In the recent case Blue Monkey Gaming v Hudson & Others the High Court held that the responsibility of identifying and proving title to goods under retention of title clause falls solely on the seller, not the administrators dealing with an insolvency.

Background

The New Civil Procedure Code (NCPC) came into force on 15 February 2013 and is applicable to all enforcement proceedings that commenced after this date.

Creditors may begin forced execution if they have an enforceable title. During such proceedings several incidents may occur, which may result in either the impossibility or the delay to the full protection of the creditor’s rights.

Statute of limitations

The Pensions Regulator has today issued a Statement on its power to issue financial support directions (“FSDs”) against companies after an insolvency event has occurred. The Statement follows longstanding concerns of insolvency practitioners, which have arisen from ongoing court proceedings brought by the Lehman Brothers and Nortel administrators.

Background

A recent Court of Appeal decision has criticised obiter comments made by the Supreme Court in Bresco v Lonsdale to the effect that adjudication decisions in favour of companies in liquidation could in certain circumstances, and with appropriate safeguards, be enforced by way of summary judgment. The Court of Appeal has indicated that such an approach would be at odds with the mandatory right of set-off arising under the Insolvency Rules. The Court of Appeal’s comments in this respect are themselves obiter and will give rise to uncertainty in this area of the law.

What are the new provisions?

In response to the COVID-19 pandemic, the Slovak government and Parliament have approved another measure to help entrepreneurs overcome the negative impacts of this crisis on their businesses. The bankruptcy moratorium is an opt-in model and entrepreneurs are entitled to apply for such temporary bankruptcy protection subject to certain conditions. However, before applying various legal and business consequences should be assessed.

Who can apply?

Pension Schemes Bill – Additional hurdle for English law restructurings?

The intention was that the Pension Schemes Bill would enhance the Pensions Regulator’s powers to respond earlier when employers fail to take their pension responsibilities seriously, targeting “reckless bosses who plunder people’s pension pots”. However, the new criminal offences proposed as part of the Bill may inadvertently create additional hurdles for English law restructurings, making them potentially more expensive and difficult.

A recent TCC decision highlights the dangers of withholding payment against contractors with a view to pushing them into insolvency. The court allowed the recovery of insolvency professional fees as well as a substantial sum reflecting a reduced settlement reached with a third party on a separate project. The court’s decision has ramifications for any party seeking to withhold large payments under a construction contract against a party who is likely to suffer serious cash-flow pressure as a result.

A draft bill on amendment to the Bankruptcy Code (Act XLIX of 1991 on bankruptcy proceedings and liquidation proceedings) was introduced into the Parliament on 12 April 2017 and is currently under review. If the draft bill was approved and published, the new rules would be applicable to the new liquidation proceedings and to new management liability related lawsuits. Lawmakers would grant a 2-month period to prepare for the changes.

Key areas for change are:

1. Fiduciary security interests would be elevated to the same level as pledge-type security

1. Applicable Law

1.1.1 Interim measures in Scotland are governed partly by court procedure rules and partly by statutory provisions. The relevant court procedures are determined by:   

• the nature of the interim measure sought; and
• the court from which the interim measure is sought.

1.1.2 There are two levels of court which may grant interim measures in civil proceedings, namely: