Category: insolvency

In re Stanford International Bank Ltd (in liquidation) – WLR Daily

Posted March 2nd, 2010 in appeals, foreign jurisdictions, insolvency, law reports, proceeds of crime by sally

In re Stanford International Bank Ltd (in liquidation) [2010] EWCA Civ 137; [2010] WLR (D) 55

“The centre of main interest of a company, for the purposes of recognition of a foreign main proceeding in cross-border insolvency proceedings, was to be identified by reference to factors which were both objective and ascertainable by third parties, not by applying the head office functions test.”

WLR Daily, 1st March 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.

Byers and others v Yacht Bull Corpn and another – WLR Daily

Posted February 3rd, 2010 in insolvency, jurisdiction, law reports, winding up by sally

Byers and others v Yacht Bull Corpn and another [2010] EWHC 133 (Ch); [2010] WLR (D) 18

“A claim to beneficial ownership of a yacht did not fall within the exception contained in art 1(2)(b) of Council Regulation (EC) No 44/2001 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters so that the Regulation did not apply to ‘proceedings relating to the winding up of insolvent companies’.”

WLR Daily, 2nd February 2010

Source: www.lawreports.co.uk

Lehman Brothers International (Europe) (in administration) v CRC Credit Fund Ltd and others – WLR Daily

Posted December 18th, 2009 in client accounts, insolvency, law reports, trusts by sally

Lehman Brothers International (Europe) (in administration) v CRC Credit Fund Ltd and others [2009] EWHC 3228 (Ch); [2009] WLR (D) 371

“The statutory trust created by Chap 7 of the Clients Assets Sourcebook (‘CASS 7’) issued by the Financial Services Authority (‘FSA’) took effect upon the receipt, rather than upon the segregation, of client money. Pending segregation of client money, a firm was obliged to take reasonable steps to ensure that, in relation to client money mixed in its house account with the firm’s own money, clients’ rights in relation to that client money were not put at risk, and the client money was not used for the firm’s own purposes. Client money outside the firm’s segregated accounts did not form part of the client money pool (‘CMP’).”

WLR Daily, 17th December 2009

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.

Bill clears the way for third party claims against liability insurers – OUT-LAW.com

Posted November 30th, 2009 in insolvency, insurance, news, third parties by sally

“A proposed new law will make it easier and cheaper for people to pursue their claims directly against insurers when the insured becomes insolvent.”

Full story

OUT-LAW.com, 30th November 2009

Source: www.out-law.com

Simpler, cheaper compensation procedure proposed in new Bill – Ministry of Justice

Posted November 24th, 2009 in compensation, insolvency, news by sally

“Making it easier and less expensive to claim compensation from insolvent defendants is the aim of a new Bill put before Parliament today.”

Full story

Ministry of Justice, 23rd November 2009

Source: www.justice.gov.uk

Perpetual Trustee Co Ltd and another v BNY Corporate Trustee Services Ltd and another Butters and others (joint administrators of WW Realisation 8 Ltd and another) v BBC Worldwide Ltd and others – WLR Daily

Posted November 12th, 2009 in contracting out, insolvency, law reports, winding up by sally

Perpetual Trustee Co Ltd and another v BNY Corporate Trustee Services Ltd and another
Butters and others (joint administrators of WW Realisation 8 Ltd and another) v BBC Worldwide Ltd and others [2009] EWCA Civ 1160; [2009] WLR (D) 322

“The anti-deprivation rule, which as a matter of public policy prevented parties from contracting out of the insolvency legislation by removing assets otherwise available for creditors, did not apply to complex contractual provisions by which investors were granted rights over assets derived from their own moneys, rights which were modified when an event of default happened, or to licence termination and share option provisions operative on insolvency which did not contravene the Insolvency Act 1986. The rule did not normally apply to a deprivation completed before the liquidation, bankruptcy or its equivalent occurred.”

WLR Daily, 10th November 2009

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.

