Finally a decision on whether a bankrupt can be compelled to draw down a pension: The Court of Appeal has finally handed down its long-awaited judgment in Horton v Henry [2016] EWCA Civ. 989, the case determining whether a Trustee in Bankruptcy can compel a Bankrupt to draw down his pension even though the pension is not in payment because the Bankrupt has elected not to call it down.  

Singapore is set to adopt the recommendations of the Committee to Strengthen Singapore as an International Centre for Debt Restructuring.

Original news

Goldcrest Distribution Limited v McCole and others [2016] EWHC 1571 (Ch)

What is the background to this case?

The claimant lender, C, sought possession of residential property owned jointly by D1 and his partner D2 (the property) pursuant to a purported legal charge entered into by both the D1 and D2 (the charge). The charge secured D1’s liability to C arising under a guarantee whereby D1 had guaranteed the indebtedness of his company, "Ascot" to C.

A version of this article was first published in The Law Society Gazette and Prime Resi.

Innovations to the Act in late 2015 seek to modernize and simplify collective proceedings in OHADA member states.

After years of delay, on 1 August 2016, the Third Parties (Rights against Insurers) Act 2010 will be brought into force in the United Kingdom, making it easier for a party with a claim against an insolvent business to bring the claim directly against the insurer of that business.

A possible alternative to the freezing injunction.

A judgment has recently provided helpful guidance on a creative form of injunction. The “notification order” compels a defendant to give notice to the claimant before disposing or dealing with its assets. This notification order is less onerous than a freezing injunction, and although it usually accompanies the freezing injunction, in this case, the order was issued as standalone relief. The notification would alert the claimant to apply for a freezing injunction prior to dissipation of any assets.

Facts

Longmeade went into compulsory liquidation. The liquidators were advised that the company had a good claim against BIS. The liquidators has secured third party funding in respect of the claim, which if successful, would double the dividend for creditors. However, 99% by value of the creditors of the company opposed the commencement of an action against BIS. The position of the few remaining creditors was unclear. The liquidators applied to the court for directions as to whether to cause the Longmeade to pursue the claim.

Held 

Facts

The company (‘Goldtrail’) was a tour operator. The director, who owned 100% of the company, had attempted to sell 50% of his shares to each of two companies without one knowing about the other. Goldtrail went into liquidation leaving passengers stranded overseas and owing £20m for repatriation.

Facts

The husband and wife were directors and shareholders of a company (‘C’). The husband was adjudged bankrupt in June 2014; the petitioners were appointed as his trustees in bankruptcy. Among the assets vested in the trustees under s 306 of the Insolvency Act 1986 (IA 1986), was the husband’s shareholding in C. However, the trustees were not registered as members of C until March 2015.