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British Virgin Islands - Restructuring and Insolvency
2023-03-17

Corporate insolvency in BVI is governed by the Insolvency Act, 2003 (as amended) and the Insolvency Rules, 2005 (as amended). These laws are closely based on the English Insolvency Act 1986. There are a number of insolvency regimes available.

Filed under:
British Virgin Islands, Insolvency & Restructuring, Ogier, Due diligence, Articles of association, Insolvency, Insolvency Act 1986 (UK), Enterprise Act 2002 (UK)
Authors:
Christian Burns-Di Lauro
Location:
British Virgin Islands
Firm:
Ogier
View Original Article
Prescribed part and security holders
2008-07-25

One of the significant changes to distributions in insolvency made by the Enterprise Act 2002 was the abolition of the preferential status of debts owed to the Crown and the introduction of a provision for the creation of a ‘ring-fenced fund’ (also known as the “prescribed part”, an amount currently capped at £600,000) from the proceeds of floating charges created after 15 September 2003 to be applied in distribution to unsecured creditors.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Share (finance), Unsecured debt, Debt, Liquidation, Secured creditor, Liquidator (law), Unsecured creditor, Insolvency Act 1986 (UK), Enterprise Act 2002 (UK), High Court of Justice
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Expenses in administration: rates
2007-07-18

Re Trident Fashions PLC: Exeter City Council v Bairstow [2007] EWHC 400 (Ch)

In March 2007 the High Court ruled that that non-domestic rates are payable as an expense of the administration as a “necessary disbursement” under Rule 2.67(1)(f) Insolvency Rules 1986 (IR), in priority to payment of the administrator’s remuneration.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Tax exemption, Retail, Debt, Liability (financial accounting), Liquidation, Public limited company, Liquidator (law), Enterprise Act 2002 (UK), High Court of Justice
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Administration expenses: rates
2007-03-02

On 2 March 2007 the High Court handed down the first decision on whether non-domestic rates are payable by an administrator as an expense, and in priority to his remuneration, under Rule 2.67 Insolvency Rules 1986 ("IR"). The judge determined that rates in respect of occupied business premises are a "necessary disbursement" (Rule 2.67(f) IR) of an administration.

Although it was not argued, the judge also expressed the view that this liability to pay rates incurred during the period of the administration would be unaltered if the property were unoccupied during this time.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Unsecured debt, Debt, Liquidation, Liquidator (law), Enterprise Act 2002 (UK)
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
HMRC, Insolvency and Post-Budget Preferential Status
2018-10-31

Following the Enterprise Act 2002, the preferential status which HMRC had enjoyed in an insolvency was abolished, rendering HMRC the same as any other unsecured creditor. The effect of this was to swell the pot of assets available to be applied to all unsecured creditor claims.

Philip Hammond announced in Monday’s budget that HMRC’s preferential status is to be restored. What does this mean for HMRC and unsecured creditors?

The Budget provided that:

Filed under:
United Kingdom, Insolvency & Restructuring, Tax, Squire Patton Boggs, Enterprise Act 2002 (UK), HM Revenue and Customs (UK), Chancellor of the Exchequer
Authors:
Rachael Markham
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Tax abuse and insolvency - an HMRC consultation
2018-04-26

HM Revenue & Customs (“HMRC”) has issued a consultation entitled “Tax Abuse and Insolvency: A Discussion Document” on how it proposes to confront those who misuse insolvency law as a means of avoiding or evading their tax liabilities.

Filed under:
United Kingdom, Insolvency & Restructuring, Tax, Squire Patton Boggs, Enterprise Act 2002 (UK), HM Revenue and Customs (UK)
Authors:
Oliver Ward-Jones , Devinder Singh
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
European perspective in brief
2012-10-01

Europe has struggled mightily during the last several years to triage a long series of critical blows to the economies of the 27 countries that comprise the European Union as well as the collective viability of euro-zone economies. Here we provide a snapshot of some recent developments relating to insolvency and restructuring in the EU.

Filed under:
European Union, United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Jones Day, Insolvency Act 1986 (UK), Enterprise Act 2002 (UK), The Pensions Regulator
Authors:
Mark G. Douglas
Location:
European Union, United Kingdom
Firm:
Jones Day
View Original Article
Secured creditors: no access to prescribed part
2008-02-25

Summary

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Share (finance), Unsecured debt, Debt, Liquidation, Secured creditor, Unsecured creditor, Insolvency Act 1986 (UK), Enterprise Act 2002 (UK), House of Lords
Location:
United Kingdom
Firm:
Freshfields Bruckhaus Deringer LLP
View Original Article
Floating charge holder: no share in the prescribed part
2008-01-25

Background to Re Permacell

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Share (finance), Unsecured debt, Statutory interpretation, Debt, Standing (law), Liquidation, Secured creditor, Liquidator (law), Unsecured creditor, Debenture, Companies Act 2006 (UK), Insolvency Act 1986 (UK), Enterprise Act 2002 (UK)
Location:
United Kingdom
Firm:
Freshfields Bruckhaus Deringer LLP
View Original Article
Pre-packs un-packed: what is meant by a "pre-pack" administration?
2009-05-15

"Leaving the mice in charge of the cheese..." is how one commentator described the now far from unusual phenomenon of the pre-pack administration sale. But what is meant by a "pre-pack"; are they lawful and what is the legitimate area for concern? While they were fairly uncommon in the past, pre-packs now seem to have become all the rage. Why? What scope is there for challenge or review if abuse is suspected?

What is a "pre-pack"?

Filed under:
United Kingdom, Insolvency & Restructuring, Gowling WLG, Abuse of process, Economy, Debenture, Insolvency Act 1986 (UK), Enterprise Act 2002 (UK)
Authors:
Julian C. Pallett
Location:
United Kingdom
Firm:
Gowling WLG
View Original Article

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