Court of Appeal denies input tax on accountancy services relating to arefinancing and restructuring process: Airtours Holiday Transport Limited vHMRC5
Liability insurance policies typically exclude coverage for obligations arising out of the insured’s “assumption of liability in a contract or agreement.” Earlier this year, the Texas Supreme Court took a narrow view of this exclusion: in the landmark decision in Ewing Construction Co. v. Amerisure Insurance Co., 420 S.W.3d 30 (Tex.
In Crawford v. LVNV Funding, LLC, No. 13-12389 (July 10, 2014), the Eleventh Circuit held that the Fair Debt Collection Practices Act (FDCPA) prohibits filing a proof of claim on a time-barred debt in bankruptcy court, where the party attempting to collect knows the debt is time barred. The appellate court observed that a “deluge has swept through U.S. bankruptcy courts” of consumer debt buyers attempting to collect expired debts from debtors in Chapter 13 bankruptcy.
Pre-packs involve the pre-determined sale of a business before it enters administration, allowing a sale within days of an administrator's appointment. Examples of pre-packs include Dreams, JJB Sports and stockbroker Seymour Pierce. Pre-packs are a useful tool for the insolvency profession allowing businesses to be sold before being unduly damaged by the insolvency process, often saving jobs that might otherwise be lost.
A federal district court has held that a bankruptcy trustee’s action to compel payment of crop insurance proceeds is time-barred by virtue of the Federal Crop Insurance Act (FCIA) and the insurance policies’ arbitration provisions. The trustee brought the action against the Federal Crop Insurance Corporation (FCIC), as reinsurer, and the U.S. Department of Agriculture’s Risk Management Agency (RMA) seeking payment of policy proceeds for the benefit of the debtor’s estate.
- Landlord/Tenant: lessor did not breach commercial lease by failing to complete construction by date certain where lease did not provide date by which property was to be ready for occupation – 326-330 St. Armands Circle, LLC v. GEE22, LLC, No. 2D12-2395 (Fla.
Historically, HMRC has allowed insolvency practitioners to, at an early stage following their
appointment, cancel the VAT registration of the insolvent business. Practitioners have then been
entitled to account for VAT on any subsequent supplies using HMRC’s form VAT 833 (Statement of
Value Added Tax on goods sold in satisfaction of a debt).
In Bailey & Others (Joint Liquidators of D&D Wines International Limited) v Angove’s Pty Limited1, the Court of Appeal overturned a decision of the High Court, and so permitted the liquidator of an insolvent agent to recover funds due to it from end-customers despite the agency having been terminated.
Background
Interest in cryptocurrencies is growing, even after Mt. Gox, formerly the largest international bitcoin exchange, filed for bankruptcy in Japan following $473 million in losses.