Category: Corporate Recovery & Restructuring
March 2017
Newton Coaches V Secretary of State for Business Energy and Industrial Strategy [2016]
Author: Nigel Cook
The applicants had been involved as partners in a partnership business which had been wound up under the Insolvent Partnerships Order 1994 which provides for procedures to be applied equivalent to the insolvency regimes for companies and LLP’s.
February 2017
Brooks and Another V Armstrong and Another [2016]
Author: Nigel Cook
In this appeal from the Registrar the directors succeeded in overturning a compensation award in favour of the liquidators
November 2016
November 2016
Retrospective Validation Order
Author: Nigel, Cook
In the case of Express Electrical Distributors Limited v Beavis and Others, the Court of Appeal considered an application for a retrospective validation order, following the disposition of property after the issue of a winding up petition.
November 2016
Longmeade Ltd
Author: Nigel Cook
Longmeade was part of the UK Lehman Brothers group. It went into compulsory liquidation in 2010 and the Official Receiver (OR) was appointed liquidator. The company had the opportunity to participate in distributions from US and Canadian insolvency processes but these were irretrievably lost as a result of inaction by the OR. Eventually new liquidators were appointed in place of the OR and they obtained legal advice that the losses to the company could be recovered by bringing a negligence claim against the Government ‘s BIS Department. Funding was available both for their costs and also against an adverse costs order.
November 2016
Fieldfisher LLP v Pennyfeathers Limited
Author: Nigel Cook
This case involved an application by the plaintiff law firm for an administration order against its former client in respect of fees under a Conditional Fee Agreement (CFA). The CFA contained provisions for arbitration in event of dispute and it seems that the client challenged at least some of fees claimed.
November 2016
Bankruptcy - Ulterior Motives
Author: Chris Millar
A debtor resisted a Petition against him upon the basis that the petitioner had an ulterior motive in seeking to make the debtor bankrupt, namely to obtain the debtor’s shares in a Spanish company.
November 2016
Assignments of Claims or Judgment Debts
Author: Chris Millar
A judgment debt can be assigned if it is in writing, unconditional, doesn’t purport to be by way of charge only, and relates to the whole of the debt. Notice of the assignment must be given to the judgment debtor. For enforcement of the Judgment, an Application will have to be made to the Court for the assignor to replace the assignee as judgment creditor.
November 2016
Pension Rights Protected in Bankruptcy
Author: Chris Millar
In the recent case of Horton v Henry, the Court of Appeal considered whether a bankrupt’s un-exercised right to draw down his personal pension should be included in his income assessment, and therefore payable to his trustee under an IPO within Section 310(7) of the Insolvency Act 1986.
March 2016
Protection of IT Supplies
Author: Chris Millar
IT supplies are hugely important for the continuation of many businesses and section 233A of the Insolvency Act 1986 extends the list of essential suppliers to include IT supplies “for the purpose of enabling or facilitating anything to be done by electronic means”. Such suppliers will be unable to terminate supplies or demand existing pre-insolvency debts are paid, as a condition of continuing supplies.
