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.

I. Executive Summary

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

Key Issues

I. Executive Summary

The reform (which has come into force and effect on 5 April 2017 ("Reform")) is aiming at increasing legal certainty in cases of rescission inside and outside of insolvency proceedings regarding insolvency rescissions due to willful disadvantages (Vorsatzanfechtung) for creditors.

Introduction

After months of drama prompted by the intertwined destinies of a constitutional referendum and the recapitalization of Monte dei Paschi di Siena (“MPS”), Italy’s third largest bank, and following the resignation of the Renzi government, the first important measure approved by the new Italian cabinet was an emergency decree aimed at safeguarding the Italian banking sector.

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.

A federal district court recently rejected the Pension Benefit Guaranty Corporation’s attempt to hold a buyer of assets liable for the seller’s unfunded defined benefit plan liabilities under a successor liability theory.[1] While the court decided the issue in favor of the buyer, it is a cautionary tale for buyers as it appears to be the first time the PBGC has argued for the application of successor liability in this context and is a depar