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    Insolvency updates
    2011-06-08

    Nicola Jane Haworth (Bankrupt) v (1) Donna Cartmel (Trustee in Bankruptcy of Nicola Jane Haworth) (2) The Commissioners for HM Revenue & Customs

    Case No. 3496 of 2009 in the High Court of Justice, Chancery Division, Manchester District Registry

    Summary

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Cobbetts LLP, Mental health, Bankruptcy, Fraud, Collusion, HM Revenue and Customs (UK), Disability Discrimination Act 1995 (UK), Trustee, High Court of Justice (England & Wales), United States bankruptcy court
    Location:
    United Kingdom
    Firm:
    Cobbetts LLP
    Retention of title - making the most of a bad situation
    2010-07-20

    It wasn't so long ago that retention of title (RoT) clauses took somewhat of a backseat. Afterall, deciding who owned what on a construction site given the number of parties involved in any one project was not an easy task. However, given current market conditions and the increase of buyer insolvency, many suppliers are turning their attention back to the clause in an attempt to claw back their goods.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, Cobbetts LLP, Title retention clause
    Location:
    United Kingdom
    Firm:
    Cobbetts LLP
    Whose right is it anyway?
    2010-07-20

    In 2009, almost 3000 construction firms entered into some form of insolvency procedure, leaving many parties owed money by insolvent firms. These debts could be pursued against the third party's insurer under the Third Parties (Rights) Against Insurers Act 1930. However, debt recovery will be made quicker, cheaper and easier once the Third Parties (Rights) Against Insurers Act 2010 is commenced by Parliament.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Cobbetts LLP, Legal personality, Debt
    Location:
    United Kingdom
    Firm:
    Cobbetts LLP
    Rent as an administration expense
    2010-01-29

    On 7 December 2009, His Honour Judge Purle QC sitting as a high court judge, decided that where administrators were using, for the benefit of the company in administration, part of a site held by that company under two leases, the quarter's rent due under those leases falling due on the 25 December 2009 was payable in full from that date as one of the costs and expenses of the administration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Cobbetts LLP, Costs in English law, Landlord, Vacated judgment
    Location:
    United Kingdom
    Firm:
    Cobbetts LLP
    Corporate bankruptcies: pre-packs in the UK
    2009-12-01

    Company Administrations in the UK are still on the rise. An administration is the nearest UK equivalent of a US Chapter 11 procedure or an Insolvenzplan in Germany. You may not have heard the term ‘pre-packs’ but if you become involved with any struggling business in the UK, be it your own or that of a customer, supplier or a tenant, you should know what you are up against.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Cobbetts LLP, Retail, Unsecured debt, Consideration, Debt, Supply chain, Liability (financial accounting), Business continuity, Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Cobbetts LLP
    Forcing an administrator to act: a lease renewal success for tenants
    2009-12-14

    The statutory moratorium may not protect a company in administration against proceedings continuing under the Landlord and Tenant Act 1954

    Property professionals will no doubt be familiar with the statutory moratorium that comes into effect immediately upon an administration order being made in respect of a company. The main effect of this is that no legal process may be started or continued against the company or property of the company except with the consent of the administrator or with the permission of the court.

    The background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Cobbetts LLP, Landlord, Leasehold estate, Debt, Consent, Moratorium, Secured creditor, Landlord and Tenant Act 1985 (UK), Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Cobbetts LLP
    Pre-packs - changing the face of retail?
    2009-07-06

    Administrations are still on the rise and our high streets, retail parks and shopping centres are changing appearance as units lie empty. You may not have heard the term ‘pre-packs’ but it could become an option for retailers to help overcome this depressing trend.  

    In this edition of Retail Matters we have pulled together the facts about pre-packs, the pros and cons and an outline of the ways in which insolvency practitioners and other professional bodies are aiming to ensure that the procedure is not abused.  

    What is a pre-pack?  

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Cobbetts LLP, Retail, Unsecured debt, Consideration, Debt, Supply chain, Liability (financial accounting), Liquidation, Business continuity, Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Cobbetts LLP
    Property matters
    2007-05-31

    How to get out of a guarantee

    There are not many legal cases which are claimed to have a potential financial impact of £38bn across the property industry, or to represent ‘Armageddon’, but both these claims were made in relation to Prudential Assurance Company Ltd v PRG Powerhouse Limited [2007]. While that may have been a little over the top, it is not hard to see the reasons for alarm.

    ARMAGEDDON?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Cobbetts LLP, Retail, Debtor, Landlord, Debt, Stock exchange, Liability (financial accounting), Electricity, New Zealand Exchange, Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Cobbetts LLP
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