“Section 426 of the Insolvency Act 1986 could be used to seek assistance with a view to the enforcement of a money judgment issued in foreign insolvency proceedings, and was not excluded by section 6 of the Foreign Judgments (Reciprocal Enforcement) Act 1933.”
WLR Daily, 9th August 2011
Source: www.iclr.co.uk
Belmont Park Investments Pty v BNY Corporate Trustee Services Ltd [2011] UKSC 38; [2011] WLR (D) 260
“The policy behind the anti-deprivation rule in insolvency law, that parties could not, on bankruptcy, deprive the bankrupt of property which would otherwise be available for creditors, was to be given a commonsense application which prevented its application to bona fide commercial transactions which did not have as their predominant purpose the deprivation of the property of one of the parties on bankruptcy.”
WLR Daily, 27th July 2011
Source: www.iclr.co.uk
“A seven-strong panel of Supreme Court justices has dismissed an attempt by the trustees of Lehman Brothers to recoup £61m from noteholders, by upholding an insolvency law principle that has existed for 200 years.”
The Lawyer, 27th July 2011
Source: www.thelawyer.com
“The administrators of an insolvent company were the officers of the court with statutory powers to exercise their discretion to act for the interests of the creditors as a whole. The court had statutory power to removal and replace the administrators, but it had first to be established by the evidence that there was a good or sufficient ground or cause for the removal and replacement. Only then could the court properly proceed to consider the exercise of its discretion by having regard to all the relevant factors for and against an order for removal, such as the beneficial consequences of success in possible legal proceedings.”
WLR Daily, 21st July 2011
Source: www.iclr.co.uk
“The provisions of the insolvency legislation did not fetter the power of the county court to make a possession order for non-payment of rent against a bankrupt assured tenant or an assured tenant protected by a debt relief order (“DRO”) made under Part 7A of the Insolvency Act 1986 (inserted by section 108(1) of and Schedule 17 to the Tribunals, Courts and Enforcement Act 2007) , although the court could not make an order for payment of unpaid rent against a bankrupt’s estate. Although the moratorium under a debt protection order rendered it unreasonable to make a suspended possession order conditional on paying off past debt, the county court had jurisdiction to make such an order conditional on payment of the current rent.”
WLR Daily, 15th July 2011
Source: www.iclr.co.uk
“Rule 7.55 of the Insolvency Rules 1986 could not be used by the court to waive defects of a relatively technical nature in the out of court appointment of administrators and such a change should only be brought about by legislation.”
WLR Daily, 30th June 2011
Source: www.iclr.co.uk
Panter v Rowellian Football Social Club and others [2011] EWHC 1301 (Ch); [2011] WLR (D) 170
“Paragraph 111(1A)(c) of Schedule B1 to the Insolvency Act 1986, as inserted, applied to companies which were incorporated in states outside the European Economic Area and it did not apply to entities that were not incorporated at all.”
WLR Daily, 20th May 2011
Source: www.iclr.co.uk
Please note that once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.
Regina v Taylor (George Charles) [2011] EWCA Crim 728; [2011] WLR (D) 108
“Records kept on computer that affected or related to a company’s property or affairs were within the composite expression ‘book or paper affecting or relating to the company’s property or affairs’ within section 206(1)(c) of the Insolvency Act 1986.”
WLR Daily, 25th March 2011
Source: www.iclr.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
“A company was ‘deemed to be unable to pay its debts’ within section 123(2) of the Insolvency Act 1986 when the amount of its liabilities, taking into account its contingent and prospective liabilities, exceeded the value of its assets to such an extent that the company had reached the point of no return, and if it continued to use its cash or other assets for current purposes it would amount to a fraud on future or contingent creditors.”
WLR Daily, 8th March 2011
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.
“A provision of national law which excluded an employee from entitlement under the guarantee of payment of employees’ outstanding claims in the event of their employer’s insolvency, on the ground that the employee within the six months preceding the application for a declaration of insolvency had been the owner of an essential part of the undertaking or business concerned and had had a considerable influence on it activities, was compatible with Parliament and Council Directive 2008/94/EC relating to the protection of employees in the event of the insolvency of their employer.”
WLR Daily, 14th February 2011
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.
“Liabilities arising from the financial support direction (‘FSD’) regime created by the Pensions Act 2004 upon companies in administration or liquidation were payable as a liquidation or administration expense.”
WLR Daily, 13th December 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
Revenue and Customs Comrs v Maxwell and another [2010] EWCA Civ 1379; [2010] WLR (D) 219
“The amount of a creditor’s claim against a company in administration and the characterisation of the company’s debt to the creditor were to be assessed under r 2.38(4) and (5) of the Insolvency Rules 1986 at the date of the administration, not the date of the creditors’ meeting, but the chairman’s powers of quantification under rr 2.39(1) and (3) and 2.38(5) were to be exercised taking into account events which had occurred since the administration.”
WLR Daily, 8th December 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.
“A director of a corporate director of a company was not a de facto director of that company, who was thereby liable for the misuse of its assets, if his acts were done entirely within the ambit of the discharge of his duties and responsibilities as a director of the corporate director.”
WLR Daily, 24th November 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.
“A local authority which had obtained a liability order in respect of unpaid council tax and which wished to enforce it by way of insolvency proceedings was not obliged to do so within six years of granting of the order, since the presentation of winding up petitions in respect of sums due under liability orders for unpaid council tax were not within the scope of s 9 of the Limitation Act 1980.”
WLR Daily, 22nd October 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.
“Considerations that the institution of proceedings for relief under s 244 of the Insolvency Act 1986 in respect of a transaction to which the company was a party was extortionate when the issue was only triable and the consequences of thereby rescuing the company less than reasonably practicable were relevant to the existence or otherwise of good reason to remove the administrators under para 88 of Sch B1 to the Act but were not themselves sufficient to preclude good or sufficient reason.”
WLR Daily, 14th October 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.
“The requirement in s 123(2) of the Insolvency Act 1986 to ‘[take] into account [the company’s] contingent and prospective liabilities’ when determining whether the value of the company’s assets was less than the amount of its liabilities could not require such liabilities to be aggregated at their face value with debts presently due, nor require the conversion of prospective liabilities denominated in some currency other than sterling into sterling at the present spot rate.”
WLR Daily, 3rd August 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.
Mond and another v MBNA Europe Bank Ltd [2010] EWHC 1710 (Ch); [2010] WLR (D) 190
“Clause 13.2 of the IVA Protocol, as well as clause 13.1, should not be construed as permitting a creditor bound by the Protocol to vote against an individual voluntary arrangement (‘IVA’) proposal only if he has good reason to do so.”
WLR Daily, 16th July 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.
Brazzill and others v Willoughby and others [2010] EWCA Civ 561; [2010] WLR (D) 140
“A segregated trust account was held on trust for all account holders of a bank in respect of whose deposits should have been made into the account in accordance with a notice served by the Financial Services Authority (‘FSA’) and was not limited to those account holders in respect of whose accounts payments were in fact made into the account. ‘Deposits’ had its regulatory meaning which meant it was limited to regulated depositors only.”
WLR Daily, 28th May 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.
In re Kaupthing Singer & Friedlander Ltd (in administration) [2010] EWCA Civ 518; [2010] WLR (D) 119
In re Frankice (Golders Green) Ltd and others; [2010] WLR (D) 118
“The words ‘legal process’ in para 43(6) of Sch B1 to the Insolvency Act 1986 meant something with a defined beginning and an ascertainable outcome, involving the compulsive power of the law, which, in the interim, was governed by a recognisable procedure which was legal or quasi-legal in nature.”
WLR Daily, 10th May 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.
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