Directors of a company are subject to certain duties under the Companies Act 2006. These duties are of obvious importance throughout their service as a director but some of them become particularly important during the period leading up to the insolvency of the company.
On 14 September 2015, judgment was handed down in the case of Re SSRL Realisations Limited (In Administration), in which a landlord was granted permission to forfeit a lease by peaceable re-entry. The case will be of interest to insolvency practitioners and landlords alike – but for very different reasons.
At a time when insolvency practitioner’s (“IPs”) fees are being scrutinised more closely than ever, the case of Bell v Birchall and others [2015] is a timely reminder to IPs to consider the necessity of the work they propose to undertake, particularly in respect of assets that do not form part of the insolvent estate. In this case, the court ruled that it had no jurisdiction to make a “Berkeley Applegate” order.
Creditors frustrated by cost and time delays in cross border disputes, as well as from unscrupulous delaying tactics by debtors, will have some comfort in the form of the revised EU Judgments Regulation. The revised Regulation came into force on 10 January 2015 and aims to resolve cross-border legal disputes more easily, bringing huge cost savings to creditors.
The vast majority of UK taxpayers pay what they owe in full and on time. Her Majesty’s Revenues and Customs (HMRC) thinks that a persistent minority choose not to pay which provides an undeserved advantage to those who are wilfully seeking to play the system, and creates costs which are ultimately borne by the compliant majority.
MF Global, one of the world's leading broker/dealer firms entered into insolvency proceedings in both the US and the UK on 31 October 2011. US entities MF Global Holdings Ltd. and MF Global Finance USA Inc. filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. Also on 31 October, the US Securities Investor Protection Corporation ("SIPC") initiated the liquidation of MF Global, Inc. a jointly registered futures commission merchant and broker-dealer, under the Securities Investor Protection Act ("SIPA").
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