Category: insolvency

In re MF Global UK Ltd (No 4) (in special administration); Heis and others v Attestor Value Master Fund LP and another – WLR Daily

Posted September 2nd, 2013 in administrators, breach of trust, contracts, insolvency, law reports by sally

In re MF Global UK Ltd (No 4) (in special administration); Heis and others v Attestor Value Master Fund LP and another [2013] EWHC 2556 (Ch); [2013] WLR (D) 339

“For the purposes of the client money rules and the client money distribution rules contained in the Client Assets Sourcebook, CASS 7 and 7A a client’s contractual claim and the amount for which it might prove in respect of such claim fell to be reduced by the amount of any actual or anticipated distribution from the client money pool. The client could not prove for both a claim resulting from a shortfall in the client money trust and the balance of its contractual claim where the shortfall claim did not exceed the contractual claim. However, the rule against double proof did not prevent a claim by a client in respect of a shortfall in payment of its client money entitlement to the extent that it exceeded its contractual claim or in a case where the client had no contractual claim.”

WLR Daily, 16th August 2013

Source: www.iclr.co.uk

Separate extensions to software licensing deal transferred in liquidation deemed valid and invalid by High Court – OUT-LAW.com

Posted August 20th, 2013 in computer programs, contracts, insolvency, licensing, news, time limits by sally

“A software licensing arrangement transferred as a result of a voluntary liquidation continued to apply for six months beyond the end of the initial contract period but an additional longer extension to that contract could not be implied, the High Court has ruled.”

Full story

OUT-LAW.com, 20th August 2013

Source: www.out-law.com

In re Southern Pacific Personal Loans Ltd; Oakley Smith and another v Information Commissioner – WLR Daily

Posted August 14th, 2013 in data protection, insolvency, law reports, loans, statutory interpretation by sally

In re Southern Pacific Personal Loans Ltd; Oakley Smith and another v Information Commissioner [2013] EWHC 2485 (Ch); [2013] WLR (D) 336

“Joint liquidators of a company were not data controllers within the meaning of section 1(1) of the Data Protection Act 1998 in respect of data processed by the company prior to its liquidation.”

WLR Daily, 8th August 2013

Source: www.iclr.co.uk

Bilta (UK) Ltd (in liquidation) and others v Nazir and others (No 2) – WLR Daily

Posted August 6th, 2013 in appeals, extraterritoriality, fraudulent trading, insolvency, law reports, news, winding up by sally

Bilta (UK) Ltd (in liquidation) and others v Nazir and others (No 2) [2013] EWCA Civ 968; [2013] WLR (D) 333

“The knowledge of a fraud perpetrated by a director by means of a company was not to be attributed to that company when it sought to recover losses which the company itself had suffered as a result of the fraud, even where the director was the sole director and shareholder of the company. In those circumstances the director could not rely on the maxim ex turpi causa non oritur actio to defeat the claim.”

WLR Daily, 31st July 2013

Source: www.iclr.co.uk

High Court ruling establishes certainty for members of underfunded pension schemes on company insolvency, says expert – OUT-LAW.com

Posted August 5th, 2013 in administrators, debts, insolvency, news, pensions by sally

“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.”

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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

Posted July 31st, 2013 in administrators, debts, expenses, insolvency, news, pensions by sally

“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

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

Posted July 29th, 2013 in administrators, contribution, debts, expenses, insolvency, law reports, pensions by sally

In the matter of the Nortel Companies; In the matter of the Lehman Companies; In the matter of the Lehman Companies No 2 [2013] UKSC 52 (YouTube)

Supreme Court, 24th July 2013

Source: www.youtube.com/user/UKSupremeCourt

In re Portsmouth City Football Club Ltd (in liquidation); Neumans LLP (a firm) v Andronikou and others – WLR Daily

Posted July 25th, 2013 in appeals, expenses, fees, insolvency, law firms, law reports, sport by sally

In re Portsmouth City Football Club Ltd (in liquidation); Neumans LLP (a firm) v Andronikou and others: [2013] EWCA Civ 916; [2013] WLR (D) 301

“Where solicitors had acted for a company in connection with its opposition to a winding up petition but had ceased to act for the company by the time the company went into out of court administration, the court had no power under the Insolvency Rules 1986 or under the inherent jurisdiction of the court to direct that fees which the company owed to the solicitors were an expense of the administration.”

WLR Daily, 24th July 2013

Source: www.iclr.co.uk

In re Nortel GmbH (in administration) and related companies; In re Lehman Brothers International (Europe) (in administration) and related companies (Nos 1 and 2) – WLR Daily

Posted July 25th, 2013 in expenses, insolvency, law reports, pensions by sally

In re Nortel GmbH (in administration) and related companies; In re Lehman Brothers International (Europe) (in administration) and related companies (Nos 1 and 2): [2013] UKSC 52; [2013] WLR (D) 300

“A company’s liabilities arising from financial support directions or contribution notices issued by the Pensions Regulator under the Pensions Act 2004 after the company had gone into administration, which required the company to put in place financial support for an occupational pension scheme, did not rank as an expense of the administration under rule 2.67(1)(f) of the Insolvency Rules 1986. However, where by the date on which the company went into administration it had for the preceding two years been vulnerable to a liability under a pension scheme, that liability was an obligation which ranked in the administration as a provable debt of the company.”

