Calling all creditors! Whilst you might think the procedure for presenting a petition against a debtor is simple, it seems that the English Legal System is keeping you on your toes! The Risks of Presenting D.I.Y Petitions Recently we have had an influx of creditor client’s approaching us to assist them with the amending and […]
The Risks of Presenting D.I.Y Petitions Read More »
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 »
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
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 »
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
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
The Perils of April 2015 for Insolvency Litigation Cases Read More »
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
Drafting Applications for Disclosure under s.236 of IA 1986 Read More »
Liquidator and liability for misfeasance, under section 212 of the Insolvency Act 1986 Could a former liquidator be entitled to relief from liability under section 212 of the Insolvency Act 1986, where her conduct was found to have fallen well short of the standard to be expected and where she had allegedly paid away substantial
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In certain circumstances the insolvency regime in England and Wales allows phoenix companies to form from the remains of an insolvent company. This includes using the same or similar name to the failed company. The regime however requires strict adherence to its provisions, failure of which may result in a fine, imprisonment and/or the directors
A Warning: Directors of Insolvent Companies Read More »
