Category: insolvency

Wife in one of Britain’s largest-ever divorce cases succeeds in latest enforcement action against her former husband – Family Law

Posted March 12th, 2020 in divorce, financial provision, freezing injunctions, insolvency, joinder, jurisdiction, news by tracey

‘In this article, we look at the recent decision in the ongoing and highly publicised divorce case of Akhmedova v Akhmedov. This decision is the latest in a long run of enforcement cases brought by the wife against her former husband, who, in 2016, was ordered to pay her one of the largest reported financial settlements in England. While the judge was critical of the husband’s reorganisation of his assets to put and keep them beyond the wife’s reach, this is not the end of the road for this case. This judgment is simply another stepping-stone towards the wife realising the award she is entitled to.’

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Family Law, 11th March 2020

Source: www.familylaw.co.uk

Case highlights need for certainty in out of hours administration appointments – OUT-LAW.com

Posted March 9th, 2020 in administrators, chambers articles, company directors, electronic filing, insolvency, news, time limits by tracey

‘The High Court ruled that it is not permissible for a notice of appointment of administrators by the directors of a company to be e-filed out of court hours. The court ruled that the defect was curable and that the appointment took effect at the time the court opened for business the next working day. This judgment adds to the growing number of conflicting cases about the validity and time of the appointment when notices are e-filed out of hours.

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OUT-LAW.com, 6th March 2020

Source: www.pinsentmasons.com

Developments since Keyworker Homes – Exchange Chambers

Posted February 26th, 2020 in administrators, chambers articles, electronic filing, insolvency, news by sally

‘In a judgment which disagreed with the recently reported decisions of Re Skeggs Beef Limited[2019] EWHC 2607 (Ch) and Re SJ Henderson and Co Ltd [2019] EWHC 2742 (Ch), HHJ Hodge QC sitting as a Judge of the High Court found:

1) Notices of Intention to Appoint Administrators (“NOI”) can be filed at any time via e-filing and take effect at the time they are filed via e-filing.
2) Directors or the Company can make out of hours appointments of Administrators by filing a Notice of Appointment (“NOA”) at any time via e-filing. The appointment will take effect at the time the documents are filed via e-filing.
3) That for the purposes of the computation of the period of 10 business days pursuant to para 28(2) of Sch.B1 of the Insolvency Act 1986, the first business day will be the business day after the date on which the NOI was filed – thus it is a ‘clear days’ calculation.’

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Exchange Chambers, 20th February 2020

Source: www.exchangechambers.co.uk

Insolvency View – New Square Chambers

Posted February 11th, 2020 in chambers articles, insolvency, news by sally

‘The newsletter features a series of reviews by our insolvency specialists, covering the latest major cases.’

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New Square Chambers, 6th February 2020

Source: www.newsquarechambers.co.uk

High Court rules directors cannot buy assets of their liquidated company on the cheap – Local Government Lawyer

Posted January 30th, 2020 in company directors, company law, compensation, insolvency, news, valuation by tracey

‘The High Court has ruled that company directors cannot buy assets from their liquidated companies at below market value.’

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Local Government Lawyer, 30th January 2020

Source: www.localgovernmentlawyer.co.uk

Adriatic Land 1 (GR3) Limited v Miller & Others – Tanfield Chambers

Posted January 28th, 2020 in insolvency, landlord & tenant, leases, news, service charges by sally

‘On an appeal against a determination of the First-Tier Tribunal (FTT) as to the reasonableness and payability of service charges, the Upper Tribunal found that the FTT had erred in its construction of the residential leases.’

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Tanfield Chambers, 21st January 2020

Source: www.tanfieldchambers.co.uk

Director must compensate creditors for cut-price purchase from insolvent company – Law Society’s Gazette

Posted January 23rd, 2020 in company directors, company law, compensation, insolvency, news, valuation by tracey

‘Directors of insolvent companies should not be allowed to buy assets of the business on the cheap, the High Court has ruled. In Systems Building Services Group Limited [2020] EWHC 54 (Ch), the court this week ruled that a director is liable to pay the liquidators of his company money he saved by not placing a house owned by the company on the open market when the company went under.’

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Law Society's Gazette, 22nd January 2020

Source: www.lawgazette.co.uk

Liquidator’s firm liable for opponent’s costs after funding litigation – OUT-LAW.com

Posted January 13th, 2020 in company directors, costs, insolvency, limitations, liquidators, news, third parties by tracey

‘The High Court has characterised a liquidator’s firm as a real party to the litigation which it funded as it stood to make financial gain from the action and was therefore found not to be a pure funder facilitating access to justice.’

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OUT-LAW.com, 10th January 2020

Source: www.pinsentmasons.com

Barristers to lose out from Iraq claims firm’s liquidation – Legal Futures

Posted January 13th, 2020 in bankruptcy, barristers, company directors, insolvency, Iraq, legal aid, news, professional conduct by tracey

‘Barristers instructed by now-defunct Birmingham law firm Public Interest Lawyers (PIL) are set to lose out significantly from its liquidation, although its collapse may yet spark legal action, it has emerged.’

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Legal Futures, 13th January 2020

Source: www.legalfutures.co.uk

Bury fight on after winding-up petition is dismissed in London court – The Guardian

Posted December 19th, 2019 in insolvency, news, sport, taxation, winding up by sally

‘The Companies Court heard on Wednesday that Bury and their owner, Steve Dale, had settled an outstanding debt with HM Revenue & Customs. The winding-up petition was dismissed by Judge Sally Barber, with the club instructed to pay costs.’

