Background
The Board constituted under the chairmanship of Mr MS Sahoo has recently rejected an application for registration as an insolvency professional (IP) under regulation 7 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (IP Regulations) through its first regulatory order.
Factual Matrix
The Court of Appeal has recently overturned the commonly held belief that a validation order would normally be made if the disposition made by a company subject to a winding up petition was done so in good faith and in the ordinary course of business at a time when the parties were unaware of the existence of the petition.
1. The starting point
Section 127 Insolvency Act 1986 provides:
Background
Background
Background |
RBS announced last month that SME customers will automatically be entitled to a refund of the fees that they were charged whilst being managed by the Bank’s Global Restructuring Group (GRG) between 2008 and 2013 following a review by the FCA.
This offer follows on from the payments RBS has made in recent years for the mis-selling of PPI and interest rate swap products which has resulted in £1.8 billion of redress costs.
This article examines possible consequences for SMEs that were in GRG during the relevant period which now are, or have been, in an insolvency procedure.
Background
UPDATE
THE INSOLVENCY AND BANKRUPTCY CODE, 2016 - NEW ROAD AND NEW CHALLENGES
25 May 2016
Introduction
Philip Jones explains that recent cases have confirmed the need for insolvency office holders, and those appointing them, to take great care to ensure that the appointments are valid.
As was described in our article Invalid Liquidation Appointments the appointment of an insolvency office holder can be fraught with difficulties.