The bankruptcy bar is abuzz following the Supreme Court’s recent decision in Czyzewski v. Jevic Holding Corp., 15-649, 2017 BL 89680, 85 U.S.L.W. 4115 (Sup. Ct. March 22, 2017), holding that bankruptcy courts may not approve structured dismissals that do not adhere to the Bankruptcy Code’s priority scheme.

In Saw v Wilson, the Court of Appeal held that a second ranking floating charge would be valid and enforceable, even if at the time it was created there were no uncharged assets to which the floating charge could attach.

Facts of the case

A recent decision at Glasgow Sheriff Court has given guidance on the circumstances in which it is appropriate for a former trustee in receipt of a PPI refund to apply to be re-appointed to a sequestrated estate.

A significant decision issued last week by a five judge bench of the Inner House has reversed a 40 year old decision on the meaning of 'effectually executed diligence' in a receivership.

Section 60 of the Insolvency Act 1986 provides that in a receivership, all persons who have 'effectually executed diligence' on any part of the property of the company which is subject to the charge by which the receiver is appointed have priority over the holder of the floating charge.

This article looks at the forthcoming pre-action protocol for debt claims in its current form, with an anticipated implementation date around October this year.

There might be further changes ahead, and a shift in the implementation timetable, so please watch this space for further updates.

'Close of business' is a term many people use in their day to day working life without much thought. But what does it actually mean and should the term be used in contractual documentation?

Agreeing to get something done by 'close of business' is a phrase often used when flexibility is required as to the time a task will be completed. It makes it clear the task will be done that day, but not by a particular time. However, what does the term mean when it is included in a contract?

A debtor cannot recover sanctions or attorneys’ fees under 11 U.S.C. § 362(k) when the debtor admits to having suffered no actual damages and the filing of a motion for sanctions was not necessary to remedy a stay violation.[1] Denying the debtor’s motion for sanctions, the U.S.

An opinion issued this week is the first examination by a Scottish court of the principle of 'modified universalism' and the requirements for an enforceable floating charge where all the company's property is situated in a non-UK jurisdiction.

This opinion by Lord Tyre in the Court of Session concerns three companies incorporated in Scotland, but which carried on business in India.

Click here to view the table.

Bankruptcy lawyers across the country learned this lesson in 2015: A fine year can be a flat year.

As we reach the 30th anniversary of the Insolvency Act 1986, the legislators have clearly decided it is time to dust the profession down and bring out a shiny new model for us to hop aboard and take a journey (for some) into the unknown.

But what do all these changes mean in practice, and is there any theme running through them?

Fee regime