Back in August, we wrote a blog about adjudication and liquidation, following the judgment in the TCC case of Michael J. Lonsdale (Electrical) Limited v Bresco Electrical Services Limited (in Liquidation) [2018] EWHC 2043 (TCC) (Lonsdale).
A party on the receiving end of an adjudication is usually in a difficult position. Its situation is only made worse if the referring party is insolvent.
In such a situation, if the adjudicator makes an award in favour of the insolvent company the chances of subsequently recovering any sums awarded in litigation are very limited. While a stay to enforcement may be available, there are costs associated with obtaining a stay which will probably also be irrecoverable.
At the beginning of a new year it is customary to consider what the year ahead may bring. 2019 promises to be eventful not least with the UK's (planned) exit from the EU on 29 March 2019. Here's what to look out for in the next 12 months…
Brexit
A trustee in bankruptcy lost all rights to the proceeds of sale of a freehold property after he disclaimed title to it
Background
Mr Sleight was the trustee in bankruptcy of an insolvent estate. The deceased’s assets included several freehold properties that were charged to banks where the value of the property was less than the amounts due under the charges. Given the negative equity, the trustee in bankruptcy disclaimed title to these properties as they constituted “onerous property”.
Pensions New (PN) has often had cause to ask himself what he knows. A similar sort of question was frequently posed by the French essayist, Michel de Montaigne. Montaigne lived between 1533 and 1592 and he answered this question over the course of a period of time during which he produced several volumes of great essays. In those volumes, Montaigne covered many subjects however he never covered the subject of the occupational defined benefit pension scheme. So far PN knows, this is the first article ever written about Montaigne’s relationshi
On 31 October 2018 the Supreme Court issued its Judgment in the appeal of Dooneen Ltd (t/a McGinness Associates) and another (Respondents) v Mond (Appellant) (Scotland) [2018] UKSC 54.
The appeal had been brought by Mr Mond who had sought to overturn the decision of the Inner House of the Court of Session (Dooneen Ltd & Others V Mond [2016] CSIH 59).
Factual background
Directors should seek advice from in-house or external legal professionals whenever executing documents, even if they believe that they understand the consequences of what they are signing. They should also record their decision-making process to ensure that they comply with the Companies (Miscellaneous Reporting) Regulations 2018. Wessely v White serves as a timely warning in this regard.(1)
- Introduction
- Recent case
- Court's obiter comments
- Comment
Introduction