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    Intention is crucial
    2009-01-21

    The absence of an intention to put assets out of the reach of creditors will thwart applications under the Insolvency Act to set declarations of trust or transfers aside.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Gambling, Consideration, Debt, Divorce, Marriage, Beneficial ownership, Beneficial interest, Insolvency Act 1986 (UK), Trustee
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Charging order survives intervening bankruptcy
    2009-02-23

    An intervening bankruptcy will not defeat a charging order where the bankruptcy was entered into in an attempt to frustrate the charge.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Debtor, Fraud, Debt, Legal burden of proof, Insolvency Act 1986 (UK)
    Authors:
    Ian Weatherall , Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    TUPE and insolvency proceedings
    2008-12-23

    In Oakland v Wellswood (Yorkshire) Ltd, the Employment Appeals Tribunal (EAT) decided that an employee of a business in administration was unable to have the protection afforded to employees under the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE) when the business in which he was employed was transferred and continued as a going concern with the transferee.

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Employment contract, Debt, Liability (financial accounting), Liquidation, Unfair dismissal, Department for Business, Enterprise and Regulatory Reform, Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK), Transfers of Undertakings Directive (2001/23/EC), Employment Appeal Tribunal
    Location:
    United Kingdom
    Firm:
    Reed Smith LLP
    US court considers Pensions Regulator's powers
    2008-11-06

    The US Court has approved a bankruptcy settlement under which a US-listed parent company is liable for the buy-out deficits in its UK subsidiary's pension schemes. Key to the court's considerations was the issue of Financial Support Directions (FSDs) by the UK Pensions Regulator against the US parent company.

    The court decided that:

    Filed under:
    United Kingdom, USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Debt, Parent company, Buyout, The Pensions Regulator (UK)
    Location:
    United Kingdom, USA
    Firm:
    Dentons
    Bankruptcy and your home
    2008-12-19

    With the economy in poor shape and personal debt still at high levels, the outlook is less than rosy for people who are facing insolvency. Even after the changes made by the Enterprise Act 2002, bankruptcy is still a difficult experience. This is especially true where the family home is the main asset of the bankrupt’s estate.

    The trustee in bankruptcy will normally seek a possession order over the property so that it can be sold to satisfy the claims of creditors.

    When deciding whether the possession order is to be granted, the court is obliged to consider:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, DMH Stallard LLP, Bankruptcy, Interest, Debt, Consumer debt, Precondition, Prejudice, Communications protocol, Civil partnership in the United Kingdom, HM Revenue and Customs (UK), Enterprise Act 2002 (UK)
    Location:
    United Kingdom
    Firm:
    DMH Stallard LLP
    Decision of the Financial Services and Markets Tribunal (FSMT) emphasises the importance of disclosing all relevant information to the FSA
    2008-09-16

    The FSMT has handed down its decision in the case of Asgar Ali Ravjani (trading as Astrad Finance) v Financial Services Authority, which involved the failure to disclose a discharged bankruptcy to the FSA.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Insurance, Litigation, Locke Lord LLP, Bankruptcy, Mortgage loan, Proportionality (law), Sole proprietorship, FSA
    Location:
    United Kingdom
    Firm:
    Locke Lord LLP
    Overview of the UK administration process
    2008-09-23

    Introduction

    The filing on 15 September 2008 for Chapter 11 protection under US bankruptcy laws by the Lehman Brothers ultimate parent company, Lehman Brothers Holdings Inc., led to several UK-based entities of the Lehman Group entering administration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Herbert Smith Freehills LLP, Bankruptcy, Collateral (finance), Breach of contract, Board of directors, Consent, Liquidation, Lehman Brothers
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Just deserts
    2008-06-19

    The court will not assist a former bankrupt to enforce his interests under an unlawful trust where the purpose of the trust initially had been to deprive the trustee in bankruptcy of the bankrupt's interest.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Fraud, Interest, Mortgage loan, Beneficial interest, Trustee
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    FSA bankrupts boiler room controller
    2008-06-27

    On June 26, the UK Financial Services Authority (FSA) announced that it obtained a bankruptcy order against Samuel Nathan Kahn who controlled the affairs of Chesteroak Limited (Chesteroak) and Bingen Investments Limited (Bingen). Chesteroak and Bingen were two UK-based companies that helped illegal offshore boiler rooms sell shares to investors.

    Filed under:
    United Kingdom, Capital Markets, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Share (finance), Bankruptcy, FSA
    Location:
    United Kingdom
    Firm:
    Katten Muchin Rosenman LLP
    Batten down the hatches: rate of corporate insolvencies could be set to rise
    2008-04-10

    It is clear from the recent collapse of Bear Stearns that the real impact of the credit crunch is now being felt. With this in mind, how can landlords and tenants of commercial properties prepare themselves for a potential rise in the number of corporate insolvencies?

    Landlords’ remedies – think outside the box

    The landlord of a commercial property faced with an insolvent tenant will usually have two concerns:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Nabarro LLP, Bankruptcy, Commercial property, Landlord, Leasehold estate, Option (finance), Consent, Liquidation, Credit crunch, Bear Stearns, Insolvency Act 1986 (UK), Enterprise Act 2002 (UK)
    Location:
    United Kingdom
    Firm:
    Nabarro LLP

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