Category: insolvency

Enforcement of foreign insolvency judgments in England and Wales ~ Rubin, New Cap and beyond – 11 Stone Buildings

Posted February 7th, 2013 in enforcement, insolvency, judgments, jurisdiction, news, Supreme Court by sally

“After the euphoria engendered by the Court of Appeal judgments in Rubin v Eurofinance SA and New Cap Reinsurance v Grant, the longawaited judgment of the Supreme Court which was handed down on 23 October 2012, has left the insolvency profession scratching its collective head. Lexa Hilliard QC takes a closer look at the judgment and explains why its reasoning is not entirely convincing.”

Full story (PDF)

11 Stone Buildings, January 2013

Source: www.11sb.com

COMI, bankruptcy tourism and forum shopping – 11 Stone Buildings

Posted February 7th, 2013 in bankruptcy, choice of forum, insolvency, jurisdiction, news by sally

“The UK Bankruptcy Courts have become the destination of choice for foreign debtors leading to ‘bankruptcy tourism’ and forum shopping. Why is this the case and is it ever safe to travel? Marcia Shekerdemian sets the scene, examines this phenomenon and puts a few cases under the insolvency microscope.”

Full story (PDF)

11 Stone Buildings, February 2013

Source: www.11sb.com

In re MF Global UK Ltd (in special administration) Heis and others v Attestor Value Master Fund LP and another – WLR Daily

Posted January 31st, 2013 in administration orders, financial regulation, insolvency, law reports by sally

In re MF Global UK Ltd (in special administration); Heis and others v Attestor Value Master Fund LP and another [2013] EWHC 92 (Ch); [2013] WLR (D) 30

“The hindsight principle was not applicable to the determination of claims to client money for the purposes of a distribution under Chapter 7A of the Client Assets Sourcebook (‘CASS 7A’) issued by the Financial Services Authority in accordance with its powers under Part X of the Financial Services and Markets Act 2000.”

WLR Daily, 29th January 2013

Source: www.iclr.co.uk

Gift vouchers ~ Can consumer protection be tightened? – 11 Stone Buildings

Posted January 28th, 2013 in consumer protection, insolvency, news by sally

“The selling of gift vouchers by distressed retailers such as Comet, Jessops and HMV, in the run up to going into administration has been the subject of much adverse comment in the media in recent weeks. Consumers always seem to be pulling the short straw. Why is this and can anything be done to protect their position better?”

Full story

11 Stone Buildings, January 2013

Source: www.11sb.com

Bank Handlowy w Warszawie SA and another v Christianapol sp z oo – WLR Daily

Posted November 26th, 2012 in EC law, insolvency, jurisdiction, law reports, winding up by sally

Bank Handlowy w Warszawie SA and another v Christianapol sp z oo (Case C-116/11); [2012] WLR (D) 340

“On the proper interpretation of Council Regulation (EC) No 1346/2000, it was for the national law of the member state in which insolvency proceedings had been opened to determine at which moment the closure of those proceedings occurred. Where proceedings had a protective purpose, it was permissible to open secondary insolvency proceedings in the member state in which the debtor had an establishment. The court before which an application to have secondary insolvency proceedings opened had been made, could not examine the insolvency of a debtor against which main proceedings had been opened in another member state, even where the latter proceedings had a protective purpose.”

WLR Daily, 22nd November 2012

Source: www.iclr.co.uk

McRoberts v McRoberts – WLR Daily

Posted November 7th, 2012 in bankruptcy, divorce, family courts, insolvency, law reports by sally

McRoberts v McRoberts [2012] EWHC 2966 (Ch); [2012] WLR (D) 305

“If review or modification of an obligation imposed in matrimonial proceedings was not within the jurisdiction of the matrimonial courts under the Matrimonial Causes Acts, then s 281(5) of the Insolvency Act 1986 should not be deployed to supply some additional basis of review. When exercising its discretion under s 281(5) to release a bankrupt from bankruptcy debt, the question the court had to ask was whether, accepting that the obligation’s imposition was justified, there was any real prospect of it being satisfied now or in the future and whether its release was necessary to enable or at least substantially assist the discharged bankrupt to re-establish himself.”

