforcement, fraud, law reports, pensions by tracey

Blight and others v Brewster: [2012] EWHC 165 (Ch);  [2012] WLR (D)  26

“Bankrupts who were subject to an order for enforcement of a judgment had to take both the benefits and burdens of their bankruptcy and should not be allowed to hide their assets in pension funds when they had a right to withdraw monies needed to pay their creditors.”

WLR Daily, 9th February 2012

Source: www.iclr.co.uk

MoJ to use private debt collectors to help recover unpaid court fines – The Guardian

Posted February 1st, 2012 in courts, debts, enforcement, fines, news by sally

“Private debt collectors have been called in to help collect £420m in unpaid court fines on behalf of the Ministry of Justice under pilot schemes that may be rolled out across the country.”

Full story

The Guardian, 31st January 2012

Source: www.guardian.co.uk

Peers who fail to repay wrongly claimed expenses to be banned from Lords – The Guardian

Posted December 14th, 2011 in debts, expenses, news, parliament, repayment by sally

“Disgraced peers who fail to repay wrongly claimed expenses are to be barred from returning to parliament.”

Full story

The Guardian, 14th December 2011

Source: www.guardian.co.uk

Payday loan companies face tougher regulation over high interest rates – The Guardian

Posted December 8th, 2011 in debts, financial regulation, interest, loans, news by tracey

“Companies that provide expensive, short-term loans to desperate borrowers face tougher regulation by the government.”

Full story

The Guardian, 7th December 2011

Source: www.guardian.co.uk

Withers LLP v Langbar International Ltd – WLR Daily

Posted December 7th, 2011 in client accounts, costs, debts, interest, law reports, news, solicitors by sally

Withers LLP v Langbar International Ltd [2011] EWCA Civ 1419; [2011] WLR (D) 351

“In asking whether money placed in the client account of a solicitor’s client were subject to a lien in favour of the solicitor the key question was whether the money had been placed in the account for general purposes or for a particular purpose which was incompatible with a lien arising.”

WLR Daily, 5th December 2011

Source: www.iclr.co.uk

Football League in court fight with HMRC over football creditors’ rule – The Guardian

Posted December 1st, 2011 in debts, illegality, insolvency, news, sport, taxation by sally

“A high court judge has been asked to take action against a football industry debt rule described as revealing ‘the ugly side of the beautiful game’.”

Full story

The Guardian, 30th November 2011

Source: www.guardian.co.uk

McGuinness v Norwich and Peterborough Building Society – WLR Daily

Posted November 14th, 2011 in bankruptcy, debts, guarantees, law reports, surety by sally

McGuinness v Norwich and Peterborough Building Society [2011] EWCA Civ 1286; [2011] WLR (D) 324

“A petition in bankruptcy against a guarantor could be founded, in certain circumstances, upon a guarantee which had contained a ‘see to it’ clause.”

WLR Daily, 9th November 2011

Source: www.iclr.co.uk

Is the decision in Godfrey a mark of the demise of Debt Relief Orders? – Hardwicke Chambers

Posted October 31st, 2011 in debts, insolvency, news, repossession by sally

“The Court of Appeal heard joined appeals considering the impact of insolvency on the right to make an order for possession and order for money judgment. Sharples concerned a possession claim brought under Ground 8 Housing Act 1988 (a mandatory ground for possession) and was a case in which the tenant had become bankrupt. Godfrey was a case in which possession was sought on discretionary grounds and the court of first instance had made a suspended possession order on terms of repayment of the arrears and granted money judgment; the order was made although the arrears were included within a debt relief order ‘DRO’.”

Full story

Hardwicke Chambers, 28th October 2011

Source: www.hardwicke.co.uk

Nowhere to run: insolvency is no protection from possession proceedings – Zenith Chambers

Posted September 28th, 2011 in debts, insolvency, landlord & tenant, news, rent by sally

“Social landlords face a constant struggle trying to persuade heavily indebted tenants that paying rent is a priority over paying off the tenants’ bigger, more threatening creditors.”

Full story (PDF)

Zenith Chambers, 13th September 2011

Source: www.zenithchambers.co.uk

Sins of the mother must be visited upon son, court rules – Daily Telegraph

Posted July 22nd, 2011 in confiscation, debts, news by sally

“A music student at Cambridge University has been stripped of his picturesque Scottish island home after a court ruled it must be sold to pay off his criminal mother’s debts.”

