insolvency – Current Awareness

Contribution Claims and the Third Parties (Rights Against Insurers) Act 2010 Riedweg v HCC and others [2024] EWHC 2805 (Ch) – Hailsham Chambers

Posted December 19th, 2024 in chambers articles, compensation, insolvency, insurance, law firms, negligence, news, solicitors, third parties by sally

‘When an insurer is sued by a claimant under the Third Parties (Rights Against Insurers) Act 2010, can that insurer bring a contribution claim against another person whom, the insurer claims, is also liable to the claimant for the same loss as was caused by the insurer’s insured? That was the question for the Court in Riedweg v HCC, the first reported decision on this important point.’

Hailsham Chambers, 13th November 2024

Source: www.hailshamchambers.com

Grenfell families complain to architect regulator – BBC News

Posted December 17th, 2024 in accidents, building law, construction industry, fire, housing, insolvency, negligence, news by tracey

‘The families of three people who died in the Grenfell Tower fire are supporting a letter of complaint to a regulator about the architects involved in the block’s refurbishment.’

BBC News, 16th December 2024

Source: www.bbc.co.uk

Palmer v Sans: Chancery Division [2024] EWHC 2685 (Ch) – Gatehouse Chambers

Posted December 13th, 2024 in bankruptcy, chambers articles, insolvency, mortgages, news, trustees in bankruptcy by sally

‘In this case the Court applied traditional constructive trust principles to disputed facts in order to determine whether a specific property came within the estate of a bankrupt. It will be of interest to practitioners advising in the area of challenged transfers in the context of insolvency.’

Gatehouse Chambers, 20th November 2024

Source: gatehouselaw.co.uk

Creditor refused injunction to deprive debtor his pension – OUT-LAW.com

Posted December 10th, 2024 in debts, injunctions, insolvency, news, pensions by tracey

‘A creditor has been prohibited from obtaining a mandatory injunction that would have required a debtor to draw down a lump sum from his occupational pension scheme for the purpose of paying a default judgment.’

OUT-LAW.com, 9th December 2024

Source: www.pinsentmasons.com

FCA reforms clarify e-money customer fund protection requirements – OUT-LAW.com

Posted December 5th, 2024 in banking, consultations, cryptocurrencies, financial regulation, financial services ombudsman, insolvency, news by tracey

‘Proposals by the UK’s Financial Conduct Authority will directly affect the way in which e-money firms handle customer funds prior to and during an insolvency process.’

OUT-LAW.com, 4th December 2024

Source: www.pinsentmasons.com

Judge blasts City firm’s “disgraceful” and “improper” conduct – Legal Futures

Posted November 25th, 2024 in costs, fees, fraud, insolvency, law firms, misrepresentation, negligence, news, solicitors, winding up by tracey

‘A judge has condemned the London arm of a US law firm for sending a “disgraceful” letter to a competitor of one of its clients.’

Legal Futures, 25th November 2024

Source: www.legalfutures.co.uk

When can Contribution Claims run into trouble? – 4 New Square

Posted November 14th, 2024 in chambers articles, contribution, insolvency, insurance, news, third parties by tracey

‘Insolvency and Contribution Claims make uneasy companions in the professional liability sphere. The latest proof is the judgment of Master Brightwell on Monday this week in Riedweg v HCC International Insurance plc & Ors [2024] EWHC 2805. Helen Evans KC explains the challenge that emerged in that case – and how variations of it have manifested themselves elsewhere.’

4 New Square, 13th November 2024

Source: www.4newsquare.com

Bankrupt challenging pre-bankruptcy judgment of ordinary civil court – 33 Bedford Row

Posted October 16th, 2024 in appeals, bankruptcy, chambers articles, insolvency, news, trustees in bankruptcy by tracey

‘Where a bankrupt wishes to challenge a pre-bankruptcy judgment against him in the ordinary civil court (i.e. appeal the judgment or apply to set the judgment aside, in the ordinary civil court), can the bankrupt just issue an application (N161 Appellant’s Notice or N244 Application Form)? In particular, does the bankrupt have standing (‘locus standi’ as it used to be known) – that is – the right or capacity – to issue the relevant application, or must somehow the trustee in bankruptcy (‘TIB’) be involved, and/or the bankruptcy court involved?’

33 Bedford Row, 1st October 2024

Source: www.33bedfordrow.co.uk

Insolvency cover clarified – Peabody Trust v NHBC – Local Government Lawyer

Posted September 23rd, 2024 in housing, insolvency, insurance, landlord & tenant, limitations, local government, news, time limits by tracey

‘The High Court has clarified – in a case involving a social landlord – when a cause of action accrues under insurance policies providing contractor insolvency cover, and therefore when the limitation period begins. William O’Brien and Alicia Ogborn explains the ruling.’

Local Government Lawyer, 20th September 2024

Source: www.localgovernmentlawyer.co.uk

Company boss banned over £145k Covid support claims – BBC News

Posted September 4th, 2024 in company directors, coronavirus, disqualification, insolvency, loans, news by tracey

‘A businessman has been banned from being a company director after making bogus claims for £145,000 in Covid-19 support grants.’

