The recent appeal to the High Court in Woolsey v Payne [2015] EWHC 968 (Ch), from the Chief Registrar in insolvency proceedings, considered the application of sections 16B and 74(1)(a) of the Consumer Credit Act 1974, which relate to the enforceability of loans made for business purposes and/or in the course of a business.

The Insolvency Service has published its insolvency statistics for Q1 2015 which show that personal insolvencies were at the lowest level since Q4 2005.  In the 12 months ending Q1 2015, 1 in 478 adults (just over 0.2% of the adult population) became insolvent.  This was the lowest rate since the 12 months ending Q1 2006.

Introduction

Carey Olsen’s restructuring and insolvency team has succeeded in applying to the Royal Court for the restoration of K2 Insurance Limited (“K2”), a liquidated and dissolved company, enabling the company to subsequently recover a substantial asset. Advocate David Jones and Associate Harry Stirk acted for Ian Damarell of BDO Limited, the liquidator of K2.

The Facts

Amendments to the Law on the Legal Status of Aliens

The draft amendments to the Law on the Legal Status of Aliens (hereinafter – the Law) aim to ensure more effective control of the migration of the aliens that are posing risk, to reduce the threat of their temporary or permanent residency in Lithuania, as well to establish an order for the urgent issuance of residence permits in the Republic of Lithuania.  

Įstatymo Dėl užsieniečių teisinės padėties pakeitimai

Įstatymo Dėl užsieniečių teisinės padėties (toliau tekste – „Įstatymas“) pakeitimo projektu siekiama užtikrinti veiksmingesnę riziką keliančių užsieniečių migracijos kontrolę, mažinti tokių asmenų laikino ar nuolatinio apsigyvenimo Lietuvoje grėsmę, taip pat įtvirtinti leidimų gyventi Lietuvoje išdavimo skubos tvarka institutą.

On 15 January 2015, it was announced that the bankruptcy creditor petition limit will be increased from £750 to £5,000 following a consultation into insolvency proceedings.

Business Minister, Jo Swinson said:

In Graves v Capital Home Loans Ltd [2014] EWCA Civ 1297, it was held that the appointment of Law of Property Act Receivers by a mortgagee because the borrower lacked the mental capacity to manage his financial affairs was valid even if the borrower was mentally fit by the time of the appointment. It was further held that the treatment of the borrower by the lender in such circumstances did not give rise to an unfair relationship under ss 140A and 140B of the Consumer Credit Act 1974 (CCA 1974).

Background

In Spencer Day v Tiuta International Ltd and other [2014] EWCA Civ 1246, the Court held that a creditor who relies on subrogation is still a secured creditor, and therefore cannot be subject to a set off claim for unliquidated damages as per Natwest v Skelton (1993).

Background

This article focuses on the judgments delivered in June and October 2014 by the Guernsey Court  of Appeal in the long-running Tchenguiz litigation [Investec Trust (Guernsey) Limited and Another v Glenalla Properties Limited and Others]. The litigation concerned the liabilities of a trustee to creditors in circumstances where the creditor claims far outweighed the value of the trust fund.

A consultation process to update the insolvency laws and practices in Guernsey has been launched by a government department in the island with businesses, industry bodies, lawyers and insolvency practitioners being invited to respond to the process before 31 December 2014. 

David Jones a restructuring and insolvency expert from Carey Olsen was invited to participate as part of the Commerce and Employment Department’s working party that reviewed the laws which raise a number of key areas for change.