Full story

Daily Telegraph, 22nd July 2011

Source: www.telegraph.co.uk

HSBC manager held overdrawn customer against her will – BBC News

Posted July 7th, 2011 in banking, debts, false imprisonment, harassment, news by sally

“HSBC bank has written off a customer’s overdraft after a judge decided it had unlawfully imprisoned her and harassed her with hundreds of phone calls.”

Full story

BBC News, 6th July 2011

Source: www.bbc.co.uk

White v Davenham Trust Ltd – WLR Daily

Posted July 1st, 2011 in bankruptcy, debts, guarantees, law reports, statutory demands, surety by tracey

White v Davenham Trust Ltd [2011] EWCA Civ 747;  [2011] WLR (D)  212

“A guarantor of a debt could not set aside a statutory demand served by a creditor where the creditor had security over the assets of the principal debtor, and so could not serve a statutory demand on the principal debtor because of rule 6.5(4)(c) of the Insolvency Rules 1986, but had the benefit of an unsecured debt owed by the guarantor.”

WLR Daily, 28th June 2011

Source: www.iclr.co.uk

Victims’ Commissioner highlights financial costs for bereaved families – Ministry of Justice

Posted May 11th, 2011 in bereavement, debts, murder, news, victims by sally

“Families who have lost loved ones under terrible circumstances are facing costs of £37,000 on average as they struggle to pick up the pieces, according to figures released today.”

Full story

Ministry of Justice, 11th May 2011

Source: www.justice.gov.uk

North Shore Ventures Ltd v Anstead Holdings Inc and others – WLR Daily

Posted March 11th, 2011 in debts, disclosure, law reports, surety by sally

“A creditor was under a duty to disclose to the surety any contract or other dealing between creditor and debtor which changed the position of the debtor from that which the surety might naturally have expected, but was not under a duty to disclose to the surety other matters relating to the debtor which might be material for the surety to know.”

WLR Daily, 10th March 2011

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.

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.

OFT warns misleading ‘money advice’ firm

Posted February 22nd, 2011 in advertising, consumer protection, debts, internet, news by sally

“The OFT has ordered Money Advice Direct Limited (MADL), a firm that introduces struggling borrowers to debt management companies, to stop using misleading advertising that presents it as a source of free help.”

Full story

The Guardian, 22nd February 2011

Source: www.guardian.co.uk

In re Nortel GmbH and related companies; In re Lehman Brothers International (Europe) (in administration) and related companies – WLR Daily

Posted December 14th, 2010 in administrators, contribution, debts, insolvency, law reports by sally

In re Nortel GmbH and related companies; In re Lehman Brothers International (Europe) (in administration) and related companies [2010] EWHC 3010 (Ch); [2010] WLR (D) 324

“Liabilities arising from the financial support direction (‘FSD’) regime created by the Pensions Act 2004 upon companies in administration or liquidation were payable as a liquidation or administration expense.”

WLR Daily, 13th December 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

Revenue and Customs Comrs v Maxwell and another – WLR Daily

Posted December 9th, 2010 in administrators, company law, debts, insolvency, law reports by sally

Revenue and Customs Comrs v Maxwell and another [2010] EWCA Civ 1379; [2010] WLR (D) 219

“The amount of a creditor’s claim against a company in administration and the characterisation of the company’s debt to the creditor were to be assessed under r 2.38(4) and (5) of the Insolvency Rules 1986 at the date of the administration, not the date of the creditors’ meeting, but the chairman’s powers of quantification under rr 2.39(1) and (3) and 2.38(5) were to be exercised taking into account events which had occurred since the administration.”

WLR Daily, 8th December 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.

White v Davenham Trust Ltd – WLR Daily

Posted November 3rd, 2010 in bankruptcy, debts, guarantees, law reports by sally

White v Davenham Trust Ltd [2010] EWHC 2748 (Ch); [2010] WLR (D) 272

“The mere existence of a secured remedy against another party was not a substantial ground for refusing to allow a creditor to pursue a remedy in bankruptcy against a surety.”

WLR Daily, 2nd November 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.