We live in unprecedented times. The Government and the Courts have been rapidly introducing measures in an attempt to ease the economic impact on UK business and individuals of the COVID-19 pandemic and the resulting “lock-down”. Proposed Changes to Insolvency Legislation On 28 March 2020, the Government proposed new measures to improve the UK insolvency …
Remedies for procedural defects In Re Statebourne Cryogenic Limited [2020] EWHC 231 (Ch) the High Court considered whether the identification of the specific regional Business and Property Court to which an NOA was to be allocated was a requirement of either the Insolvency Act 1986 or the Insolvency (England and Wales) Rules 2016 and whether, …
We are all seeing that the COVID-19 situation continues to evolve daily, so at Summit Law we are doing everything we can to ensure that we keep our team safe, whilst maintaining the delivery of our high quality and professional services that our clients rightly deserve. As you would expect from a Law Society Lexcel …
In order to assess whether a Bankruptcy can be annulled, section 282 of the Insolvency Act 1986 and Rule 10.132-10.141 of the Insolvency (England and Wales) Rules 2016 should be considered in the first instance. Section 282 of the Insolvency Act 1986 Section 282 sets out the court’s power to annul a bankruptcy order. The relevant …
Compensation Orders in Director Disqualification Proceedings – the First Judgment Handed Down in 4 Years since its Implementation under the Regime In line with the aim of the disqualification regime, to make directors accountable for the consequences arising as a result of their unfit conduct, the Secretary of State may apply to court for a …
Compensation Orders in Director Disqualification Proceedings Read More »
Yes, held the Commercial Court. In Alafco Irish Aircraft Leasing Sixteen Ltd v Hong Kong Airlines Ltd [2019] EWHC 3668 (Comm) the parties had entered into a lease which contained a clause that the Defendant (who was the lessee) was to pay all of the Claimant’s (the lessor’s) “reasonable costs and expenses” of litigation, including its legal …
Does agreeing to “reasonable costs” mean assessment on the indemnity basis? Read More »
Case comment: Wood v Watkin [2019] EWHC 1311 (Ch) (Judge Barber of the High Court) The above case serves as a warning on officeholder claims and provides further clarity on the expectation of the court in relation to office holders discharging their evidential burden The Facts Karl Watkin (the “Debtor”) was a successful entrepreneur, however, …
Office holders discharging their evidential burden Read More »
McTear v Eade and anr (Re C.J. & R.A. Eade LLP (in liquidation)) [2019] EWHC 1673 (Ch), ICCJ Jones, 11 June 2019 This case, before I.C.C. Judge Jones, was the first reported case under section 214A of the Insolvency Act 1986. This provision, which relates to wrongful trading, allows the liquidator of an insolvent Limited …
Where an individual is adjudged bankrupt, all his property (subject to certain exceptions) will vest in his Trustee in Bankruptcy immediately upon their appointment pursuant to section 306 of the Insolvency Act 1986 (“the Act”). “Property” is broadly defined in legislation. Section 436 of the Act defines property as ‘money, goods, things in action, land and …
What constitutes property for the purposes of section 436 of the Insolvency Act 1986? Read More »
If you are owed a debt which has been secured with a personal guarantee (“PG”) and the individual who provided that PG (“the Debtor”) has a beneficial interest in land, securities (for example, stock, dividends and interest in a trust) or has other assets, you may wish to consider imposing a charge over the same. …
Using a charging order to recover a debt secured with a personal guarantee Read More »