WLR Daily, 1st November 2012

Source: www.iclr.co.uk

In re MF Global UK Ltd (in special administration); Heis and others v MF Global Inc – WLR Daily

Posted November 6th, 2012 in administrators, insolvency, law reports by sally

In re MF Global UK Ltd (in special administration); Heis and others v MF Global Inc [2012] EWHC 3068 (Ch); [2012] WLR (D) 304

“The appointment of an investment bank administrator under the Investment Bank Special Administration Regulations 2011 was not analogous to the appointment of a liquidator.”

WLR Daily, 1st November 2012

Source: www.iclr.co.uk

Supreme Court ruling on foreign insolvency judgments “goes against global nature of business” says expert – OUT-LAW.com

Posted October 29th, 2012 in appeals, enforcement, foreign jurisdictions, insolvency, news, Supreme Court by sally

“Insolvency cases should not be treated differently to other cases when it comes to deciding what foreign judgments can be enforced in the UK, the Supreme Court has said.”

Full story

OUT-LAW.com, 26th October 2012

Source: www.out-law.com

Governor & Company of the Bank of Ireland and another v Colliers International UK plc (in administration) and others – WLR Daily

Posted October 26th, 2012 in administrators, insolvency, jurisdiction, law reports, retrospectivity by tracey

Governor & Company of the Bank of Ireland and another v Colliers International UK plc (in administration) and others: [2012] EWHC 2942 (Ch);   [2012] WLR (D)  288

“The court had jurisdiction under paragraph 43(6) of Schedule B1 to the Insolvency Act 1986 to give permission retrospectively to institute legal proceedings against a company in administration.”

WLR daily, 24th October 2012

Source: www.iclr.co.uk

Care home chains face extra regulation – The Guardian

Posted October 26th, 2012 in care homes, insolvency, news by tracey

“Leading care home chains and providers of care for people in their own homes are to face new controls following the collapse of Southern Cross, the biggest company in the sector.”

Full story

The Guardian, 25th October 2012

Source: www.guardian.co.uk

In re Euromaster Ltd – WLR Daily

Posted September 7th, 2012 in administrators, insolvency, law reports, time limits by tracey

In re Euromaster Ltd: [2012] EWHC 2356 (Ch);   [2012] WLR (D)  258

“If the appointment of an administrator was made in breach of the restriction in paragraph 28(2) of Schedule B1 to the Insolvency Act 1986, the appointment was irregular, but valid. In the case of an irregular (as opposed to a void) appointment of administrators the position was governed by rule 7.55 of the Insolvency Rules 1986.”

WLR Daily, 10th August 2012

Source: www.iclr.co.uk

Cartwright and another v Registrar of Companies – WLR Daily

Posted August 30th, 2012 in administration orders, appeals, conversion, insolvency, law reports, notification by tracey

Cartwright and another v Registrar of Companies: [2012] EWCA Civ 1159;   [2012] WLR (D)  255

“The date on which the administration of a company was converted into a creditors’ voluntary liquidation was the date on which the registrar of companies registered the conversion notice on the company’s file at Companies House, not the date the registrar received the notice sent by the administrators, on the true construction of paragraph 83 of Schedule B1 to the Insolvency Act 1986 as inserted. The administrators’ term of office was in general automatically extended if a conversion notice under paragraph 83 was duly filed.”

WLR Daily, 24th August 2012

Source: www.iclr.co.uk

Court does not clear up confusion over ‘deficient’ legislation, says expert – OUT-LAW.com

Posted August 6th, 2012 in administrators, courts, floating charges, insolvency, interpretation, legislation, news by sally

“A recent High Court decision which appears to confirm that the failure to serve notice of intention to appoint an administrator on the relevant company does not invalidate the appointment leaves unanswered questions, a restructuring law expert has said.”

