“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.”
OUT-LAW.com, 28th May 2012
Source: www.out-law.com
“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 [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
“More football clubs in England may go into administration in the next few years if football authorities elect to fine clubs for spending beyond their means, a sports law expert has said.”
OUT-LAW.com, 27th April 2012
Source: www.out-law.com
F-Tex SIA v Lietuvos-Anglijos UAB „Jadecloud-Vilma“; (Case C-213/10); [2012] WLR (D) 123
“Where a liquidator assigned a claim to have a transaction set aside derived from the national law applicable to the insolvency proceedings, the claim subsequently made by the assignee against a third party to have the transaction set aside came within the concept of ‘civil and commercial matters’ within the meaning of article 1(1) of Council Regulation (EC) No 44/2001 of 22 December 2000 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (OJ 2001 L12, p1) and was no longer covered by the exception in article 2(b) for insolvency proceedings.”
WLR Daily, 19th April 2012
Source: www.iclr.co.uk
“On 23 February 2012, with surprisingly little fanfare, the Chancellor of the High Court issued a new Insolvency Practice Direction (PD 2012). PD 2012 came into force with immediate effect. It not only replaces the existing practice direction (PD 1999) but also ‘all previous Practice Directions, Practice Statements and Practice Notes’ relating to insolvency proceedings.”
Hardwicke Chambers, 29th March 2012
Source: www.hardwicke.co.uk
BESTrustees plc v Kaupthing Singer & Friedlander Ltd [2012] EWHC 629 (Ch); [2012] WLR (D) 84
“Where an insolvency event had occurred in relation to an employer, thereby triggering a calculation of the deficiencies in the assets of a pension fund under section 75 of the Pensions Act 1995, the time at which both the value of the pension scheme assets and the cost of the notional acquisition of annuities in the market to match its liabilities should be assessed was the ‘applicable time’ within the meaning of regulation 5 of the Occupational Pension Schemes (Employer Debt) Regulations 2005, which, in the form which the regulation 5 had taken as at 8 October 2008, was the date of the insolvency event.”
WLR Daily, 16th March 2012
Source: www.iclr.co.uk
“The ‘client money pool’ to be distributed among former clients of Lehman Brothers’ London affiliate was not limited to money which had been placed in segregated client accounts, as required by the Financial Services Authority, but extended to identifiable client money which the company had failed to segregate and had retained in its own house accounts. The pool was to be distributed rateably among all clients who had a contractual entitlement to have money segregated and not just those in whose favour segregation had actually occurred.”
WLR Daily, 29th February 2012
Source: www.iclr.co.uk
Cartwright and another v Registrar of Companies: [2012] EWHC 359 (Ch); [2012] WLR (D) 48
“Where a company’s administrators sent notice to the registrar of companies to place the company into voluntary liquidation, and the notice was sent and received by the registrar before the termination of the administration, but the administrative steps to bring about that registration occurred after the end of administration, paragraph 83(4) of Schedule 1B to the Insolvency Act 1986 should be interpreted as requiring registration with effect from the day of receipt. The phrases in paragraph 83(6) ‘on the registration of a notice’ and ‘on the day on which the notice is registered’ were treated as references to the effective date of registration, ie the date of receipt of the notice.”
WLR Daily, 24th February 2012
Source: www.iclr.co.uk
“October last year saw the decision of the Court of Appeal in litigation arising from the administrations of Nortel and Lehman Brothers (Re Nortel GMBH [2011] EWCA Civ 1124). The case concerned the treatment of contribution notices from the Pensions Regulator by the administrators. However, for those who ventured beyond mention of the Pensions Regulator, the decision contains a useful review of the law pertaining to whether liabilities fall as provable debts or expenses of the insolvency process.”
Hardwicke Chambers, 8th February 2012
Source: www.hardwicke.co.uk
Schmitt v Deichmann and others [2012] EWHC 62 (Ch); [2012] WLR (D) 8
“The court had an inherent jurisdiction under the common law to permit the statutory power under section 423 of the Insolvency Act 1986, preventing transactions defrauding creditors, to be applied to a foreign administrator not falling within the express scope of the 1986 Act.”
