winding up – Page 3 – Current Awareness

Prime Sight Ltd v Lavarello – WLR Daily

Posted January 10th, 2014 in contracts, estoppel, law reports, trustees in bankruptcy, winding up by tracey

Prime Sight Ltd v Lavarello [2013] UKPC 22; [2013] WLR (D) 514

‘When a deed contained a valid contract of sale the parties were entitled on ordinary contractual principles to rely on the terms of the deed by which the purchase price was treated between the parties as having been paid, even though no payment had in fact been made. In those circumstances the seller’s trustee in bankruptcy was estopped by the terms of the deed from asserting that the purchase price had not been paid.’

WLR Daily, 9th July 2013

Source: www.iclr.co.uk

Court of Appeal clarifies “lawsuits pending” in Art 32 of EC Directive 2001/24 on Reorganisation and Winding Up of Credit Institutions – 11 Stone Buildings

Posted December 3rd, 2013 in appeals, EC law, foreign jurisdictions, insolvency, news, winding up by sally

‘In a judgment handed down today (Isis Investments Ltd v Kaupthing Bank h.f. & Elfar Adalsteinsson [2013] EWCA Civ 1493), the Court of Appeal has clarified the meaning and scope of “lawsuits pending” in Article 32 of the EC Directive on the Reorganisation and Winding Up of Credit Institutions (Directive 2001/24/EC). Charles Samek QC who acted for the successful respondent, Mr Adalsteinsson (acting as a representative party on behalf of high net-worth investors) explains the significance of the judgment.’

Full story

11 Stone Buildings, 27th November 2013

Source: www.11sb.com

Bilta (UK) Ltd (in liquidation) and others v Nazir and others (No 2) – WLR Daily

Posted August 6th, 2013 in appeals, extraterritoriality, fraudulent trading, insolvency, law reports, news, winding up by sally

Bilta (UK) Ltd (in liquidation) and others v Nazir and others (No 2) [2013] EWCA Civ 968; [2013] WLR (D) 333

“The knowledge of a fraud perpetrated by a director by means of a company was not to be attributed to that company when it sought to recover losses which the company itself had suffered as a result of the fraud, even where the director was the sole director and shareholder of the company. In those circumstances the director could not rely on the maxim ex turpi causa non oritur actio to defeat the claim.”

WLR Daily, 31st July 2013

Source: www.iclr.co.uk

Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA – WLR Daily

Posted June 13th, 2013 in appeals, company law, EC law, insolvency, jurisdiction, law reports, news, winding up by sally

Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA [2013] EWCA Civ 643; [2013] WLR (D) 227

“The definition of ‘establishment’ in article 2(h) of Council Regulation (EC) 1346/2000 was to be applied with care where one was seeking to determine whether jurisdiction lay for a secondary winding up of a primarily foreign-based company.”

WLR Daily, 6th June 2013

Source: www.iclr.co.uk

BNY Corporate Trustee Services Limited and others (Respondents) v Neuberger Berman Europe Ltd(on behalf of Sealink Funding Ltd) and others (Appellants); BNY Corporate Trustee Services Limited and others (Respondents) v Eurosail-UK 2007-3BL PLC (Appellant) – Supreme Court

Posted May 10th, 2013 in company law, debts, insolvency, law reports, Supreme Court, winding up by sally

BNY Corporate Trustee Services Limited and others (Respondents) v Neuberger Berman Europe Ltd(on behalf of Sealink Funding Ltd) and others (Appellants); BNY Corporate Trustee Services Limited and others (Respondents) v Eurosail-UK 2007-3BL PLC (Appellant) [2013] UKSC 28 (YouTube)

Supreme Court, 9th May 2013

Source: www.youtube.com/user/UKSupremeCourt

Joint Administrators of Heritable Bank plc v Winding Up Board of Landsbanki Islands Hf – WLR Daily

Posted March 4th, 2013 in administrators, appeals, EC law, insolvency, jurisdiction, law reports, Supreme Court, winding up by sally

Joint Administrators of Heritable Bank plc v Winding Up Board of Landsbanki Islands Hf [2013] UKSC 13; [2013] WLR (D) 85

“The decision of a court in another member state of the European Economic Area in relation to the insolvency of a credit institution in that state had effect in the United Kingdom in relation to any of that institution’s branches in the United Kingdom as if it were part of the general insolvency law of the United Kingdom. However the decision of that court did not have any effect on proceedings in an United Kingdom court dealing with the insolvency of an United Kingdom credit institution so that all the defences available under United Kingdom insolvency law could be invoked.”

WLR Daily, 27th February 2013

Source: www.iclr.co.uk

Ricoh Europe Holdings BV and others v Spratt and another – WLR Daily

Posted February 21st, 2013 in appeals, law reports, liquidators, winding up by sally

Ricoh Europe Holdings BV and others v Spratt and another [2013] EWCA Civ 92; [2013] WLR (D) 70

“A liquidator who had already valued a creditor’s contingent claims pursuant to rule 4.86 of the Insolvency Rules 1986 and so admitted them to proof in the amount of the valuation was not under a duty to provide for the contingency in full by making a reserve against any distribution to members.”

