ICC Judge Barber’s judgment in the case of Purkiss v Kennedy & ors (Re Ethos Solutions Ltd) [2022] EWHC 3098 (Ch) deals with a complex and late application for joinder and to re-amend proceedings. It was handed down following a four day hearing and weighs in at over 200 paragraphs, facts indicative of the unusual nature of the application.
The application before Richard Smith J in Re Prezzo Investco Ltd (Re Companies Act 2006) [2023] EWHC 1679 (Ch) was for sanction of a restructuring plan between the company and certain of its creditors under ss 901F and 901G of Part 26A Companies Act 2006.
The case of BTI 2014 LLC v Sequana SA and Ors has had a long and tortuous history, culminating in a Supreme Court decision which has now been handed down over a year after a two day hearing in May last year ([2022] UKSC 25). The bare facts can be simply stated.
The Privy Council's recent judgment in Weavering[1]upheld the decisions of the Cayman Islands Grand Court and Court of Appeal that payments made to redeemed investors immediately prior to the fund's liquidation were preference payments under section 145(1) of the Companies Law (2018 Revision) (Law), and must be repaid.
RE Z III Trust [2019] JRC 069
The Royal Court of Jersey has determined that the preferred course to follow when winding up an insolvent trust is for the existing trustee to apply a formal winding up procedure under the Court's supervision. Key features of this procedure would be (i) a moratorium on legal claims; (ii) the trustee should advertise for claims on the trust assets; and (iii) the trustee should require creditors to prove their claims before distributing the assets.
The Z Trusts litigation
The Government has announced that it will be delaying the proposed changes to Conditional Fee Arrangements ("CFA") and After the Event ("ATE") Insurance, in respect of insolvency proceedings, until 2015.
In its recent decision in Lehman Brothers International (Europe) (in administration)1 the Supreme Court resolves the uncertainty where a regulated firm does not properly segregate client monies. The decision has a number of practical implications, not only for the administration of Lehman Brothers International (Europe) (LBIE) but also for the way client monies are held by institutions.
Background
Many employers dread triggering debts under section 75 of the Pensions Act 1995 within their defined benefit pension scheme, but in some circumstances it simply cannot be avoided. Once a section 75 debt has been triggered it is important that the debt is calculated properly. The Actuary is required to calculate the difference between the value of the scheme's assets and the cost of purchasing annuities to secure all of the liabilities of the scheme. But what if there is a delay in calculating the debt? At which date is the Actuary required to ascertain the cost of bu
In its recent decision in Re Kaupthing Singer and Friedlander[1], the Supreme Court clarifies the interrelationship between the rule against double proof and the rule in Cherry v Boultbee. The Court considered in particular whether the rule in Cherry v Boultbee is (1) compatible with the principle against double proof, and (2) limited to seeking an indemnity in respect of sums actually paid.
Background
Where does liability under a Pensions Regulator Contribution Notice rank in an Employer's insolvency?