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    (1) Stratford Edward Hamilton (2) James Ashley Dowers (Trustees in Bankruptcy of Charles Newell) v (1) Maureen Frances Brown (2) C&MB Holdings Ltd [2016] EWHC 191 (Ch)
    2016-06-21

    Facts

    The husband and wife were directors and shareholders of a company (‘C’). The husband was adjudged bankrupt in June 2014; the petitioners were appointed as his trustees in bankruptcy. Among the assets vested in the trustees under s 306 of the Insolvency Act 1986 (IA 1986), was the husband’s shareholding in C. However, the trustees were not registered as members of C until March 2015.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, White Collar Crime, Gatehouse Chambers, Bankruptcy, Shareholder, Insolvency Act 1986 (UK)
    Authors:
    Michael Wheater
    Location:
    United Kingdom
    Firm:
    Gatehouse Chambers
    (1) Edgeworth Capital Luxembourg SARL (2) Aabar Blocks SARL v Glenn Maud [2016] EWHC 1016 (Ch)
    2016-05-27

    Further to our updates in December and January, there has been a further development in relation to this case. The High Court heard the second adjourned hearing of the bankruptcy petition in relation to Glenn Maud.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Ashfords LLP, Bankruptcy, Shareholder
    Authors:
    Olivia Bridger
    Location:
    United Kingdom
    Firm:
    Ashfords LLP
    Guidance on Income Payment Orders: pensions and medical insurance
    2016-06-01

    FACTS:

    InHinton v Wotherspoon [2016] EWHC 623 (CH), Jason Freedman and Aziz Abdul successfully secured an Income Payments Order (“IPO”) on behalf of the Trustee in Bankruptcy.

    The court also provided useful guidance on the correct position where a bankrupt has made an election to draw down from his private pension but not given specific instructions as to application of the funds.

    LEGAL BACKGROUND:

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Charles Russell Speechlys, Bankruptcy, Initial public offerings, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Aziz Abdul
    Location:
    United Kingdom
    Firm:
    Charles Russell Speechlys
    Bankruptcy orders and council tax liabilities in England
    2016-06-02

    The Facts

    A owned two properties, one of which had been divided into two separately rateable properties for council tax purposes. R presented a bankruptcy petition against A based on a purported debt of £14,097.59 owed by A in respect of unpaid council tax for which it had obtained liability orders from the Magistrates Court.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, Bankruptcy, Liability (financial accounting)
    Authors:
    Katherine Hudson , Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Clarification of remedies for void payments prior and post English bankruptcy
    2016-06-02

    The Facts

    On 31 July 2012, a bankruptcy order was made in respect of Mr Dean Jonathan D’Eye on the basis of a statutory demand dated 11 July 2011.

    During their investigations, his trustees in bankruptcy discovered that Mr D’Eye had made a payment of £321,919 to his father on 24 January 2012 (the Payment) and, after the presentation of the bankruptcy petition on 28 May 2012, a significant portion of this money had then been used to purchase a flat (the Flat).

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Taylor Wessing, Bankruptcy, Insolvency Act 1986 (UK)
    Authors:
    Richard Colebourn
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Bankrupts, trustees in bankruptcy and privilege in England
    2016-06-02

    The Facts

    Mr Shlosberg, a Russian businessman domiciled in England who was made bankrupt in January of last year, has obtained an injunction restraining Dechert LLP from acting on behalf of the main claimant, Avonwick Holdings Limited (Avonwick) in proceedings in which he is a defendant.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Taylor Wessing, Bankruptcy, Trustee
    Authors:
    Georgina Jones
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Bankruptcy (Scotland) Act 2016
    2016-06-08

    The Bankruptcy (Scotland) Act 2016 (the “Act”) received Royal Assent on 28 April 2016 and is expected to come into force by the end of the year.

    The Act is only the second piece of primary consolidation legislation to have passed through the Scottish Parliament and brings together the various laws on personal insolvency into a single piece of legislation.

    At the moment, the law is rather unwieldy and difficult to follow in practice.

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Brodies LLP, Bankruptcy
    Authors:
    Louise Laing
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    Court considers dismissed bankruptcy petition following party’s misleading conduct
    2016-05-17

    Varden Nuttal Ltd v Michelle Louise Baker (2016)

    It was decided that a bankruptcy order should have been made in circumstances where the debtor had misled the creditors when agreeing and entering into an Individual Voluntary Arrangement (“IVA”).

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Kingsley Napley, Bankruptcy, Debtor, Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Kingsley Napley
    Unreasonable rejection of offer to settle debt before bankruptcy?
    2016-05-04

    Key points

    Creditors petitioning for bankruptcy must carefully consider offers to settle debts and make a reasonable decision based on the circumstances.

    The facts

    A bankrupt sought permission to appeal his bankruptcy order on the basis that the Deputy District Judge incorrectly held that the petitioning creditor did not act unreasonably in rejecting the bankrupt’s offer to compound the debt and, therefore, ought to have dismissed the petition pursuant to Section 271(3) of the Insolvency Act 1986.

    The decision

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Bankruptcy, Debt
    Authors:
    Richard Colebourn
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Trustees in bankruptcy and ancillary relief
    2016-05-04

    Key points

    Rights under s23, s24 and s31 of the Matrimonial Causes Act 1973 (the “Act”) can only be pursued by the spouses themselves. Consequently, any ongoing action brought pursuant to those sections of the Act does not vest in the trustee in bankruptcy on appointment.

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Bankruptcy, Trustee
    Authors:
    Katherine Hudson , Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing

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