Category: debts

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.

Debt management firms warned of closure by OFT – The Guardian

Posted September 28th, 2010 in advertising, consumer protection, debts, news by sally

“More than 100 companies could lose their licence unless they comply with OFT rules after the watchdog discovered misleading advertising and poor advice were rife.”

Full story

The Guardian, 28th September 2010

Source: www.guardian.co.uk

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.

Ministers consider rates cap on legal loan sharking – The Guardian

Posted August 2nd, 2010 in debts, interest, loans, news by sally

“Ministers are to consider capping interest rates as a campaign launches demanding action to stamp out legal loan sharking.”

Full story

The Guardian, 2nd August 2010

Source: www.guardian.co.uk

Mond and another v MBNA Europe Bank Ltd – WLR Daily

Posted July 19th, 2010 in banking, debts, individual voluntary arrangements, insolvency, law reports by sally

Mond and another v MBNA Europe Bank Ltd [2010] EWHC 1710 (Ch); [2010] WLR (D) 190

“Clause 13.2 of the IVA Protocol, as well as clause 13.1, should not be construed as permitting a creditor bound by the Protocol to vote against an individual voluntary arrangement (‘IVA’) proposal only if he has good reason to do so.”

WLR Daily, 16th July 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.

In re Kaupthing Singer & Friedlander Ltd (in administration) – WLR Daily

Posted May 13th, 2010 in administration orders, appeals, banking, debts, insolvency, law reports, set-off by sally

In re Kaupthing Singer & Friedlander Ltd (in administration) [2010] EWCA Civ 518; [2010] WLR (D) 119

“After the set-off of cross-claims as between a company in administration and one of its creditors, the balance payable by a creditor to the company under r 2.85(8) of the Insolvency Rules 1986 in respect of a future debt was not to be a sum discounted to present value under r 2.105 but was to be an equivalent undiscounted amount.”
WLR Daily, 11th May 2010
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Debt Relief (Developing Countries) Act 2010

Posted April 9th, 2010 in debts, legislation by sally

Debt Relief (Developing Countries) Act 2010 published

Full text of Act (PDF)

Source: www.opsi.gov.uk

Bradford & Bingley plc v Ashcroft – WLR Daily

Posted March 12th, 2010 in appeals, debts, law reports, limitations, mortgages by sally

Bradford & Bingley plc v Ashcroft [2010] EWCA Civ 223; [2010] WLR (D) 74

 “There was no need to re-analyse a part-payment of a mortgage debt or to put a gloss on it in terms of acknowledgment for the purposes of calculating whether or not the limitation period had expired because s 29(5) of the Limitation Act 1980 made provision for a freestanding mechanism for the computation of time.”

WLR Daily, 11th 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.

Vulture funds: UK MPs propose law to end debt relief profiteering – BBC World Service

Posted March 2nd, 2010 in bills, debts, international relations, news by sally

“Campaigners for lower international debts are backing a proposed law in the UK parliament called the Debt Relief (Developing Countries) Bill.”

Full story

BBC World Service, 26th February 2010

Source: www.bbc.co.uk

Greater court protection for homeowners: consultation – Ministry of Justice

Posted February 5th, 2010 in charging orders, consultations, consumer credit, debts, housing, Ministry of Justice, news by sally

“A consultation on whether homeowners who have failed to repay consumer credit debts should have accrued a minimum level of debt before a court can order the sale of their home has been released today.”

Full story

Ministry of Justice, 5th February 2010

Source: www.justice.gov.uk

Rubin and another v Eurofinance SAand others – WLR Daily

Posted August 7th, 2009 in bankruptcy, debts, foreign jurisdictions, law reports, legal personality by sally

Rubin and another v Eurofinance SAand others [2009] WLR (D) 282

“The Cross-Border Insolvency Regulations 2006, which gave effect to the UNCITRAL Model Law relating to cross-border insolvency, applied where the foreign bankruptcy proceedings related to a debtor which, according to English law, had no legal personality either as an individual or as a body corporate.”

WLR Daily, 6th August 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.

Masri v Consolidated Contractors International (UK) Ltd and others (No 4) – WLR Daily

Posted August 3rd, 2009 in debts, execution, foreign companies, judgments, law reports, service out of jurisdiction by sally

Masri v Consolidated Contractors International (UK) Ltd and others (No 4) [2009] UKHL 43; [2009] WLR (D) 275

“There was no jurisdiction under CPR Pt 71 for a judgment creditor who was owed a judgment debt by a foreign company to obtain an order for the examination of the company’s officer who was outside the jurisdiction.”

WLR Daily, 31st 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.

Octagon Assets Ltd v Remblance and Another – Times Law Reports

Posted July 27th, 2009 in bankruptcy, debts, law reports, rent, statutory demands by sally

Octagon Assets Ltd v Remblance and Another

Court of Appeal

“Where rent arrears were sought from both a corporate tenant and a guarantor it was ostensibly unjust to decline to set aside a statutory demand obtained against the guarantor mrerly because he could afford to pay the debt; if a statutory demand would not be sustained against the principal debtor it was also unjust to treat the guarantor differently.”

The Times, 27th July 2009

Source: www.timesonline.co.uk

Octagon v Remblance and another – WLR Daily

Posted June 19th, 2009 in bankruptcy, debts, law reports, rent, statutory demands by sally

Octagon v Remblance and another [2009] EWCA Civ 581; [2009] WLR (D) 196

“In a case in which a corporate tenant and a guarantor were pursued for rent arrears, it was difficult to see how it could be just not to set aside a statutory demand obtained against the guarantor where the principal debtor satisfied one of the conditions in r 6.5(4)(a) of the Insolvency Rules 1986, merely because the guarantor could afford to pay the debt. Moreover, where the tenant’s and guarantor’s liability were co-extensive and there were no good reasons for distinguishing between the position of the guarantor and that which would obtain if the tenant applied under r 6.5(4)(a) to set aside a statutory demand, justice and r 6.5(4)(d) of the 1986 Rules demanded that a statutory demand obtained against the guarantor should be set aside.”

WLR Daily, 18th June 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.

Tribunal awards: defaulters’ names to be put on public debt register – Ministry of Justice

Posted April 2nd, 2009 in debts, employment tribunals, news by sally

“People who fail to pay awards made by employment tribunals will be publicly named and shamed from today, as the government clamps down hard on employers who disregard tribunal rulings.”

Full story

Ministry of Justice, 1st April 2009

Source: www.justice.gov.uk