WLR Daily, 19th February 2013

Source: www.iclr.co.uk

What a tangled web… – NearlyLegal

Posted February 18th, 2013 in company directors, consumer credit, loans, news, tribunals, winding up by sally

“Since our post on Barons Finance Limited, we’ve heard various things about the property and landlord related activities of Barons Finance and assorted other companies under the control of Dharam Prakash Gopee. As it appears that Mr Gopee has on at least one occasion continued to pursue proceedings (including appearing in the appeal permission in the last post) for Barons Finance Limited, despite the company having been wound up and a liquidator having been appointed by the Court, we hope this post might be of use for people acting for Defendants in possession proceedings, duty scheme advisers and hopefully members of the judiciary who are unaware of the relevant court decisions and orders.”

Full story

NearlyLegal, 17th February 2013

Source: www.nearlylegal.co.uk

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

Government considers extension of winding up powers beyond banks – OUT-LAW.com

Posted August 6th, 2012 in banking, consultations, EC law, government departments, insurance, news, winding up by sally

“The Government is seeking views on whether to extend its existing powers to stabilise or wind up ‘systemically important’ large banks to other vital financial services functions such as investments and insurance.”

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

Reform of the Process to Apply for Bankruptcy and Compulsory Winding Up – Hardwicke Chambers

Posted July 31st, 2012 in arbitration, bankruptcy, news, winding up by sally

“Earlier this year, Mr Edward Davey MP, Minister for Consumer Affairs at BIS, announced the launch of a 12 week consultation regarding the reform of the application process for bankruptcy and company winding up. The Insolvency Service noted that: ‘The consultation sets out proposals that aim to provide the most appropriate and efficient route into bankruptcy and winding up, and to ensure that the Court’s focus is on dispute resolution.'”

Full story

Hardwicke Chambers, 27th July 2012

Source: www.hardwicke.co.uk

In re Asegaai Consultants Ltd and other companies; Wood and another v Mistry – WLR Daily

Posted July 12th, 2012 in disqualification, fraud, law reports, liquidators, winding up by sally

In re Asegaai Consultants Ltd and other companies; Wood and another v Mistry [2012] EWHC 1899 (Ch); [2012] WLR (D) 198

“The court would not exercise its discretion under section 4(1)(b) of the Company Directors Disqualification Act 1986 to make a disqualification order against a liquidator who had been guilty of any fraud in relation to the company or of any breach of his duty as such liquidator unless serious misconduct had been established. Where a liquidator applied pursuant to section 16(2) of the Act for a disqualification order under section 4 it was not a prerequisite that the liquidator should have a financial interest in the order being made.”

WLR Daily, 10th July 2012

Source: www.iclr.co.uk

Interedil Srl (in liquidation) v Fallimento Interedil Srl and another – WLR Daily

Posted November 22nd, 2011 in EC law, insolvency, jurisdiction, law reports, winding up by sally

Interedil Srl (in liquidation) v Fallimento Interedil Srl and another Case C-396/09; [2011] WLR (D) 334

“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

Bridge Trustees Ltd v Yates and others (Secretary of State for Work and Pensions intervening) – WLR Daily

Posted August 1st, 2011 in law reports, pensions, winding up by tracey

Bridge Trustees Ltd v Yates and others (Secretary of State for Work and Pensions intervening) [2011] UKSC 42; [2011] WLR (D) 267

“Equilibrium of assets and liabilities was not a requirement of the definition of a money purchase pension scheme under section 181 of the Pension Schemes Act 1993.”

WLR Daily, 27th July 2011

Source: www.iclr.co.uk

Belmont Park Investments Pty v BNY Corporate Trustee Services Ltd – WLR Daily

Posted July 29th, 2011 in insolvency, law reports, Supreme Court, winding up by tracey

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

Regina v Taylor (George Charles) – WLR Daily

Posted March 31st, 2011 in appeals, documents, insolvency, law reports, winding up by sally

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.

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and other – WLR Daily

Posted March 9th, 2011 in company law, debts, insolvency, law reports, winding up by sally

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and others [2011] EWCA Civ 227; [2011] WLR (D) 73

“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.

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and others – WLR Daily

Posted August 9th, 2010 in debts, insolvency, law reports, winding up by sally

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and others [2010] EWHC 2005 (Ch); [2010] WLR (D) 223

“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.

Bridge Trustees Ltd v Yates and others (Secretary of State for Work and Pensions intervening) – WLR Daily

Posted March 8th, 2010 in appeals, law reports, pensions, winding up by sally

Bridge Trustees Ltd v Yates and others (Secretary of State for Work and Pensions intervening) [2010] EWCA Civ 179; [2010] WLR (D) 65

“Where a hybrid occupational pension scheme was being wound up the benefits derived from voluntary contributions made to the scheme by the employee and matched by their employer’s contribution, ranked first in order of priority in the winding up of the scheme.”

WLR Daily, 4th 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.