In our last article, which can be found here, we reported on the government’s intention to give HMRC priority in the recovery of certain debts (including VAT, PAYE, Employee NICs, and Construction Industry Scheme deductions ) in insolvency proceedings.
In the recent case of Signature Living Hotel Limited v Andrei Sulyok Roxana Monica Cocarla [2020] EWHC 257 (Ch), 2020 WL 00929732 the High Court considered whether two deeds of guarantee which failed as deeds (because the formalities for a deed had not been complied with) remained enforceable as a matter of contract.
In June 2019 the Government announced a plan to introduce a new “breathing space” scheme to protect individuals and families struggling with problem debt and to give those individuals and families extra help and time to get their finances under control.
In the landmark decision in Re Systems Building Services Group Limited [2020] EWHC 54 (Ch), ICC Judge Barber held that the duties of a director survive the insolvency of a company.
Despite discussion in 2019 about corporate insolvency reforms and the reintroduction of the Crown Preference for certain tax debts, the Queens Speech on 19 December 2019 did not indicate any concrete plans to legislate for these areas this year. Airline insolvency, however, has made the list for 2020.
Why is airline insolvency a priority?
The recent JJB Sports administration highlighted another potential consideration for landlords – namely, the wisdom of company voluntary arrangements (CVAs). JJB went through two failed CVAs prior to going into administration in September.
The purpose of an anti-suit injunction is to restrain respondents from commencing or continuing proceedings in another jurisdiction. Anti-suit injunctions are an important, and frequently required, judicial tool within the BVI. The growing number of international companies registered in the BVI has resulted in a corresponding increase in the number of BVI matters involving multiple jurisdictions. The recent BVI Court of Appeal decision in (1) Kenneth M.