This decision is significant to debt collectors and debt buyers who, according to the dissent, “have ‘deluge[d]’ the bankruptcy courts with claims ‘on debts deemed unenforceable under state statutes of limitations.’”

Introduction

De Le Cuona v Big Apple Marketing Ltd, Chancery Division, 12 April 2017 

Easement to park; illusory; true construction of a deed

It is fair to say that not many, if any, banks have internal controls or policies and procedures to identify and mitigate deficiencies in the bankruptcy practices of banks. Indeed, banks typically rely on their Legal Department or external counsel to make sure banks protect their interests when bank customers file bankruptcy. While the Compliance Department and the Risk Management Department track compliance and risks related to numerous laws, rules and regulations, the Bankruptcy Code and its rules are typically not among those laws and rules.

The case confirmed that the provisions of the CPR apply to applications for an extension of time to apply for rescission of a winding up order. The case further stated that any such extensions of time should be exceptional and for a very short period.

Facts

Facts

Facts

This case concerned the rejection by the liquidators of Saff One LLP (‘LLP’) of a proof of debt lodged by ESS. The issue was whether a tax mitigation structure involving a loan to LLP for purported investment in the Ultra Green Scheme gave rise to a provable debt if the monies ‘loaned’ passed in a circle and no such investment was made.

Facts

A Trustee in Bankruptcy (‘TiB’) applied for committal of a bankrupt (‘B’) for contempt for repeated failure to provide financial information sought in conjunction with an application for an Income Payment Order (‘IPO’).

Facts

Mr Mikki is a photographer (‘the Bankrupt’). Bankruptcy was 2010 when pertinently he had a bank account with £1,500 in it and a car.

The £1,500 was spent, but £3,000 was subsequently paid in. When the account was frozen it again had £1,500 in it. After investigations it was determined that this money derived from post-bankruptcy income and was returned. Those investigations took some time and the Bankrupt demanded penal interest.

This article was first published in the LexisNexis Corporate Rescue and Insolvency Journal (2017) 2 CRI 45.

Key Issues