Breathing Spaces and Mental Health Crisis Moratoriums (MHCM) were introduced by the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (the "2020 Regulations").
In R (on the application of Palmer) v Northern Derbyshire Magistrates' Court [2023] UKSC 38, the Supreme Court has ruled that an administrator appointed under the Insolvency Act 1986 is not an "officer" of the company.
This case considered this issue within the meaning of section 194 of the Trade Union and Labour Relations (Consolidation) Act 1992 (the TULRCA). As a result of the Supreme Court's decision, administrators will not be exposed to potential criminal liability for failing to notify the Secretary of State of collective redundancies.
An analysis of recent statistics show what the Insolvency and Tax Disputes teams at Mishcon de Reya have long experienced – that HMRC is not in the habit of overlooking an outstanding debt.
Amendments to the director disqualification regime, enacted in 2015, enable the Insolvency Service (on the request of a creditor of an insolvent company) to seek a compensatory remedy against a disqualified director for the benefit of the creditor(s). This empowers a creditor to take action where an insolvency officer may be unable, or unwilling, to do so.
This case relates to the principle that creditors with the benefit of a third-party debt order, are ostensibly in a better position than other unsecured creditors of an insolvent estate.
The Financial Conduct Authority (“the FCA”) issued a Final Notice against London Capital & Finance plc (“LCF”) for contravening regulatory requirements (pursuant to section 205 of the Financial Services and Markets Act 2000 (“the Act”)). The Final Notice contained a statement censuring LCF for failing to ensure that its financial promotions were fair, clear and not misleading.
On Wednesday 27 September 2023, Mishcon de Reya hosted the first in a new series of Disputes Essentials breakfast seminars, which aim to provide the latest updates and practical insights on essential dispute-related topics.
This article was first published by Insol World Magazine in Q1 of 2024.
Insolvency office-holders in the UK and elsewhere frequently rely upon litigation funders to finance their legal proceedings and, accordingly, developments in the funding market are of keen interest to insolvency professionals.
We have identified four judgments from 2022 which are significant for those in the private equity sector and may have particular relevance for sponsors, shareholders, management teams and/or appointees to boards. In this overview we summarise the key points and some of the practical implications.
The decisions we address are:
Two years on from PCP Capital Partners LLP and another v. Barclays Bank Plc [2020] EWHC 1393 (Comm), the High Court has declined to extend the scope of what constitutes a waiver of legal professional privilege. The case of Henderson & Jones Limited v.