The Supreme Court has confirmed that s.423 of the Insolvency Act 1986, which provides for the avoidance of certain transactions where they have been entered into for the purpose of defrauding creditors, has a broad application and covers not only transactions entered into by the debtor personally, but also those entered into via the debtor's company: El-Husseiny and another v Invest Bank PSC [2025] UKSC 4.

The High Court has held that the recognition of foreign insolvency proceedings under the Cross-Border Insolvency Regulations 2006 (the "CBIR") did not, in itself, vest rights or interests in English land in the foreign representative.

In a rare case, the High Court has dismissed an application by liquidators pursuant to sections 235 and 236 of the Insolvency Act 1986, which give office-holders broad powers to obtain information and documents concerning the company and its affairs: Webb v Eversholt Rail Limited [2024] EWHC 2217 (Ch).

The High Court has ordered two former directors of British Home Stores ("BHS") to pay equitable compensation of £110 million in respect of misfeasance claims brought by the former retailer's joint liquidators: Wright v Chappell [2024] EWHC 2166 (Ch).

In Sian Participation Corporation (In Liquidation) v Halimeda International Ltd [2024] UKPC 16, the Privy Council considered an appeal from the Court of Appeal of the Eastern Caribbean Supreme Court (BVI) as to whether a company should be wound up where the debt on which the winding up application is based is subject to an arbitration agreement and is said to be disputed and/or subject to a cross-claim.

The collapse of UK retailer British Home Stores ("BHS") in 2016 remains one of the most high-profile corporate insolvencies of recent times. It went from being a household name across the UK, with over 11,000 employees, to having reported debts of £1.3 billion, including a pension deficit of nearly £600 million. The group's demise saw the closure of some 164 stores nationwide and significant job losses.

In the recent case of Re LYHFL Limited [2023] EWHC 2585 (Ch), the High Court has considered the proper interpretation of paragraph 12(1)(b), Schedule B1 of the Insolvency Act 1986, by which directors can apply to court for an order putting the company into administration.

Drawing on previous authorities concerning this and similar provisions, the Court concluded that an individual director has no power to make such an application without the approval of the majority of the company's directors and a valid board resolution.

Facts

Comme déjà évoqué dans notre article précédent à ce sujet, le concept du transfert d’entreprise constitue l’un des piliers de la réforme du droit de l’insolvabilité en Belgique.

Dans cet article, nous introduisions le concept du transfert d’entreprise sous autorité judiciaire, revu depuis la réforme du 1er septembre 2023.

La présente contribution constitue la deuxième partie du sujet, portant cette fois sur le transfert d’une entreprise qui intervient dans le cadre d’une préparation privée (confidentielle) à la faillite.

Zoals reeds vermeld in ons vorig artikel in deze materie, is het concept van de overdracht van een onderneming één van de pijlers van de hervorming van het insolventierecht in België.

U maakte reeds kennis met het concept van de overdracht van ondernemingen onder gerechtelijk gezag, dat herzien is sinds de hervorming van 1 september 2023.

Deze bijdrage vormt het tweede deel van dit onderwerp, ditmaal over de overdracht van een onderneming in het kader van een "besloten voorbereiding van een faillissement".

As already mentioned in our previous article on this subject, the concept of the transfer of a business is one of the pillars of the reform of insolvency law in Belgium.

In our previous article regarding this subject, we introduced the concept of the transfer of a business under judicial authority, reviewed since the reform as of 1 September 2023.

This contribution constitutes the second part of the subject, and deals with the transfer of a business in the context of a private (confidential) preparation prior to bankruptcy.