The biggest risk area is around contracts, particularly in the SME sector, where businesses may not have the resources to pursue a costly claim. The warning comes after a change to LASPO that came into force in April which now means that businesses are unable to insure their costs in the event of collapse to […]
Encompass Corporation LASPO Survey on Insolvency Read More »
In late 2014 Summit Law LLP was approached by a client. He was a young man, just 18 at the time and unfortunately his father had died. Our client was distressed. After his father’s death a Will materialised leaving a small legacy to him and other small legacies to friends and other family of the
The High Court case of Harvest Finance Ltd (in liquidation) v Cannons Law Practice LLP and another [2014] EWHC 4327 (Ch) considered whether an order should be made that the costs incurred by a law firm in providing documents be met by the insolvent estate (the liquidator had applied for an order pursuant to section
The bankruptcy threshold will increase to £5,000 for creditors’ bankruptcy petitions presented after 1 October 2015 as set out in the Insolvency Act 1986 (Amendment) Order 2015. Should a bankruptcy petition be presented prior to this date, the current minimum bankruptcy level of £750 will apply. Whilst debtors will welcome the move, creditors wishing to
Bankruptcy threshold rises to £5,000 Read More »
In this two part series, solicitor and founding partner Jeremy Boyle of Summit Law LLP and Barrister Louise Bowmaker of Enterprise Chambers, take a look at the legislation relating to directors’ overdrawn loan accounts. In Part 1 we looked at the Companies Act 2006 but as stated in our earlier blog above the 1985 Act will continue
Overdrawn Directors’ Loan Accounts – Part 2 Read More »
Founding partner and solicitor Jeremy Boyle has been invited to talk on 11 March 2015 by the London Fraud Forum hosted by Grant Thornton. The seminar will focus on recoveries in the public sector.
London Fraud Forum Read More »
In this two part series, solicitor and founding partner Jeremy Boyle of Summit Law LLP and Barrister Louise Bowmaker of Enterprise Chambers, take a look at the legislation relating to directors’ overdrawn loan accounts. Seven years since the legalisation of directors’ loans, the ever-flexible directors’ loan account is as popular as ever, particularly for smaller,
Overdrawn Directors’ Loan Accounts Read More »
The purpose of CPR Part 36 is to encourage settlement between parties before trial. Its primary effect is to impose cost sanctions on a party who declines an offer to settle a dispute pursuant to Part 36 and subsequently then fails to achieve a better result at trial. The new rules will be in force
New Changes to CPR Part 36 Offers – Effective from 6 April 2015 Read More »
So you did some work for a client in Madrid and you are based in England. Accordingly, April 2015 will not see the end of the recoverability of success fees and after the event (ATE) insurance premiums from the losing opponent as part of the costs ordered on the successful outcome in insolvency litigation cases.
LASPO Funding Update for Insolvency Proceedings Read More »
The High Court considered in Horton v Henry whether it had power under s.310 of the IA 1986 to make an IPO in respect of a pension which is not in payment. The earlier 2012 decision in Raithatha v Williamson concluded a TIB had power to claim a bankrupt’s lump sum entitlements under personal pension schemes not yet in
