The definition of a contract for the sale of goods under the Sale of Goods Act 1979 (SOGA) is one in which the seller transfers the property in the goods to the buyer for money consideration, i.e. the price.
Under section 49 of SOGA, an unpaid seller can claim for the price of the goods if either: (1) the property in the goods has passed to the buyer; (2) or payment of the price is expressed to be payable on a certain day irrespective of delivery
In Brooks and another v Armstrong [1], joint liquidators applied for orders against directors of the insolvent company (the Company) under section 214 of the Insolvency Act 1986 (the Act) (the wrongful trading provision) and for remedies to be awarded against delinquent directors under section 212 of the Act.
On 1 April 2015, an estimated 5,000 private landlords across Liverpool were affected by the implementation of a city-wide selective licensing scheme. Whilst Liverpool is the first major city to introduce the scheme city-wide, several local authorities have adopted selective licensing for their boroughs including the London Boroughs of Newham, Hackney, Croydon and Brent.
Freshfields Bruckhaus Deringer LLP Comparison of Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC), October 2015 1 Established pursuant to Abu Dhabi Law No. 4 of 2013, the ADGM is currently in the process of establishing itself as an alternative financial centre to the DIFC. It is intended that over time the ADGM will become a recognised international financial centre alongside the DIFC and other regional financial centres in Qatar, Bahrain and Saudi Arabia.
Summary
A new law which came into force on 8 August 2015 now permits a French court to enforce debt-for-equity swaps. Where the debtor company is in judicial reorganisation proceedings (redressement judiciaire) and if certain conditions are met, the court can either:
Current state of play
Summary
English insolvency law is about to change, making it harder for IT suppliers to stop supplying when a customer goes into an insolvency procedure. The aim is to help administrators and others to secure the supply of IT products and services that might be needed to rescue failing businesses.
Following on from our earlier advice on enforcing money judgments, Walker Morris’ banking litigators answer some more frequently asked questions.
Client Question 3
I have heard that I can enforce a money judgment via a third party debt order or an attachment of earnings. What are these and what are the advantages/disadvantages?
Walker Morris Answer
Important changes to Italian bankruptcy law with particular respect to the composition with creditors (concordato preventivo) and restructuring agreements (accordi di ristrutturazione) have entered into force on 27 June 2015.
Summary
We reported in December 2014 that the amendments to the EC Regulation on Insolvency Proceeding (the Recast Regulation) were virtually finalised and agreed between the various legislative organs of the European Union.
Finally after several years, the debate is now over and the European Parliament has now approved the final text – broadly as it was in December 2014. The outcome is good news for cross border corporate restructurings and insolvencies around Europe, but it will not come into force for over two years.
Next steps