There are changes to the Act mainly designed to bring in the required changes following the abolition of physical meetings in the first instance.
Approval is now by a creditors decision making procedure namely -
- Correspondence;
- Electronic Voting; or
- Virtual Meeting.
Contents of the Proposal
Any proposal must comply with the general principles set out in rule 8.2I IR2016 -
The Court has recently announced it will be publishing some standard forms for insolvency procedures, to be published under the Insolvency Practice Direction.
The forms are expected to be available towards the end of March.
This is the current list of what will be published. There may be some amendments.
Forms being hosted by Court under Practice Direction (these were identified as forms to "keep" from Schedule 4)
Administration
After much delay, the Third Parties (Rights Against Insurers) Act 2010 (the 2010 Act) came into force on 1 August 2016. The 2010 Act aims to assist parties wishing to claim against insolvent companies and individuals who supply professional services by allowing them to claim directly against their insurers.
The UK Commercial Court has dismissed the Claimant's application for a stay under Article 28 of the Judgments Regulation.
Edgeworth Capital Luxembourg Sarl (2) Aabar Block Sarl V Glenn Maud [2015] EWHC 3464 (Comm)
The High Court in England has ruled on whether Spanish Law has the effect of extinguishing third party guarantees when the beneficiary of the guaranteed liabilities enters into insolvency proceedings in Spain.
Restructuring & Insolvency analysis: Following the decision in Wagner v White, Connor Pierce, solicitor at Ashfords LLP, looks at how the courts have been dealing with bankruptcy petitions which lenders have presented against guarantors when the principal borrower fails to repay the loan. Pierce also considers the ways in which guarantors have tried to have the lender’s statutory demand set aside. Wagner v White [2018] EWHC 2882 (Ch), [2018] All ER (D) 16 (Nov)
It is common knowledge to many that parties to a construction contract have the right to adjudicate at any time. This is a right implied by statute and a right that cannot be fettered. However, it seems the limits of such a right are now somewhat more nuanced. In the recent case of Michael J. Lonsdale (Electrical) Limited v Bresco Electrical Services Limited (in Liquidation) [2018] EWHC 2043 Fraser J has considered how the Insolvency Rules and Adjudication work together and what this means for the right to adjudicate at any time.
The Senate Legal and Constitutional Affairs Legislation Committee has endorsed the passing of the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 in its report dated 21 March 2018.
The Bill will align the bankruptcy period in Australia with the United Kingdom. Under the Bankruptcy Act 1996, the period of bankruptcy (unless a successful objection is made) is three years. If passed, the Bill will reduce the period to one year.
Key points to note are that:
Directors against whom claims for a misfeasance have been intimated often turn to limitation and set off in defence of a request for the repayment or restoration of the relevant sums or property.
Misfeasance and limitation
With the news of major government contractor Carillion's liquidation, we look at the practical steps public bodies should be taking if Carillion is one of their contractors or is part of their supply chains so as to ensure there is as little disruption as possible across their service areas.
Contract review