The issue in this case concerned the failure of a holder of a Qualifying Floating Charge (QFC) to give notice to a prior QFC holder before appointing administrators, therefore potentially calling into question the validity of the administration.
The Supreme Court’s decision in Sevilleja v Marex Financial Ltd [2020] UKSC 31 of 15 July 2020 provided much needed clarity on the scope of the rule against “reflective loss”.
On 29 January 2020, the Insolvency Service published its quarterly insolvency statistics for October to December 2020 (Q3 2020).
Selected deadlines and dates related to COVID-19 laws, regulations and subsidies in the context of the pandemic.
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Despite vaccines now being available, tough measures remain in place to deal with the ongoing COVID-19 pandemic, creating uncertainties for businesses and owners about what the future holds.
6102 Sayılı Türk Ticaret Kanunu'nun 376. Maddesinin Uygulanmasına İlişkin Usul ve Esaslar Hakkında Tebliğ'de Değişiklik Yapılmasına Dair Tebliğ ("Değişiklik Tebliği") 26 Aralık 2020 tarihinde Resmi Gazete'de yayımlanarak aynı tarihte yürürlüğe girdi.
The real lesson from Debut Homes – don't stiff the tax (wo)man
The Supreme Court has overturned the 2019 Court of Appeal decision Cooper v Debut Homes Limited (in liquidation) [2019] NZCA 39 and restored the orders made by the earlier High Court decision, reminding directors that the broad duties under the Companies Act require consideration of the interests of all creditors, and not just a select group. This is the first time New Zealand’s highest court has considered sections 131, 135 and 136 of the Companies Act, making this a significant decision.
The city impounded the debtor’s vehicle for nonpayment of traffic fines. The debtor filed a chapter 13 petition and demanded turnover of the car. Section 362(a)(3) stays any act to “exercise control over property of the estate.” Section 542(a) requires one in possession of property of the estate to deliver it to the trustee. The most natural reading of section 362(a)(3) is that it prohibits affirmative acts that alter the status quo and does not impose an affirmative obligation on a party holding property of the estate to turn it over. Section 542(a) performs that function.
The COVID-19 temporary relief measures which applied to insolvency have largely ceased as of 31 December 2020 and now is the perfect opportunity for you to reassess your debt recovery options.
There are a number of debt recovery options available to you, depending on whether you are collecting an outstanding debt from an individual or a company.
Individual