In a significant judgment, the High Court has held that there is no bar on a personal insolvency arrangement including a split-mortgage. The court also held that while a Personal Insolvency Practitioner is required to have regard to a creditor’s proposed solution for resolution of mortgage debt (eg a split-mortgage), the PIP will not be acting unreasonably by failing to adopt that solution and instead adopting another reasonable solution (eg debt write-down).

The Irish Government has confirmed that the long-heralded Order to give effect to the “Alternative A” insolvency provisions of the Aircraft Protocol to the Cape Town Convention has been signed. While the Order has not yet been published, the Government announcement, made on 10 May 2017, states that the change in law has immediate effect.

Background

In a recent judgment, the High Court has provided further guidance on the correct approach to an assessment of an application under s115A of the Personal Insolvency Acts.

The potential cost of making or defending a claim is often a concern for anyone involved in litigation or arbitration. AG has since 2008 been at the forefront of sharing the risk with its clients, and the litigation funding market has responded with a variety of different options and opportunities. And it's also a developing topic for the courts. Our Control Update newsletter reports all the latest developments, both commercial and legal.

Litigation funders – extent of their involvement and liability for costs

If you would prefer not to receive this service from Addleshaw Goddard, please email: [email protected] TRUSTEE QUARTERLY UPDATE Pensions 1 December 2016 Court holds Bankrupt cannot be forced to draw scheme benefits to pay creditors In its judgment in Horton v Henry the Court of Appeal has held that where a bankrupt member has a right to draw benefits, but has not yet chosen to do so (a) his rights to future benefits under the scheme are not "

The English courts have been careful to control the circumstances in which a constructive trust will be declared.

Introduction

Court holds Bankrupt cannot be forced to draw scheme benefits to pay creditors

In its judgment in Horton v Henry the Court of Appeal has held that where a bankrupt member has acquired a right to draw benefits, but has not yet done so (a) his rights under the scheme are not "income" over which the court can make an income payments order under section 310 of the Insolvency Act 1986; and (b) the trustee in bankruptcy cannot compel the member to take his benefits.

Background

Third Parties (Rights Against Insurers) Act 2010: in force from 1 August 2016

In August 2016 significant changes to English insurance law will take effect.

On 1 August 2016 the Third Parties (Rights Against Insurers) Act 2010 (the 2010 Act) will come into force. The 2010 Act will be swiftly followed by the Insurance Act 2015, which will come into force on 12 August 2016.  

Third Parties (Rights Against Insurers Act) 2010

MPs' Report on the financial collapse of BHS: what are the key pensions implications?

MPs have published a report on the events leading to the financial collapse of BHS shortly after its sale by Sir Philip Green. As a consequence of BHS's insolvency, its defined benefit pension schemes will enter the PPF.

Litigation

Lender not obliged to advise borrower about onerous term

In Finch and another v Lloyds TSB Bank Plc and others,  the High Court considered whether a lender had a duty to advise a borrower about a clause in its loan agreement making it liable for the bank's hedging break costs if the borrower chose to repay a fixed rate loan early.