There have been a couple of cases in the last few months where the impact of changes to the details of the various registers at Companies House has been considered by a Court. This article considers the points of interest for lenders that arise out of those decisions

What use is an LP registration certificate?

Not much in the case of a certificate that relates to a limited partnership (one to which the Limited Partnership Act 1907 applies not the limited liability partnership variety).

Key Point

The High Court has given some guidance on the effect of an order to restore a dissolved company to the register where a secured creditor has rights against that company and there has been a disclaimer by the Crown.

Facts

Key point

The Joint special administrators of an investment banking entity succeed in obtaining a direction to allow them to distribute client assets quickly.

Facts

Key point

The Court of Appeal has recently given detailed guidance on what happens to the surpluses available in the insolvency of companies after dealing with an appeal in relation to the so-called Lehman Waterfall Application dealt with in an earlier Update.

Facts

Key Point

The ECJ has outlined how the protection afforded to a counterparty by Article 13 of the European Insolvency regulation works where an insolvency officeholder challenges a transaction governed by a law different from the one which applies to the insolvency of the estate generally.

Facts

The Small Business, Enterprise and Employment Act (the Act) recently received Royal Assent. The Act introduces a number of new provisions across a wide range of issues, including regulatory reform, public sector procurement and companies. In relation to the insolvency and restructuring sector, there are a number of provisions which are likely to garner significant interest in the coming months.

Key Point

The Court of Appeal has overturned a first instance decision (discussed in our April 2014 Update) that the Companies Court should not normally make an order upon a winding up petition based on tax assessments that are under appeal.

The Facts

Oil price movement through 2014 and into 2015 is a consequence of market fundamentals. Europe’s continued economic woes, paired with the slowdown in China’s economy, have led to a fall in demand for oil.

At the same time, the growing U.S. shale-oil boom (over which OPEC has no control) and the pick-up in drilling in Libya have led to an excess of supply. However, in the past few months the issue has switched from how quickly oil prices have fallen, to how much further they have to fall.

Key Point

A provisional liquidator may be appointed if the evidence justifies it even where the tax assessments upon which the winding up petition is based are under appeal.

Facts

Key Point

Subrogation operates not by assigning the benefit of the relevant third party's security but by creating new security rights in the hands of the subrogated creditor similar to those held by that third party.

Facts