Category: debts

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

Truex v Toll – WLR Daily

Posted March 11th, 2009 in bankruptcy, debts, fees, law reports, solicitors by sally

Truex v Toll [2009] EWHC 396 (Ch); [2009] WLR (D) 85

“In respect of fees owed to a solicitor by a client, an unliquidated sum did not become liquidated by a mere admission unsupported by consideration.”

WLR Daily, 9th March 2009

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.

Companies must pay up undisputed amounts to avoid punitive interest, says Court of Appeal – OUT-LAW.com

Posted March 3rd, 2009 in debts, interest, news by sally

“Companies that withhold all payment for goods or services in order to strengthen their hand in negotiations over disputed amounts will have to pay punitive interest on that money, the Court of Appeal has said.”

Full story

OUT-LAW.com, 2nd March 2009

Source: www.out-law.com

In re Courts plc – WLR Daily

Posted October 13th, 2008 in debts, insolvency, law reports by sally

In re Courts plc [2008] EWHC 2339 (Ch); [2008] WLR (D) 311

“S 176A(2) of the Insolvency Act 1986, which provided that a prescribed part of a company’s net property should be available for the satisfaction of unsecured debts, applied either in its entirety or not at all. There was no jurisdiction under s 176A(5) to order a partial disapplication of s 176A(2) regarding unsecured creditors with claims of a certain value.”

WLR Daily, 10th October 2008

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.

Pre-judgment interest on debts and damages – Ministry of Justice

Posted September 17th, 2008 in damages, debts, interest, news by sally

“The government’s response to the Law Commission report on the amount of interest courts should award on debts and damages in court proceedings. ‘Pre-judgment interest’ refers to the interest awarded from the day when payment fell due until judgment is entered or payment made (whichever is earlier).”

Full story

Ministry of Justice, 16th September 2008

Source: www.justice.gov.uk

‘Fat Man’ sues top casinos for millions – The Observer

Posted September 15th, 2008 in debts, gambling, news by sally

“Fouad al-Zayat, a 20-stone billionaire who lost £191m at roulette, is taking six top British clubs to court, claiming they illegally allowed him credit.”

Full story

The Observer, 14th September2008

Source: http://observer.guardian.co.uk

Aspinall’s Club Ltd v Al-Zayat (No 2) [2008] – WLR Daily

Posted September 9th, 2008 in debts, gambling, law reports by sally

Aspinall’s Club Ltd v Al-Zayat (No 2) [2008] EWHC 2101 (Comm); [2008] WLR (D) 301

“A fixed-term deferral or postponement of a sum owed to a gaming club by a patron amounted to the providing or allowing of credit contrary to s 16(1)(b) of the Gaming Act 1968.”

WLR Daily, 8th September 2008

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.

‘Fat Man’ wins legal battle over £2m gambling debt – The Times

Posted September 3rd, 2008 in debts, gambling, news by sally

“A billionaire gambler today won a legal bid to avoid paying a £2 million debt to a London casino.”

Full story

The Times, 3rd September 2008

Source: www.timesonline.co.uk

Islamic Investment Company of the Gulf (Bahama) Ltd v Symphony Gems NV and Others – Times Law Reports

Posted April 4th, 2008 in debts, jurisdiction, law reports by sally

Islamic Investment Company of the Gulf (Bahama) Ltd v Symphony Gems NV and Others

Court of Appeal

“Judges should be cautious before making a committal order against a judgment debtor who was prevented from attending an oral examination as to his means by the order of a court in a foreign jurisdiction.”

The Times, 4th April 2008

Source: www.timesonline.co.uk

Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.

Socimer International Bank Ltd (in liquidation) v Standard Bank London Ltd – WLR Daily

Posted February 26th, 2008 in banking, contracts, debts, law reports, valuation by sally

Socimer International Bank Ltd (in liquidation) v Standard Bank London Ltd [2008] EWCA Civ 116; WLR (D) 58

“Where a commercial agreement obliged a creditor bank to determine the value of the assets of the defaulting debtor bank at the date of termination, the creditor bank’s obligation was to carry out an honest, but otherwise subjective valuation.”

WLR Daily, 25th February 2008

Source: www.lawreports.co.uk

Please note once a case has been fully reported the corresponding WLR Daily summary is removed.

Halabi (A Bankrupt) v Camden London Borough Council and another – WLR Daily

Posted February 18th, 2008 in bankruptcy, debts, jurisdiction, law reports by sally

Halabi (A Bankrupt) v Camden London Borough Council and another; [2008] WLR (D) 46

“The court had no jurisdiction to annul a bankruptcy order on the basis of an undertaking from the bankrupt’s solicitor to pay the debts, costs and expenses of the bankruptcy.”

WLR Daily, 15th February 2008

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.