WLR Daily, 23rd January 2012
Source: www.iclr.co.uk
Spaceright Europe Ltd v Baillavoine and another: [2011] EWCA Civ 1565; [2011] WLR (D) 369
“The company administrator’s dismissal of a company employee when it had gone into administration could be for a reason connected with the transfer of a business, for the purposes of regulation 7(1) of the Transfer of Undertakings (Protection of Employment) Regulations 2006, and constituted an automatic dismissal of the employee, even if the disposal of the business and assets and the identity of the transferee had not been in contemplation at the time of that dismissal.”
WLR Daily, 14th December 2011
Source: www.iclr.co.uk
In re Bezier Acquisitions Ltd [2011] EWHC 3299 (Ch); [2011] WLR (D) 362
“Rule 2.8 of the Insolvency Rules 1986 did not provide a complete and exhaustive code as to service of a notice of intention to appoint administrators.”
WLR Daily, 12th December 2011
Source: www.iclr.co.uk
“A high court judge has been asked to take action against a football industry debt rule described as revealing ‘the ugly side of the beautiful game’.”
The Guardian, 30th November 2011
Source: www.guardian.co.uk
“The term ‘centre of a debtor’s main interests’ in article 3(1) of Council Regulation (EC) No 1346/2000 was to be interpreted by reference to European Union law, which attached greater importance to the place of the company’s central administration, in particular the place of its registered office. Where a company’s registered office was transferred before the lodging of a request to open insolvency proceedings, its centre of main activities was presumed to be the place of its new registered office.”
WLR Daily, 20th October 2011
Source: www.iclr.co.uk
“The policy aim behind the legislation governing insolvency is that of facilitating the so-called ‘rescue culture’ by making insolvent employers more attractive to prospective purchasers. The policy aim behind employment protection legislation is to provide valuable rights for employees. It is unsurprising that, when these two policy aims collide, problems arise.”
Full story (PDF)
11 KBW, 10th November 2011
Source: www.11kbw.com
Fenland District Council v Sheppard and others [2011] EWHC 2829 (Ch); [2011] WLR (D) 316
“In making a vesting order, pursuant to section 320 of the Insolvency Act 1986, in favour of a statutory chargee whose charge ranked in priority to the mortgagees’ charge over the property, the court was not bound to set aside the mortgagees’ charge where the mortgagees did not themselves apply for a vesting order. Such an order would not effectively benefit only the mortgagees by extinguishing the statutory charge if it could be shown that the statutory chargee intended to preserve the benefit of its charge, or that the extinguishment of its charge would be against the statutory chargee’s interests, in which case there would be a presumption against extinguishment.”
WLR Daily, 3rd November 2011
Source: www.iclr.co.uk
“The Court of Appeal heard joined appeals considering the impact of insolvency on the right to make an order for possession and order for money judgment. Sharples concerned a possession claim brought under Ground 8 Housing Act 1988 (a mandatory ground for possession) and was a case in which the tenant had become bankrupt. Godfrey was a case in which possession was sought on discretionary grounds and the court of first instance had made a suspended possession order on terms of repayment of the arrears and granted money judgment; the order was made although the arrears were included within a debt relief order ‘DRO’.”
Hardwicke Chambers, 28th October 2011
Source: www.hardwicke.co.uk
In re Kaupthing Singer and Friedlander Ltd [2011] UKSC 48; [2011] WLR (D) 297
“The equitable rule which prevented a person sharing in a fund while his debts to the fund were unpaid was trumped by the rule against double proof in a suretyship situation.”
WLR Daily, 19th October 2011
Source: www.iclr.co.uk
“Neither the obligation to comply with a financial support direction issued by the Pensions Regulator under section 43 of the Pensions Act 2004 nor the obligation to pay the trustees of the relevant occupational pension scheme the sum specified in a contribution notice issued under section 47 of the 2004 Act, following non-compliance with the direction, constituted a provable debt in an administration or liquidation within the meaning of rule 13.12 of the Insolvency Rules 1986 where the direction was issued after the commencement of the insolvency process; such obligations ranked instead as an expense of the administration or liquidation.”
WLR Daily, 14th October 2011
Source: www.iclr.co.uk
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