Category: Corporate Recovery & Restructuring
March 2015
Phoenix Companies
Author: Chris Millar
(a) Can a creditor find out if a director has applied for permission to re-use a prohibited name?
March 2015
Laverty v British Gas Trading Limited
Author: Nigel Cook
This case involved a claim by British Gas Trading Limited (BGT) against former administrators of Peacock Stores for gas and electricity supplies to vacant stores. BGT argued that these supplies should be an expense of the administration and thus have a priority.
March 2015
Insolvency (Protection of Essential Suppliers) Order 2015
Author: Nigel Cook
This Order which will come into effect on 1st October 2015 is derived from the Insolvency Service Consultation and draft Order issued in July 2014 which we reported previously.
March 2015
EC Regulation on Insolvency Proceedings
Author: Nigel Cook
Changes to some of the provisions of the EC Regulation on Insolvency Proceedings (ECRIP) will come into effect in 2017. The main changes relate to the assessment of the centre of main interests (COMI) both for corporate and individuals; broadening the scope of secondary proceedings; protection of local i.e. national creditors outside secondary proceedings; and coordination of cross border group insolvencies.
July 2013
Validation Order
The High Court has dismissed an application for a validation order under Section 127(1) where the payment to be validated was in respect of solicitor’s fees that the insolvent company had incurred in attempting to compromise the petition debt, rather than in defending the winding-up petition.
July 2013
EU Insolvency Regulation
The Insolvency Service announced that the UK has opted in to negotiations to amend Counsel Regulation (EC) 1346/2000 commonly known as the EU Insolvency Regulation.
July 2013
Validation Order Refused
In RC Brewery Limited V HMRC [2013] EWHC1184(CH), the High Court has dismissed an application under Section 127 of the Insolvency Act 1986 for an Order validating the payment of solicitors fees incurred in acting for a company in seeking an injunction to restrain advertisement of a winding up petition.
July 2013
De Facto and Shadow Directors
In a case involving a director’s disqualification, the High Court has summarised and restated the principle governing the definition of “shadow” and “de facto” directors.
July 2013
New Security Registration Regime
On 6th April 2013 a new registration regime for security interests created by companies and LLPs registered in the UK came into force.
July 2013
Tests for Insolvency - Eurosail
In BNY Corporate Trustee Services Limited V Eurosail-UK [2013] UKSC 28, the Supreme Court has clarified the meaning of the insolvency tests under Sections 123 (1)(e) and 123 (2) of the Insolvency Act 1986.
