The Insolvency Service recently published official statistics showing that the number of individual insolvencies in 2015 fell to the lowest annual level for a decade (by 19% to 79,965).

The statistics also show that:

This case concerned whether a fee payable by a tenant for assigning the lease involved the provision of “credit” for the purposes of the Consumer Credit Act 1974 (CCA).

From 1 January 2016, deposits made by private individuals and small businesses to any authorised firms are protected by the Financial Services Compensation Scheme to a limit of £75,000 (previously £85,000).

The Insolvency Service published its quarterly statistics on company insolvency and individual procedures showing:

Credit Today reports that recent statistics from the Accountant in Bankruptcy (AiB), the government agency that administers the insolvency regime in Scotland, have revealed that:

The recent appeal to the High Court in Woolsey v Payne [2015] EWHC 968 (Ch), from the Chief Registrar in insolvency proceedings, considered the application of sections 16B and 74(1)(a) of the Consumer Credit Act 1974, which relate to the enforceability of loans made for business purposes and/or in the course of a business.

The Insolvency Service has published its insolvency statistics for Q1 2015 which show that personal insolvencies were at the lowest level since Q4 2005.  In the 12 months ending Q1 2015, 1 in 478 adults (just over 0.2% of the adult population) became insolvent.  This was the lowest rate since the 12 months ending Q1 2006.

When being sued, corporate and individual defendants should always confirm that the plaintiff has not been previously discharged in bankruptcy and failed to disclose the claim in the proceeding as an asset of the bankruptcy estate. In Guay v. Burack, 677 F.3d 10 (1st Cir. 2012), the plaintiff brought numerous claims against various governmental entities, governmental officials and a police officer.

Masuda, Funai, Eifert & Mitchell routinely represents creditors in bankruptcy proceedings in order to protect their contractual and legal interests and rights to payment. The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.

AUTOMOTIVE

The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.  

DINING  

Giordano’s Enterprises Inc. filed for Chapter 11 bankruptcy along with 32 of its affiliates.  

Garden Operations Realty LP, the parent of New York bagel manufacturer H&H Bagels, has filed for Chapter 11 protection.