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
Original news
Mikki v Duncan [2016] EWCA Civ 1312, [2017] All ER (D) 157 (Feb)
To start, let me introduce some familiar characters. First, an impecunious claimant who has the benefit of after the event (ATE) insurance, but the disadvantage of an incompetent solicitor. Second, a successful defendant with the benefit of a costs order and a final costs certificate, but the disadvantage of a slippery ATE insurer who has avoided the claimant’s ATE policy because of failures by the aforesaid incompetent solicitor. Different ways around this problem have been tried, and generally failed.
Recent Developments in Bankruptcy Law, January 2017 (Covering cases reported through 560 B.R. 607 and 839 F.3d 1301)
RICHARD LEVIN
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