There has been a considerable amount of discussion and work undertaken in relation to the modernisation of the Insolvency Rules. Towards the end of last year, the Insolvency Service invited views and comments on whether to work on a complete re-write of the Insolvency Rules or to just make necessary amendments to the existing rules.
On 7 September 2010 "property and environmental services giant" Connaught, which had large contracts with many local authorities for maintenance of social housing, went into administration. In the wave of publicity which followed, the administrator quickly announced that it had "sold" the "majority of the ongoing contracts and their related assets" to Lovell, a subsidiary of Morgan Sindall. Since then, announcements have been few and far between.
Amendments to the Third Party (Rights against Insurers) Act 1930 are long overdue, so the reforming Bill currently being fast-tracked through Parliament, the Third Party (Rights against Insurers) Bill, should be welcomed by the insurance industry. In the words of the Ministry of Justice, it is intended to make it “… easier and less expensive to claim compensation from insolvent defendants”.
Current law
In the case of William Hare Ltd v Shepherd Construction Ltd [2009] EWHC 1603 (TCC) (25 June 2009), the court declined to incorporate amendments made to an Act before the contract was signed which were not specifically referred to in the contract.
The facts
DWP consults on amendments to the employer-debt regulations
On December 29, the UK Treasury published a summary of responses to its consultation on its proposals to reform Part 7 of the UK Companies Act 1989 and related legislation. Part 7 of the Companies Act 1989 modifies the UK’s general insolvency law to provide systemic protection for recognized investment exchanges and recognized clearinghouses in the event of a default by one of their members
Many local authorities are involved in large and expensive projects. It is often the case that costs and timetables for projects will be tight. Therefore any problems that arise on site or with the contractor will have serious consequences for the local authority and its ability to complete the project on time and on budget.
One of the worst headaches a local authority can face during a project is the main building contractor becoming insolvent during the course of a construction project.
Earlier this month, the U.S. Bankruptcy Court for the District of Delaware (the “Delaware Bankruptcy Court”) released an update to the Local Rules for the United States Bankruptcy Court District of Delaware (Effective February 1, 2017) (the “Local Rules”). According to Local Rule 1001-1(e), the 2017 version of the Local Rules governs all cases or proceedings filed after February 1, 2017, and also applies to proceedings pending on the effective date, except to the extent that the Court finds that it would not be feasible or would work an injustice.
In a 2-1 opinion, the Second Circuit overruled the district court in Marblegate Asset Management LLC v. Education Management Corp., finding no violation of the Trust Indenture Act (“TIA”) in connection with an out-of-court debt restructuring.
Background
In a recent memorandum decision, Judge Robert S. Bardwil of the United States Bankruptcy Court for the Eastern District of California sanctioned a Sacramento attorney and ordered him to complete a local e-filing course because he did not maintain copies of filed documents that included the original “wet” signature.