4 Eng Ltd v Harper and others (No 2) – WLR Daily

Posted October 28th, 2009 in fraud, insolvency, law reports by sally

4 Eng Ltd v Harper and others (No 2) [2009] EWHC 2633 (Ch); [2009] WLR (D) 307

“Where it was established that the transferor had entered into a transaction at an undervalue for the purpose of defrauding creditors, the nature of any order and the extent of the relief granted by the court under ss 423(2) and 425 of the Insolvency Act 1986 should take into account the mental state of the transferee of property under a relevant transaction, or of any other person against whom an order was sought, and the degree of their involvement in the fraudulent scheme of the debtor/transferor to put assets out of the reach of his creditors.”

WLR Daily, 26th October 2009

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.

Perpetual Trustee Co Ltd v BNY Corporate Trustee Services Ltd and another; Belmont Park Investments Pty Ltd v Same – WLR Daily

Posted July 31st, 2009 in insolvency, law reports, winding up by sally

Perpetual Trustee Co Ltd v BNY Corporate Trustee Services Ltd and another; Belmont Park Investments Pty Ltd v Same [2009] EWHC 1912 (Ch); [2009] WLR (D) 262

 “Although a contractual provision which had the effect of requiring a person who had become insolvent to be deprived of an asset conflicted with the principle that an insolvent’s assets would be available for distribution among his creditors and would generally be unenforceable, the principle did not invalidate contractual provisions which had the effect of prejudicing creditors of a company in the event of insolvency by the actual or effective removal of an asset from the insolvent estate.”

WLR Daily, 30th July 2009

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.

Syska and another v Vivendi Universal SA and others – WLR daily

Posted July 13th, 2009 in arbitration, EC law, insolvency, jurisdiction, law reports by sally

Syska and another v Vivendi Universal SA and others [2009] EWCA Civ 677; [2009] WLR (D) 236

“Where a party to an arbitration reference became insolvent in an EU member state while the arbitration proceedings were pending in another member state, the appropriate law applicable to determine the validity of the agreement to progress the arbitration was the law of the member state where the arbitration was pending.”

WLR Daily, 10th July 2009

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.

Bloom and Others v Harms Offshore AHT “Taurus” and “Magnus” GmbH and Co KG – Times Law Reports

Posted July 10th, 2009 in injunctions, insolvency, jurisdiction, law reports by sally

Bloom and Others v Harms Offshore AHT “Taurus” and “Magnus” GmbH and Co KG

Court of Appeal

“Where creditors of a company in administration had attached property owned by that company in a foreign jurisdiction, the courts had power, in some circumstances, to grant injunctive relief affecting procedures in that foreign jurisdiction.”

The Times, 10th July 2009

Source: www.timesonline.co.uk

In re Stanford International Bank Ltd and others – WLR Daily

Posted July 7th, 2009 in insolvency, jurisdiction, law reports, winding up by sally

“The ‘centre of main interests’ for the purposes of the Cross-Border Insolvency Regulations 2006 must be identified by reference to factors which were both objective and ascertainable by third parties. What was ascertainable by a third party was what was in the public domain and what a typical third party would learn as a result of dealing with the company.”

WLR Daily, 6th July 2009

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 Commissioners v Holland and another – WLR daily

Posted July 6th, 2009 in company directors, insolvency, law reports, misfeasance by sally

Revenue and Customs Commissioners v Holland and another [2009] EWCA Civ 625; [2009] WLR (D) 228

“A human director of a corporate director could in certain circumstances be regarded as a de facto director of the subject company but he would not automatically be so regarded.”

WLR Daily, 3rd July 2009

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.

Bloom and others v Harms Offshore AHT “Taurus” GmbH & Co KG and another – WLR Daily

Posted June 30th, 2009 in injunctions, insolvency, jurisdiction, law reports by sally

Bloom and others v Harms Offshore AHT “Taurus” GmbH & Co KG and another [2009] EWCA Civ 632; [2009] WLR (D) 211

“Where creditors had, in a foreign jurisdiction, attached certain property owned by a company in administration, the comity owed by the courts of different jurisdictions to each other would normally make it inappropriate for the municipal courts to grant injunctive relief affecting procedures in a court of foreign jurisdiction. However, due regard to certain relevant factors, such as the conduct of the creditors against whom the injunction was sought and the circumstances of the attachment, might justify the grant of an injunction.”

