Category: Dispute Resolution
February 2014
Madoff Securities International Limited (in Liquidation) v Steven Raven & Ors
Author: Chris Millar
Another set-back for Madoff recoveries.
February 2014
Yang v The Official Receiver
Author: Chris Millar
If a liability order on which a Bankruptcy Petition was grounded, is set aside on appeal, this change in circumstance provides a ground for rescinding the Bankruptcy Order (under Section 375(1) IA 1986.)
February 2014
HMRC v O’Rorke
This case related to the liability of a director for unpaid National Insurance Contributions (NIC) under Section 121C of the Social Security Administration Act 1992.
February 2014
February 2014
Prest v Petrodel Resources Limited
Author: Chris Millar
The Supreme Court decided that assets were held by a company as bare trustee for the husband, and therefore could be brought into account, but also held that if a Court can find no other way to get at the assets in question where an individual seeks to evade a legal obligation by interposing a company, then the Court may be prepared to pierce the corporate veil.
July 2013
Cross Border Assistance
Those that attended the IP seminar earlier this year will have hopefully reflected upon the wider aspects of the “means” available to seek and obtain recognition and reciprocity of insolvency proceedings e.g. UNCITRAL, EC Regulation, common law and/or Section 426.
April 2013
Recovery of Trustee's Costs
Recovery by a Trustee of his costs can often be problematic. This may be particularly so where the bankrupt has managed to obtain an annulment.
April 2013
Rubin and New Cap
In the final analysis, it is considered that these cases should not be a fundamental problem for IP’s as the issues highlighted can be avoided. Indeed, the recent case of “Bilta (UK) Limited v Nazir” [2012] shows this issue in stark contrast where the High Court was willing to apply the scope of section 213 in an extra-territorial context.
What is, however, probably more relevant in the international context, is the proposed amendments to the Regulation. Amongst these are:-
To include “hybrid” (debtor in possession e.g. CVA) and “pre-Insolvency” schemes (restructuring e.g. Schemes of Arrangement) within the scope of the Regulation.
Foreign Creditors are given the right to challenge a decision regarding a company’s COMI.
Secondary proceedings will no longer have to be winding up proceedings, and the Court will be obliged to consider the views of the office – holder in the main proceedings.
There will be a greater obligation on office-holders to consult and coordinate in cases involving the Insolvency of a group of companies in different jurisdictions.
There is to be an internet-based register available to the public regarding insolvencies in each EU Jurisdiction, probably via the European e-Justice Portal (ec.europa.eu.civiljustice)
On 15th April 2013 the UK announced its intention to opt-in to the proposed amendments albeit that it is understood that Schemes of Arrangement will be excluded from the amendments to the Regulation.
For further information, please contact Chris Millar either by telephone on 01306 502225 or by email c.millar@downslaw.co.uk
October 2012
Intellectual Property Update
Software Licences - who game is it?
September 2012
Arbitration and Mediation
Whilst Court proceedings are often contemplated and commenced in order to resolve civil disputes between private individuals or companies..,
