The Department for Business, Energy and Industrial Strategy published the Corporate Insolvency and Governance Bill yesterday (20 May 2020). The Bill, when enacted, represents the most significant amendment to the UK’s insolvency laws since the Enterprise Act 2002 introduced the administration regime.
Antqip Hire highlights the importance of drafting a DOCA carefully, and properly communicating to creditors the commercial risks
The case of Antqip Hire was brought by the liquidators of two related entities (Antqip Pty Limited and Antqip Hire Pty Limited).
Orders were sought determining:
A voluntary administrator is often appointed by the company. The directors have a role in selecting the administrator; often the referral will come through one of the company’s advisers, such as the accountant or lawyer.
National Rugby League (NRL) was successful in setting aside a summons for public examination obtained by the liquidator of Newheadspace Pty Limited (Newheadspace). The Court also awarded NRL its costs. The Court found that the creditors’ voluntary winding-up of Newheadspace was an abuse of process, and that the summonses were obtained for an improper purpose.
On August 26, 2018, the UK government issued its response to its consultation on insolvency and corporate governance. The consultation sought views on how the risk of company failure could be reduced by improving the corporate governance and insolvency framework.
Evans v Jones [2016] EWCA Civ 660
Executive Summary
In February 2016, Mr Justice Snowden handed down his judgment in the High Court proceedings concerning Ralls Builders Limited (in liquidation) [2016] EWHC 243 (Ch). This matter concerned an application by the liquidators of Ralls Builders Limited (in liquidation) (the company) for a declaration regarding the alleged wrongful trading of the company by its directors, under section 214 of the Insolvency Act 1986 (the Act).
From 1 January 2016, European Economic Area (EEA) member states are required to implement Article 55 of the European Union Bank Recovery and Resolution Directive (2014/59) (BRRD).
DTEK Finance B.V., Re [2015] EWHC 1164 (Ch)