WLR Daily, 29th June 2009

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 Dairy Farmers of Britain Ltd – WLR Daily

Posted June 22nd, 2009 in industrial and provident societies, insolvency, law reports, receivers by sally

In re Dairy Farmers of Britain Ltd [2009] EWHC 1389 (Ch); [2009] WLR (D) 201

“Parliament intended that Parts I and II of the Insolvency Act 1986 should not apply to an industrial and provident society (‘IPS’), and there was no reason for adopting a different approach to Part III of the Act, either generally or with specific reference to s 72A of the Act. Further, section 37 in Part III of the Act could have no specific application to receivers of an IPS.”

WLR Daily, 19th June 2009

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.

Gresham International Ltd and others v Moonie and others – WLR Daily

Posted May 26th, 2009 in expenses, insolvency, law reports, liquidators, retrospectivity by sally

Gresham International Ltd and others v Moonie and others [2009] EWHC 1093 (Ch); [2009] WLR (D) 168

“The court had power, under its supervisory role of compulsory winding up and bankruptcy, to make orders that would effectively grant retrospective sanction to a liquidator who had issued proceedings in her name without first obtaining the sanction of the liquidation committee or the Secretary of State, as required under section 167 of the Insolvency Act 1986, notwithstanding that the criteria in r 4.184 (ii) of the Insolvency Rules as to the retrospective ratification of a liquidator’s acts had not been met.”

WLR Daily, 21st May 2009

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.

Bolsover District Council v Dennis Rye Ltd – Times Law Reports

Posted May 19th, 2009 in cross-claims, insolvency, law reports, winding up by sally

Bolsover District Council v Dennis Rye Ltd

Court of Appeal

“A judge hearing a winding-up petition against a company, when faced with a cross-claim by the company against the petitioner, had to consider only whether the evidence before him was sufficient to satisfy him that the company’s cross-claim was not merely arguable but was genuine and serious, and not whether the company should have previously taken action on the cross-claim unless it had a good reason for not doing so.”

The Times, 19th May 2009

Source: www.timesonline.co.uk

Bolsover District council v Dennis Rye Ltd – WLR Daily

Posted May 8th, 2009 in cross-claims, insolvency, law reports, winding up by sally

Bolsover District council v Dennis Rye Ltd; [2009] EWCA Civ 372; [2009] WLR (D) 147

“Where a company served with a winding-up petition contended that it had a cross-claim against the petitioner, the issue for the judge was whether the evidence before him was sufficient to satisfy him that the company’s cross claim was not merely arguable but was genuine and serious, and not whether the company should have previously asserted, litigated or issued proceedings for the cross-claim unless it had a good excuse for not doing so.”

WLR Daily, 7th May 2009

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.

Fraud tempts more directors of insolvent companies – The Times

Posted May 6th, 2009 in company directors, fraud, insolvency, news by sally

“The number of directors of insolvent companies disqualified for financial crime is soaring as the recession takes hold, according to government figures.”

Full story

The Times, 4th May 2009

Source: www.timesonline.co.uk

Secretary of State for Business, Enterprise and Regulatory Reform v Neufeld and Another – Times Law Reports

Posted April 14th, 2009 in company directors, contract of employment, insolvency, law reports, redundancy by sally

Secretary of State for Business, Enterprise and Regulatory Reform v Neufeld and Another

Court of Appeal

“A person who was a majority shareholder and director of a company could also be an employee of that company under a contract of employment, even if he had total control of the company.”

The Times, 10th April 2009

Source: www.timesonline.co.uk

In re Charit-Email Technology Partnership LLP; Vermillion International Investments Ltd v Charit-Email Technology Partnership LLP – WLR Daily

Posted February 18th, 2009 in insolvency, law reports, locus standi, partnerships, winding up by sally

In re Charit-Email Technology Partnership LLP; Vermillion International Investments Ltd v Charit-Email Technology Partnership LLP; [2009] WLR (D) 57

“Although the interests and liabilities of a member of a limited liability partnership were different from those of a contributory to a limited company and those differences might lead to some changes in practice so far as petitions to wind them up were concerned, a person seeking to exercise a right to appear and be heard in court proceedings, whether as creditor or contributory, should at least claim to be a member of the class on whom that right was conferred.”

WLR Daily, 17th February 2009

Source: www.lawreports.co.uk

Please note once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.