Recent Developments
Recent Developments
Key point
The Court is prepared to look at the overall nature of a directors conduct and dissect a complex series of transactions before concluding what (if any) insolvency failings have been committed by a director.
The Facts
Key points
The court has discretion to allow an insolvency practitioner to recover fees and costs from work done in realising assets for the benefit of a third party but it cannot be exercised where an insolvency practitioner takes action in relation to assets outside in the insolvency estate of his own accord.
The facts
Recent Developments
Key Point
No recognition order was made where the main foreign insolvency proceedings had ended even where the plan agreed in those proceedings was in part still to be implemented.
The Facts
Key Point
An "establishment" requires business and business activity to be carried out involving dealings with third parties and not simply acts of internal administration.
Facts
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
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
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments