Insolvency

Overdrawn Directors’ Loan Accounts

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, …

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High Court dismisses TIB’s application compelling a bankrupt to draw down pension which is not yet in payment

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 …

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The Perils of April 2015 for Insolvency Litigation Cases

The government has indicated that April 2015 will 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 result of insolvency litigation. Crucially, any award of damages where funding arrangements are entered into after 1 April …

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Drafting Applications for Disclosure under s.236 of IA 1986

A recent judgment in the High Court has highlighted the need for office-holders to take care not to make sweeping requests for information when making applications for disclosure from third parties under section 236 of Insolvency Act 1986 in respect of corporate insolvency. The decision emphasises the need to be specific in terms of the …

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