Key point
Pensions in payment were within the ambit of section 310(7) of the Insolvency Act 1986 (the "Act"), but pensions not in payment were not payments to which a bankrupt was “entitled” as the right to draw had not been excerised. The court therefore refused to make an income payments order ("IPO").
The Facts
Key points
- Where main proceedings have been opened in one member state, secondary proceedings may be opened in another member state where the debtor has an establishment. The effects of the secondary proceedings shall be restricted to the assets in that territory.
- Local law and court discretion may apply to the opening of secondary proceedings and may be exercised, but these should not be discriminatory.
The Facts
Key points
Agreements relating to costs in the course of their office could not be set aside by liquidators subsequently appointed.
The facts
Key points
The court has jurisdiction to order the UK Registrar of Companies to replace previously filed administrators' proposals.
The Facts
The administrators of a company filed a statement of proposals with the Registrar but then sought to replace the proposals because they contained information that the company was obliged to keep confidential. The administrators argued that:
Key point
An English winding up does not cease to have effect when an overseas company is dissolved under the law of its state of incorporation.
The facts
Agrenco Madeira – Comercio Internacional LDA (the "Company") was incorporated under the laws of Portugal in March 2004. The Company presented a winding up petition in England in August 2009. Its centre of main interests was in Brazil and therefore the EC Regulation on Insolvency Proceedings did not apply. The Company was wound up in England as an unregistered company in October 2009.
Key point
Where in a UK administration an action would give some benefit to creditors, and risk neither detriment to them nor impede the administration's progress, the court may be willing to intervene and support a challenge to the administrator's actions.
The facts
Key point
An English scheme for a company that has a "sufficiently close connection" with the jurisdiction can be proposed albeit recognition in Poland is at the discretion of the Polish courts.
The Facts
In our e-updates of 20 January 2010 and 16 August 2010, we looked at decisions of the English and Scottish courts from December 2009 and August 2010 in which it was decided that, in England and Scotland respectively, the Administrators of a tenant company are bound to account to the landlord of premises for rent due in relation to the period during which those premises are being u
Our government has a longstanding commitment to cutting red tape. One of the ways of doing this it seems is to propose an Act of Parliament running to 153 pages. Thus we are presented with the Deregulation Bill.
A few of the provisions of this Bill relate to insolvency. The most significant are:
Appeal Judges in the Court of Session yesterday issued a decision directing that the liquidators of Scottish Coal Company (SCC) cannot abandon sites or disclaim statutory licences imposing obligations on the company.