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The Guardian, 18th December 2019

Source: www.theguardian.com

Out-of-hours Administration Appointments: The SAGA continues – Guildhall Chambers

Posted December 10th, 2019 in administrators, insolvency, news, notification, service by sally

‘It is now more than 17 years since the Enterprise Act 2002 was enacted with the laudable aim of streamlining the administration procedure, resulting in the introduction of the out-of-court administration regime set out in Schedule B1 to the Insolvency Act 1986 (“the Act”).’

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Guildhall Chambers, 2nd December 2019

Source: www.guildhallchambers.co.uk

Property Guardians, vanishing companies and still getting it wrong – Nearly Legal

Posted December 6th, 2019 in houses in multiple occupation, insolvency, landlord & tenant, news, subsidiary companies by sally

‘You may or may not have heard that one of the largest Property Guardian firms put itself (and all its related companies) into voluntary liquidation on 6 November 2019. But that is what Camelot did.’

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Nearly Legal, 5th December 2019

Source: nearlylegal.co.uk

High Court cannot stay liquidated company’s Magistrates’ Court case – OUT-LAW.com

Posted November 26th, 2019 in insolvency, jurisdiction, news, stay of proceedings by tracey

‘The High Court in England has ruled that it does not have the authority to stop a criminal trial in another court to protect the creditors of a company in voluntary liquidation.’

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OUT-LAW.com, 25th November 2019

Source: www.pinsentmasons.com

Re Skeggs Beef Limited [2019] EWHC 2607 (Ch) and SJ Henderson & Company Limited [2019] EWHC 2742 (Ch) – Case Comment – Guildhall Chambers

Posted November 19th, 2019 in electronic filing, floating charges, insolvency, news by sally

‘Two recent decisions have shed yet more light on the “byzantine” system for out of hours appointments. Both confirm that the courts will continue to take a relatively detailed, yet pragmatic, approach to this issue.’

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Guildhall Chambers, 8th November 2019

Source: www.guildhallchambers.co.uk

Court overturns CVA supervisors’ decisions to reject creditors’ proofs of debt – OUT-LAW.com

Posted November 14th, 2019 in contracts, debts, insolvency, news by tracey

‘The High Court in England has overturned decisions made by supervisors of a company voluntary arrangement (CVA) to reject creditors’ proof of debt for dividend purposes.’

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OUT-LAW.com, 11th November 2019

Source: www.pinsentmasons.com

CVAs after the Debenhams decision – Falcon Chambers

Posted November 7th, 2019 in company law, debts, insolvency, landlord & tenant, news by sally

‘In May 2019, the requisite majority of the creditors of Debenhams Retail Ltd voted in favour of a company voluntary arrangement (“CVA”) proposed pursuant to s.1 of the Insolvency Act 1986. As has become common, the scheme of arrangement proposed by the CVA only affected the rights of landlords and rating authorities. All other creditors were to be paid in full.’

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Falcon Chambers, 31st October 2019

Source: www.falcon-chambers.com

Court rejects debtor’s challenge to the validity of assignment of debt (Nicoll v Promontoria (Ram 2) Ltd) – Littleton Chambers

Posted November 1st, 2019 in assignment, debts, insolvency, loans, news by sally

‘Restructuring & Insolvency analysis: James Bickford Smith, barrister at Littleton Chambers, examines the High Court’s decision in Nicoll v Promontoria (Ram 2) Ltd that the appellant debtor’s challenge to the validity of an assignment of his debt to the respondent should not have been entertained by the judge below because although the appellant had sought to put the effectiveness of the assignment in issue in his first witness statement, the point that he took was entirely different from that which he took before the judge.’

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Littleton Chambers, 3rd October 2019

Source: www.littletonchambers.com

Insolvency Update – Using winding up procedure to collect a debt: Sell Your Car With Us Ltd v Anil Sareen [2019] EWHC 2332 – Hardwicke Chambers

Posted October 31st, 2019 in debts, insolvency, news, winding up by sally

‘The recent case of Sell Your Car With Us Ltd v Anil Sareen will be of interest to practitioners in Corporate Insolvency as it provides a useful reminder that there is no strict rule that the winding up procedure is inapt for mere debt collection.’

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Hardwicke Chambers, 7th October 2019

Source: hardwicke.co.uk

Negotiating Retail CVAs – where are we now? Amanda Eilledge considers the recent decision in Discovery (Northampton) Limited v Debenhams [2019] EWHC 2441 (Ch) – Hardwicke Chambers

Posted October 31st, 2019 in insolvency, leases, news, rent by sally

‘2018 was seen by many as the ‘year of the CVA’ and the year of the so -called ‘Retail CVA’ in particular. Such CVAs have been used in an attempt by companies operating in the retail and casual dining sector with burdensome leases to reduce the cost of their premises whilst continuing to trade.’

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Hardwicke Chambers, 14th October 2019

Source: hardwicke.co.uk

A Summary Of Recent Corporate Insolvency Cases – Hardwicke Chambers

Posted October 30th, 2019 in administrators, company directors, company law, fraud, insolvency, news, podcasts, professional conduct by sally

‘Phillip Patterson provides a summary of recent corporate insolvency cases covering:

– Fraudulent trading;
– Misfeasance, transactions defrauding creditors and the duties of directors; and
– The out of court appointment of administrators.’

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Hardwicke Chambers, 9th October 2019

Source: hardwicke.co.uk