The recent case of PSV 1982 Limited v Langdon [2022] has clarified what is a ‘relevant debt’ of a company which uses a ‘prohibited name’ and for which a director or person who manages that company can be personally liable for.
Who will be interested in this article?
The Insolvency Service has recently announced their proposal to increase the cost of deposits payable on creditors’ bankruptcy and winding-up petitions which are presented on or after 1st November 2022.
The proposal is as follows:
Bankruptcy Petition deposit increasing from £990 to £1,500
Winding-up Petition deposit increasing from £1,600 to £2,600
If the proposed changes are approved it will mean the overall fee to issue petitions (including the court fee) will be:
On 27 July 2022, the European Union (Preventative Restructuring) Regulations (the Regulations) were introduced which gave effect to EU Directive 2019/1023 on restructuring and insolvency[1] (the Directive). The Directive’s principal objective is to ensure that all member states have comparable and effective frameworks in place for early warning and prevention of corporate insolvency.
Oliver Fitzpatrick, a partner in the firm’s Business Support and Insolvency team, successfully acted for a company in resisting an application that was made against it by a petitioning creditor for permission to appeal earlier decisions made by Insolvency and Companies Court Judge Barber to (a) dismiss that petition forthwith and (b) have the petitioning creditor pay our client’s costs in dealing with the petition.
What remedies should lenders, borrowers and opportunistic credit investors prescribe in light of current market practice and documentation?
This article examines some of the current issues arising in leverage finance agreements on defaults and the expansion of express remedy terms that can impact on debt transfers.
Key Points
Houst Limited's (the Company) restructuring plan (under Part 26A of the Companies Act 2006) (RP) was recently sanctioned at the High Court on 22 July 2022.
KEY TAKEAWAYS
We consider the implications for office-holder claimants of the recent case ofKelmanson v Gallagher & De Weyer [2022] EWHC 395 (Ch).
The case raises interesting points of practice for insolvency practitioners: a director consciously trying to evade or 'game' the statute won't work to prevent office holder recovery, but a sincerely held but mistaken belief on the director's part as to what was being done doing could.
KEY POINTS:
WHAT WE’VE BEEN UP TO
The team have been busy dealing with a wide range of instructions over the past few months.
Some of our recent highlights include:
MR DOLLAR BILL LTD V PERSONS UNKNOWN AND OTHERS [2021] EWHC 2718 (Ch)
Federal Decree Law No (16) of 2021 (Factoring Law) was issued on 29 August 2021 and came into effect on 7 December 2021. The Factoring Law, whilst laying a legislative framework for a rapidly expanding trade finance industry in the United Arab Emirates (UAE), also provided much needed clarity from, and an update to, Federal Law No (4) of 2020 (Moveables Law) and Federal Law No (1) 1987 (Civil Code).
New entrants to the trade finance market