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    Creditor's wishes prevail over appointment of administrator
    2008-09-25

    When there is a dispute as to which administrator should be appointed, the wishes of the creditor, for whose benefit the administration was, takes precedence.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Shareholder, Unsecured debt, Unsecured creditor
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Just deserts
    2008-06-19

    The court will not assist a former bankrupt to enforce his interests under an unlawful trust where the purpose of the trust initially had been to deprive the trustee in bankruptcy of the bankrupt's interest.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Fraud, Interest, Mortgage loan, Beneficial interest, Trustee
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    No costs order against receivers
    2008-05-21

    Where a receiver of an insolvent company brings an unsuccessful claim, a personal costs order will not be made against the receiver unless there are exceptional circumstances making it just to do so.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Wage, Costs in English law, Interest, Court costs, Secured creditor, Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Preparing for the PPF - the foundation for a smooth PPF assessment period
    2008-06-17

    The credit crunch is biting ... your scheme's sponsoring employer is facing insolvency ... what can the trustees and advisors do before the insolvency to lay the foundations for a smooth Pension Protection Fund (PPF) assessment period?

    What is a PPF assessment period?

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Gowling WLG, Debt, Liquidation, Credit crunch, The Pensions Regulator (UK), Pension Protection Fund, Trustee
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Fixed and floating charge holders cannot participate in prescribed part for shortfalls
    2008-02-08

    Secured creditors with an unsecured shortfall cannot claim a share of the prescribed part of the floating charge realisations set aside for unsecured creditors under Section 176A of the Insolvency Act 1986. This applies whether the secured creditor is the holder of a fixed or a floating charge (or both).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Share (finance), Unsecured debt, Dividends, Debt, Secured creditor, Insolvency Act 1986 (UK), Enterprise Act 2002 (UK)
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Joint liability and promissory estoppel
    2008-01-23

    An agreement to pay off part of a judgment debt owed jointly with others will not of itself amount to consideration sufficient to prevent a creditor going against a debtor for the unpaid balance of the judgment.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Share (finance), Debtor, Consideration, Debt, Estoppel, Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Personal liability
    2008-01-23

    An agreement signed by a director on behalf of his company containing a promise by the company to pay for goods to be ordered in the future, rendered the director personally liable where he knew at the time of signing that the company was insolvent and had no prospects of becoming solvent.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, White Collar Crime, Gowling WLG, Fraud, Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Matrimonial clean break not an undervalue
    2008-01-23

    The court will not always set aside a property transfer order in matrimonial proceedings where the party transferring the property, as part of a clean break order, becomes bankrupt shortly afterwards, and there are allegations of lack of consideration or transfer at an undervalue.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Fraud, Consideration, Misrepresentation, Marriage, Prejudice, Collusion, Trustee
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Ownership of chattels on repossession
    2007-09-30

    Having obtained a possession order against the claimant’s property, the bank then sold it. Issues arose as to whether certain fixtures, fittings and chattels in the property formed part of the sale of the property. The claimant brought claims, amongst others, to recover the fittings and other items, a claim for damages for conversion of those items, and a claim that the property had not been effectively transferred to the buyer as the bank had no title to transfer the chattels to the buyer.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Gowling WLG
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Guarantor’s continuing liability
    2007-09-30

    The defendant guaranteed payment of the price of equipment sold by the claimant to the defendant’s subsidiary. The claimant then entered into agreements with the subsidiary and various finance companies under which title in certain of the goods passed to the finance companies in return for payment of part of the relevant purchase price. The subsidiary paid some of the purchase price of the goods, as did the finance companies but the balance remained unpaid when the subsidiary went into liquidation. The claimant claimed on the guarantee and issued proceedings.

    Filed under:
    United Kingdom, Asset Finance, Insolvency & Restructuring, Litigation, Gowling WLG, Liquidation, Subsidiary, Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    Gowling WLG

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