WLR Daily, 24th July 2013

Source: www.iclr.co.uk

Nortel decision restores claims by the Pensions Regulator to position envisaged by Parliament, expert says – OUT-LAW.com

Posted July 25th, 2013 in debts, insolvency, news, pensions by sally

“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.”

Full story

OUT-LAW.com, 24th July 2013

Source: www.out-law.com

Supreme Court to rule on pension scheme insolvency ranking next week – OUT-LAW.com

Posted July 23rd, 2013 in insolvency, news, pensions, Supreme Court by sally

“The UK’s highest court will rule on whether an insolvent company’s pension schemes can take priority over other company debts on Wednesday, according to its website.”

Full story

OUT-LAW.com, 19th July 2013

Source: www.out-law.com

Courts could force directors to compensate creditors, under Government plans – OUT-LAW.com

Posted July 16th, 2013 in company directors, compensation, consultations, disqualification, insolvency, news by sally

“Courts could be given the power to order disqualified company directors to compensate creditors who have lost money as a result of their actions, under plans being considered by the Government.”

Full story

OUT-LAW.com, 16th July 2013

Source: www.out-law.com

Game “rent on administration” case to be fast-tracked to the Court of Appeal – OUT-LAW.com

Posted July 3rd, 2013 in administrators, appeals, expenses, insolvency, landlord & tenant, news, rent by sally

“Landlords pursuing the administrators of Game for millions of pounds in rent that went unpaid while the retailer was insolvent will have their case fast-tracked to the Court of Appeal, according to press reports.”

Full story

OUT-LAW.com, 2nd July 2013

Source: www.out-law.com

Directors’ duties – A practical guide for insolvency practitioners – 11 Stone Buildings

Posted June 18th, 2013 in company directors, company law, insolvency, news by sally

“In this note Marcia Shekerdemian takes a closer look at the statutory codification of directors’ duties under the Companies Act 2006 (‘CA’) by reference to key case law, making this a highly practical guide for IPs who are considering bringing misfeasance claims under section 212 of the Insolvency Act 1986 (‘IA’).”

Full story (PDF)

11 Stone Buildings, June 2013

Source: www.11sb.com

In re MF Global UK Ltd (in special administration) (No 3); MF Global UK Ltd (in special administration) v Heis and others – WLR Daily

Posted June 18th, 2013 in administration orders, administrators, insolvency, law reports, trusts by sally

In re MF Global UK Ltd (in special administration) (No 3); MF Global UK Ltd (in special administration) v Heis and others [2013] EWHC 1655 (Ch); [2013] WLR (D) 236

“The court had an inherent jurisdiction to give such directions as would enable the administrators of a regulated investment firm, holding client money under rules imposing a statutory trust, to put in place a client money distribution procedure for dealing with rejected claims and unknown claims which could provide a degree of certainty and protection and ensure a timely return of client money.”

WLR Daily, 14th June 2013

Source: www.iclr.co.uk

Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA – WLR Daily

Posted June 13th, 2013 in appeals, company law, EC law, insolvency, jurisdiction, law reports, news, winding up by sally

Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA [2013] EWCA Civ 643; [2013] WLR (D) 227

“The definition of ‘establishment’ in article 2(h) of Council Regulation (EC) 1346/2000 was to be applied with care where one was seeking to determine whether jurisdiction lay for a secondary winding up of a primarily foreign-based company.”

WLR Daily, 6th June 2013

Source: www.iclr.co.uk

In re GP Aviation Group International Ltd (in liquidation) – WLR Daily

Posted June 13th, 2013 in appeals, insolvency, law reports, liquidators by sally

In re GP Aviation Group International Ltd (in liquidation) [2013] EWHC 1447 (C; [2013] WLR (D) 223

“A bare right to appeal was not property within the meaning of section 436 of the Insolvency Act 1986.”

WLR Daily, 4th June 2013

Source: www.iclr.co.uk

Hunt v Conwy County Borough Council – WLR Daily

Posted June 3rd, 2013 in bankruptcy, housing, insolvency, law reports, local government, statutory interpretation by sally

Hunt v Conwy County Borough Council [2013] EWHC 1154 (Ch); [2013] WLR (D) 205

“It was open to the court to entertain an application under section 320(2)(c) to vest a dwelling in its occupants notwithstanding that the applicant occupied only part of the disclaimed property as his dwelling house and it was open to the court, on such an application, to make an order relating to only a part of the disclaimed property.”

WLR Daily, 8th May 2013

Source: www.iclr.co.uk

In re Tambrook Jersey Ltd; HSBC Bank plc v Tambrook Jersey Ltd – WLR Daily

Posted May 24th, 2013 in appeals, insolvency, Jersey, jurisdiction, law reports by sally

In re Tambrook Jersey Ltd: HSBC Bank plc v Tambrook Jersey Ltd: [2013] EWCA 576; [2013] WLR (D) 193

“The English court could ‘assist’ a foreign insolvency court for the purposes of section 426(4) of the Insolvency Act 1986 where there were no existing insolvency proceedings in the foreign jurisdiction.”

WLR Daily, 22nd May 2013

Source: www.iclr.co.uk

Disclaimers and discretionary vesting orders – A piercing reminder – 11 Stone Buildings

Posted May 21st, 2013 in appeals, housing, insolvency, news by sally

LexisNexis asked David Nicholls to consider the court’s discretion to make a vesting order in light of the recent case Hunt and another v Conwy County Borough Council [2013] All ER (D) 101 (May) in the Chancery Division.”

Full story (PDF)

11 Stone Buildings, 15th May 2013

Source: www.11sb.com