Full story

OUT-LAW.com, 6th August 2012

Source: www.out-law.com

Bilta (UK) Ltd (in liquidation) and others v Nazir and others – WLR Daily

Posted August 1st, 2012 in extraterritoriality, fraudulent trading, insolvency, law reports, winding up by sally

Bilta (UK) Ltd (in liquidation) and others v Nazir and others [2012] EWHC 2163 (Ch); [2012] WLR (D) 236

“Section 213 of the Insolvency Act 1986 had extraterritorial effect. Sir Andrew Morritt C so held in the Chancery Division when dismissing the application by the sixth defendant Jetivia SA (‘Jetivia’), a company incorporated in Switzerland, and the seventh defendant, its sole director Urs Brunschweiler (‘B’), seeking orders that the claim by the second and third claimants, Kevin John Hellard and David Anthony Ingram, the liquidators of the first claimant, Bilta (UK) Ltd (‘Bilta’), alleging that the defendants had conspired to injure and defraud Bilta and were knowingly parties to the carrying on of the business of Bilta with intent to defraud the creditors of Bilta and other fraudulent purposes, should be summarily dismissed. Save for the ninth defendant, only Jetivia and B were now participating in the proceedings.”

WLR Daily, 30th July 2012

Source: www.iclr.co.uk

Human Rights When Seeking Possession and Sale of a Bankrupt’s Home: Anything to Fear? – Hardwicke Chambers

Posted July 31st, 2012 in bankruptcy, human rights, insolvency, news, repossession by sally

“For many insolvency practitioners (in the wider sense), the European Convention on Human Rights (‘ECHR’) and the Human Rights Act 1998 (‘HRA’) are pieces of legislation having little impact upon day to day insolvency practice.”

Full story

Hardwicke Chambers, 27th July 2012

Source: www.hardwicke.co.uk

What are your rights when employers don’t pay up? – The Guardian

Posted June 28th, 2012 in contract of employment, employment, insolvency, news, remuneration by sally

“The issue of not getting your salary paid has been in the news as a result of the problems at NatWest, but while those employees will eventually get their cash, some employees never do. So what are your legal rights if an employer does not pay you for work you have done?”

Full story

The Guardian, 28th June 2012

Source: www.guardian.co.uk

Revenue and Customs Commissioners v Football League Ltd (Football Association Premier League Ltd intervening) – WLR Daily

Posted May 31st, 2012 in insolvency, law reports, sport by tracey

Revenue and Customs Commissioners v Football League Ltd (Football Association Premier League Ltd intervening): [2012] EWHC 1372 (Ch);  [2012] WLR (D)  163

“The ‘football creditor rule’ under which football creditors, such as the club’s players and managers, were paid in full in priority to other creditors did not offend either the pari passu principle or the anti-deprivation rule.”

WLR Daily, 25th May 2012

Source: www.iclr.co.uk

Upheld football creditors’ rule “becoming increasingly outdated”, expert says – OUT-LAW.com

Posted May 28th, 2012 in debts, insolvency, news, penalties, sport by sally

“The controversial rule allowing the Football League and Premier League to insist that football players, managers and other clubs get paid before other creditors if a football club enters administration will ‘likely become an irrelevance’ as penalties against insolvent teams become more sophisticated, according to an expert.”

Full story

OUT-LAW.com, 28th May 2012

Source: www.out-law.com

In re MK Airlines Ltd (in liquidation); MK Airlines Property Ltd (in administration) v Katz and another – WLR Daily

Posted May 18th, 2012 in administrators, insolvency, law reports, leases, rent by sally

In re MK Airlines Ltd (in liquidation); MK Airlines Property Ltd (in administration) v Katz and another [2012] WLR (D) 147

“Arrears of rent due during the provisional liquidation period were to be treated as an expense of the liquidation and payable in priority to most other liquidation expenses.”

WLR Daily, 16th May 2012

Source: www.iclr.co.uk

Bootes and others v Ceart Risk Services Ltd – WLR Daily

Posted May 9th, 2012 in administrators, financial regulation, insolvency, law reports by sally

Bootes and others v Ceart Risk Services Ltd [2012] EWHC 1178 (Ch); [2012] WLR (D) 136

“A failure to comply with section 362A of the Financial Services and Markets Act 2000 in the appointment of administrators did not necessarily invalidate that appointment irreparably.”

WLR Daily, 25th April 2012

Source: www.iclr.co.uk