Gift vouchers are often considered an easy and convenient option when purchasing gifts for friends and family. For the relative with unusual taste, the friend who lives in another part of the UK or the husband and wife to be who already have everything, a gift voucher may appear to be the ideal gift. But what happens if, before the recipient has the opportunity to redeem the voucher, the relevant retailer becomes insolvent?

In terms of current insolvency law consumers are ordinary creditors who rank at the bottom of the statutory hierarchy of creditors.

Last year we reported on a decision of the Scottish Court of Session which suggested that greater leniency may apply to the interpretation of performance bonds in Scotland than in England (see our earlier Law-Now here). A further decision from the Court of Session issued last month would appear to support this trend.

Fife Council v Royal & Sun Alliance Insurance plc

Last years decision of the High Court in Kean v Lucas (Re J&R Builders (Norwich) Ltd) [2016] EWHC 2684 (Ch)puts into further context a number of cases concerning the rights of creditors to requisition a meeting to replace a creditors’ voluntary liquidator (or by analogy officeholders generally). But does it provide any answers?

References below to ‘Sections’ or ‘Rules’ are references to the Insolvency Act 1986 and Insolvency Rules 1986 respectively.

The Law at a Glance

ADVISORY | DISPUTES | TRANSACTIONS “Gagging orders”: an office holder’s secret weapon December 2016 Introduction Practitioners are fully aware of the extensive powers available under ss 235 and 236 of the Insolvency Act 1986 (IA 1986) allowing administrators and liquidators as office holders (OHs) to require individuals and organisations to disgorge information.

This article looks at the forthcoming pre-action protocol for debt claims in its current form, with an anticipated implementation date around October this year.

There might be further changes ahead, and a shift in the implementation timetable, so please watch this space for further updates.

This article was first published in The Gazette, and the original article can be found online here.

It’s important to consider all your options before opting for bankruptcy. David Pomeroy and Rachel Maddocks, of Ashfords, explain.

This article was first published in Growth Business, and the original article can be found online here.

A significant decision issued last week by a five judge bench of the Inner House has reversed a 40 year old decision on the meaning of 'effectually executed diligence' in a receivership.

Section 60 of the Insolvency Act 1986 provides that in a receivership, all persons who have 'effectually executed diligence' on any part of the property of the company which is subject to the charge by which the receiver is appointed have priority over the holder of the floating charge.

Insolvent trusts – the myth becomes reality is the third in a series of quarterly webinars aimed at providing trustees with a comprehensive overview of various contentious trust topics.

In this webinar we examine the concept of an insolvent trust, provide a summary of the only case addressing this issue (on which our team is acting), outline the developments in relation to the statutory legal position and identify the key issues which trustees need to consider in this scenario.

A creditor in a debt recovery matter can collect more information about the judgment debtor’s financial position through examination. The examination of a debtor isn’t a way to enforce the debt but rather, obtain more information about their assets, liabilities, income and expenditure. This can help you determine what recovery options are available or even if the debtor is worth pursuing.

What is the First Step?

Under the Uniform Civil Procedure Rules (NSW), you will need to prepare and send an Examination Notice to the Judgment Debtor.