In a well-known episode of the comedy “Fawlty Towers”, hotel boss Basil Fawlty was frustrated. A guest had asked for a Waldorf salad. Basil had no idea how to make such a dish, and his attempts to do so were criticised by the guest.
In Vesnin v Queeld Ventures Ltd & Ors [2025] EWCA Civ 951, the English Court of Appeal has ruled that in an application for recognition at common law of a foreign insolvency, a respondent to that application may have standing to oppose the recognition even if they are not a creditor. The fact that other relief is sought against them, which is contingent on recognition of the foreign insolvency, can and usually will suffice to give them standing to oppose the recognition.
Background
Of particular interest to commercial landlords, the recent decision of the court in SBP 2 SARL v 2 Southbank Tenant Ltd [2025]EWHC 16 (Ch) illustrates the risks to a landlord of simply cross-referring to Section 123 of the Insolvency Act 1986 (respectively, Section 123 and the 1986 Act) in the forfeiture provisions of a lease without specifying any amendments to the statutory language and thereby provides a reminder of the importance of careful and accurate drafting.
On Tuesday 23 April 2024, Macfarlanes hosted a roundtable discussion on the EU Directive on Restructuring and Insolvency of 20 June 2019 (EUR 2019/1023, Directive) and the method of, and tools offered by, its implementation across a number of EU member states and equivalent domestic legislation – namely Part 26A of the Companies Act 2006 (Part 26A) and restructuring plans (for more on restructuring plans under Part 26A of the Companies Act 2006, see our more in-depth article on “
The court orders a disqualified director of an insolvent company to pay personal compensation to creditors.
This is only the second time the courts have considered a personal compensation order against a disqualified director since their introduction in 2015.
What happened?
Secretary of State v Barnsby [2023] EWHC 2284 (Ch) concerned an individual who was the sole director and majority shareholder of a company that sold package holidays.
Despite the economic disruption of Covid-19 and resulting lockdowns, the number of formal insolvencies has been remarkably low.
In bankruptcy as in federal jurisprudence generally, to characterize something with the near-epithet of “federal common law” virtually dooms it to rejection.
Three weeks spent entirely at home seemed daunting at the time (little did we know…) and the prospect of wholesale business closures soon gave rise to serious concerns about the potential impact which those closures would have on the wider economy.
In January 2020 we reported that, after the reconsideration suggested by two Supreme Court justices and revisions to account for the Supreme Court’s Merit Management decision,[1] the Court of Appeals for the Second Circuit stood by its origina
It seems to be a common misunderstanding, even among lawyers who are not bankruptcy lawyers, that litigation in federal bankruptcy court consists largely or even exclusively of disputes about the avoidance of transactions as preferential or fraudulent, the allowance of claims and the confirmation of plans of reorganization. However, with a jurisdictional reach that encompasses “all civil proceedings . . .