In the recent case of Patel v Barlow's Solicitors and others [2020] 2753 (Ch) the High Court found that a Quistclose Trust arose in a situation where solicitors were forwarded monies by a third party for a specific purpose.
In the recent case of Patel v Barlow’s Solicitors and others [2020] 2753 (Ch) the High Court found that a Quistclose Trust arose in a situation where solicitors were forwarded monies by a third party for a specific purpose.
Background
Earlier this month, a Wolverhampton-based financial advisor was banned by the Insolvency Service for eight years after his firm provided poor pension investment advice, resulting in clients losing £7 million.
Background
The recent High Court decision in Caribonum Pension Trustee Limited v Pelikan Hardcopy Production AG [2018] EWHC 2321 (Ch) will provide some comfort for pension plan trustees owed money by insolvent sponsoring employers by allowing trustees to pursue guarantors within the same group for those debts.
What was contended to be an abuse of Court process has been confirmed by the Court as a legitimate debt recovery strategy. This was on the basis that a contractual agreement, a guarantee, was in place that was legitimately enforceable by a pension plan trustee.
The Court of Appeal recently heard an appeal from the Central London County Court, in which a judgment debtor(“L”) appealed a decision than an application to pay a judgment debt by instalments had been refused – DianaLoson v Brett Stack, Newlyn Plc [2018] EWCA Civ 803.
Background
The High Court has recently held that an individual may claim the proceeds of the sale of assets subject to an agricultural charge by the application of the equitable remedy of marshalling.
Agricultural Sector
The presumption that courts normally validate dispositions by a company subject to a winding up petition if such dispositions are made in good faith and in the ordinary course of business has been called into question in the recent case of Express Electrical Distributors Ltd v Beavis and others [2016].
A new fee structure in respect of insolvency fees payable to the Insolvency Service came into force on 21 July 2016, pursuant to The Insolvency Proceedings (Fees) Order 2016 (SI 2016/692) (the “Order”), which revokes The Insolvency Proceedings (Fees) Order 2004 (SI 2004/593) and all ten subsequent amendment orders.
Last week the UK Government issued a consultation document on changing UK insolvency legislation to enable distressed companies to obtain a moratorium for up to three months, with the possibility of an extension, under the supervision of an insolvency practitioner. The moratorium would prevent all creditors, including secured creditors, from taking any enforcement action against such companies without first applying to court for permission to do so. This follows a briefing paper published by R3 last month suggesting a similar moratorium process.
The minefield of surrenders and assignments