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    Administrator challenges Tayplan pay plan
    2011-03-22

    The recent Court of Session case of Tayplan Limited (in administration) v Smith, is particularly interesting as it is a case where the administrator chose to pursue directors for breach of fiduciary duties rather than using any of the more common statutory remedies.

    The Facts

    Tayplan Limited was a family business with two directors - Mr Smith senior and Mr Smith junior. Mr Smith senior and his wife each held 50% of the shares in the Company.

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Litigation, MacRoberts LLP, Share (finance), Shareholder, Breach of contract, Fiduciary, Board of directors, Interest, Consideration, Court of Session
    Authors:
    Alan Meek , Leon Breakey
    Location:
    United Kingdom
    Firm:
    MacRoberts LLP
    Wearing multiple layers
    2011-03-07

    A recent Supreme Court judgement has confirmed that where an individual, Mr X, acts as director of company A, and company A is the sole director of company B, that will not necessarily make Mr X a “de facto” director of company B.

    The Court decided that the mere fact of acting as a director of a corporate director was not enough to render the individual a de-facto director, “something more” would be required, such as the director holding himself out in correspondence as a director of company B.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Morton Fraser MacRoberts, Breach of contract, Board of directors, HM Revenue and Customs (UK), Companies Act 2006 (UK), Insolvency Act 1986 (UK)
    Authors:
    Austin Flynn
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts
    Voluntary v compulsory liquidation
    2009-11-24

    Where "prejudice" is suffered by a creditor or contributory, the court can order a compulsory liquidation despite a voluntary liquidation having already been entered into.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Shareholder, Board of directors, Consideration, Liquidation, Liquidator (law), Prejudice
    Authors:
    Ian Weatherall , Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    IMO Car Wash: a washout for junior creditors?
    2009-08-26

    The English High Court has recently delivered judgment in the IMO Car Wash case (In the matter of Bluebrook Ltd and others [2009] EWHC 2114 (Ch)), in which the High Court considered whether to sanction three related schemes of arrangement for restructuring indebtedness proposed by the IMO Car Wash group to the senior lenders of the relevant group companies.  

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Public company, Board of directors, Interest, Debt, Economy, Balance sheet, Cashflow, Default (finance), Valuation (finance), Discounted cash flow, Secured loan, International Maritime Organization, High Court of Justice (England & Wales)
    Authors:
    Claire E. Scott-Priestley
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Debt Relief Orders – the latest tool in the debt relief toolbox
    2009-04-07

    For debtors with limited liabilities, little surplus income and minimal gross assets, the new Debt Relief Order (DRO) is a further tool to consider in managing their debts. DROs, which came into force on 6 April 2009, are aimed at those who find they are unable to pay off their debts within a reasonable time but for whom other forms of debt relief, such as bankruptcy or Individual Voluntary Arrangements, are unavailable, or perhaps unaffordable.

    What are the criteria for a DRO?

    A DRO can be applied for where the debtor:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Gowling WLG, Credit (finance), Debtor, Unsecured debt, Dividends, Board of directors, Debt, Debt relief, Liability (financial accounting), Credit rating
    Authors:
    Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Directors’ duties
    2009-02-06

    The following is a broad overview of the duties and liabilities of directors when their company is in financial difficulties. It is a general guide only and there will be variations according to the specific laws in each jurisdiction.  

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Norton Rose Fulbright, Public company, Confidentiality, Shareholder, Breach of contract, Fraud, Fiduciary, Board of directors, Debt, Liability (financial accounting), Liquidation, Good faith, Balance sheet, Cashflow, Liquidator (law)
    Authors:
    David Stannard
    Location:
    United Kingdom
    Firm:
    Norton Rose Fulbright
    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
    A scheme actuary’s calculation of the sponsoring employer’s debt cannot be challenged by insolvency practitioners in the absence of fraud or error
    2008-07-23

    Gleave and others v The Board of the Pension Protection Fund [2008] EWHC 1099 (Ch)

    The High Court ruled that calculations of employer debt by scheme actuaries cannot be challenged by insolvency practitioners unless there is evidence of fraud or error.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Fraud, Board of directors, Debt, Retirement, Valuation (finance), Actuary, Pension Protection Fund, High Court of Justice (England & Wales)
    Location:
    United Kingdom
    Firm:
    Norton Rose Fulbright
    Insolvency update for retailers
    2008-02-11

    The retail sector and its suppliers operate at the sharp end of the economy and feel the impact of tighter consumer spending with more immediacy than most other sectors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Retail, Board of directors, Debt, Supply chain, Liability (financial accounting), Legal burden of proof, Balance sheet, Cashflow, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Directors of ‘phoenix’ companies – new insolvency rule 4.228
    2007-07-18

    At the end of 2006 a decision of the Court of Appeal in Churchill v First Independent Factors and Finance Limited (Churchill) caused consternation among those involved in the management of insolvent companies who are also involved in the management of the company that acquires the whole or a substantial part of the insolvent business.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Regulatory compliance, Board of directors, Debt, Liquidation, Insolvency Act 1986 (UK), Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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