BBC News, 3rd September 2024

Source: www.bbc.co.uk

Judges releases law firm from privilege to defend claim – Legal Futures

Posted August 29th, 2024 in arbitration, fiduciary duty, insolvency, law firms, loans, news, privilege by sally

‘A City law firm will be able to fully defend itself from serious allegations in the High Court after a judge held that its former clients cannot claim legal professional privilege (LPP) because of the iniquity exemption.’

Legal Futures, 29th August 2024

Source: www.legalfutures.co.uk

Judge’s “concern” that law firm’s administrator was too close to owner – Legal Futures

Posted August 27th, 2024 in administrators, fees, insolvency, law firms, news by tracey

‘A judge has set aside his order for payment of a law firm’s administrator after new evidence raised “a sense of real unease and concern” about the decision.’

Legal Futures, 27th August 2024

Source: www.legalfutures.co.uk

What’s the Matter? Insolvency and Arbitration Following Sian Participation – Pump Court Chambers

Posted August 22nd, 2024 in agreements, arbitration, chambers articles, insolvency, news by sally

‘The presence of a generally worded arbitration agreement or exclusive jurisdiction clause applicable to the debt relied upon by a creditor bringing a winding-up petition should not lead to the stay or dismissal of the petition unless the debt is genuinely disputed on substantial grounds.’

Pump Court Chambers, 2nd July 2024

Source: www.pumpcourtchambers.com

No fixed charge over IP addresses – Mills & Reeve

Posted August 14th, 2024 in chambers articles, company law, insolvency, internet, news by sally

‘Having considered the circumstances relating to, and the security granted over, various IP addresses (the “addresses”), the Court held that the security granted over the addresses, was floating charge, rather than fixed charge, security and ordered accordingly.’

Mills & Reeve, 13th August 2024

Source: www.mills-reeve.com

BHS, a case of misfeasant trading – Mills & Reeve

Posted August 14th, 2024 in chambers articles, company directors, company law, insolvency, misfeasance, news by sally

‘In a lengthy judgment the Court has ordered that former directors of BHS are to pay sums arising in both wrongful trading and in “trading” misfeasance.’

Mills & Reeve, 13th August 2024

Source: www.mills-reeve.com

Remind me about … tPR’s moral hazard powers – Pensions Barrister

Posted July 25th, 2024 in codes of practice, insolvency, news, pensions by sally

‘In the third of this “Remind me about” series, Oliver Hilton of Radcliffe Chambers looks at tPR’s moral hazard powers. The “Remind me about” series is aimed as a training tool and as an update for busy practitioners.’

Pensions Barrister, 25th July 2024

Source: www.pensionsbarrister.com

Sian v Halimedia: Insolvency vs Arbitration – Article by Ernest Leung cited in recent Privy Council decision – Wilberforce Chambers

Posted July 4th, 2024 in agreements, arbitration, debts, insolvency, news, Privy Council, stay of proceedings by sally

‘In Sian Participation Corp v Halimedia International Ltd [2024] UKPC 16, Lords Briggs and Hamblen considered the issue of whether insolvency proceedings should be stayed where the underlying debt was covered by an arbitration agreement. In an appeal from the BVI, the Privy Council rejected the approach in Salford Estates (No 2) Ltd v Altomart Ltd (No 2) [2014] EWCA Civ 1575 where the English Court of Appeal stated that insolvency proceedings should be stayed in favour of arbitration proceedings unless there are exceptional circumstances (“the Salford Approach”). This means that even if the debtor company could not show that the debt is genuinely disputed on substantial grounds (a relatively low threshold), the petitioning creditor will still have to go through the arbitration process to establish the debt before seeking a winding-up order.’

Wilberforce Chambers, 21st June 2024

Source: www.wilberforce.co.uk

Two former BHS directors ordered to pay at least £18m over wrongful trading – The Guardian

Posted June 12th, 2024 in company directors, insolvency, liquidators, misfeasance, news, pensions by sally

‘Two former directors of the collapsed department store chain BHS have been ordered to pay at least £18m after the pair were found liable for wrongful trading and breaching their corporate duties.’

The Guardian, 11th June 2024

Source: www.theguardian.com

IP addresses ruled floating charge under loan security agreement – OUT-LAW.com

Posted June 10th, 2024 in floating charges, insolvency, internet, loans, news by tracey

‘Lenders should be aware that despite their static nature, IP addresses have been classified as floating charge assets under a loan security agreement by a recent decision of the High Court of England and Wales. There are legal and practical considerations for lenders and their advisers when securing digital assets, following the ruling.’

OUT-LAW.com, 7th June 2024

Source: www.pinsentmasons.com

Administration extension pitfalls and recent UK court decisions – OUT-LAW.com

Posted May 20th, 2024 in administrators, company law, insolvency, news, time limits by tracey

‘The administration of a company automatically comes to an end on the first anniversary of its commencement. However, the period can be extended beyond the first anniversary with the consent of the creditors or the court.’

OUT-LAW.com, 17th May 2024

Source: www.pinsentmasons.com

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