Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.
Court approval of a sale process in receivership or Bankruptcy and Insolvency Act (“BIA”) proposal proceedings is generally a procedural order and objectors do not have an appeal as of right; they must seek leave and meet a high test in order obtain it. However, in Peakhill Capital Inc. v.
Claims against directors for unsuccessful tax avoidance schemes when their company enters into insolvency is not a new phenomenon, but a very recent case introduces a new potential defence for directors, as our Insolvency and Corporate Recovery specialist Tony Sampson explains.
Why would HMRC challenge a scheme?
The proposed Commercial Rent (Coronavirus) Bill and updated Code of Practice represents a commercial and pragmatic response by the legislator to resolving the apparent billions of pounds of commercial rent arrears arising out of the pandemic.
What does the Commercial Rent (Coronavirus) Bill propose?
Both businesses and individuals have suffered financially throughout 2020 as a consequence of the coronavirus pandemic.
We are still in the early days of the economic shock of the coronavirus, with positive trends not yet clear. Restructuring specialists at Keystone Law have combined our experiences of enquiries from businesses, Insolvency Practitioners (IPs) and other stakeholders during lockdown and noted the following developments which will help businesses and advisors prepare for a post-lockdown business environment:
It concerns me when I meet with a director of a failing company and he or she simply doesn’t know the various insolvency procedures should their company get into financial difficulties.
The famous and respected Beales department store chain has entered into administration, an insolvency procedure provided under the Insolvency Act.
It is always depressing when any company fails and is forced to enter into administration, let alone a prestigious business such as Beales with its 139-year-old history. The ripples of such an insolvency not only impact upon its 1300 employees, but it is also painfully felt amongst its suppliers, landlords and of course the greater community.
It is extremely sad to hear the news that Katie Price has been declared bankrupt.
Although the stigma of bankruptcy may have disappeared, it is still an extremely sobering event when an individual fails financially and is declared bankrupt by a court. In an increasingly materialistic world, bankruptcy is an ever-common event in society.
Once again, the statistics show an increase in corporate and personal insolvencies nationally, with a reported 16,090 corporate insolvencies and 115,299 personal insolvencies in the UK in 2018. While the media is focusing on how this reflects on the economy and the government, insolvency specialist Tony Sampson looks at what it means for the millions of creditors involved in those insolvencies. In short, what will those creditors actually receive?