Op 6 december 2021 heeft de Rechtbank Overijssel de burgemeester van de gemeente Hardenberg aangesteld tot mede-curator in het faillissement van De Zorgstal. Dit is een interessante ontwikkeling omdat, voor zover de auteurs bekend, een burgemeester niet eerder is aangesteld tot mede-curator in een zorgfaillissement.
According to a recent decision by the High Court in R (on the application of Palmer) v Northern Derbyshire Magistrates Court, an Administrator is an officer of a company in administration for the purpose of collective redundancy rules.
This means an Administrator can be prosecuted personally for failing to notify the Insolvency Service of collective redundancies being made by the company in administration.
Background law
Claims are just another asset of the insolvency practitioner: to gather in and realise for creditors’ benefit.
Success in managing insolvency estate claims however, is all about effective risk management. As a speculative contingent asset, the risks involved in handling claims as assets are greater and this risk requires constant evaluation as the claim progresses. Here are 6 issues to have under control throughout.
1. RECOVERABILITY – WHERE IS THE MONEY?
(Promontoria (Oak) Ltd v Emanuel; Emanuel v Promontoria (Oak) Ltd; Promontoria (Henrico) Ltd v Samra; Promontoria (Chestnut) Ltd v Simpson & Anor; Bibby Invoice Discounting Ltd v Thompson Facilities and Project Management Services Ltd & Anor)
Introduction
This morning, the Court of Appeal has handed down landmark guidance on how far a defendant in litigation can look under the bonnet of their pursuer's commercial transactional documents and check out the mechanical parts of a deal to which the defendant is not party.
Pre-packs, known as an effective restructuring measure from other jurisdictions, are also permissible in Switzerland.
What is a pre-pack?
In our previous commentary, we concluded that the ‘The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021’ (Regulations) had enacted a tick-box exercise for experienced market participants.
Sinds 1 januari 2021 zijn de Europese insolventieverordening en Brussel Ibis Verordening niet langer van toepassing op het Verenigd Koninkrijk. Bovendien voorziet de handels- en samenwerkingsovereenkomst tussen de EU en het VK niet in een specifiek erkennings- of tenuitvoerleggingsmechanisme met betrekking tot grensoverschrijdende insolventie- en herstructureringsprocedures na Brexit. De vraag rijst dus of en onder welke voorwaarden Belgische rechtbanken Engelse schemes of arrangement en restructuring plans zullen erkennen na Brexit.
Since 1 January 2021, the European Insolvency Regulation and the Brussels I Recast Regulation no longer apply to the United Kingdom. In addition, the EU-UK Trade and Cooperation Agreement does not provide any specific recognition or enforcement mechanism in relation to cross-border insolvency and restructuring proceedings following Brexit. The question thus arises if and under which conditions Belgian courts will continue to recognise UK schemes of arrangement and restructuring plans post Brexit.
The case of Triple Point Technology Inc (Triple Point) v PTT Public Company Ltd (PTT) [2021] UKSC 29 has prompted considerable discussion in the construction industry.
On 12 May 2021 the FCA issued finalised guidance for insolvency practitioners who are tasked with managing insolvencies of regulated firms.
Aiming to help insolvency practitioners understand how to deal with firms in line with FCA requirements, the guidance covers the process from end-to-end including expectations in the pre-insolvency stage and specific procedures relating to insolvencies and restructuring. The aim of the guidance is to assist with the minimising of the impact of a failure of a regulated firm