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    Provisional liquidation and fraud
    2013-06-19

    HMRC v SED Essex Limited

    In HMRC v SED Essex Limited [2013] EWHC 1583(Ch) the High Court has confirmed that the Court will, in appropriate cases, uphold the appointment of provisional liquidators where the petition debt is based on allegations of fraud. The case sets out the court’s approach to disputed debts, VAT assessments, and provisional liquidation in order to preserve evidence as well as assets and the application of the guidance from the Court of Appeal in Rochdale Drinks.

    What the case decided and why it matters

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Kennedys Law LLP, Fraud, Liquidation, HM Revenue and Customs (UK), Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Steven Fennell , Darren Bradshaw
    Location:
    United Kingdom
    Firm:
    Kennedys Law LLP
    CMS victory as Court of Appeal overturns Tambrook
    2013-05-02

    CMS has succeeded in its application on behalf of HSBC to overturn the High Court’s decision inRe Tambrook Jersey Limited. The ruling will be welcomed by creditors and practitioners alike as the Court of Appeal has confirmed the UK courts have jurisdiction to grant assistance to a foreign court under the cross-border assistance provisions of section 426 of the Insolvency Act 1986 even where formal insolvency proceedings have not been opened in the foreign jurisdiction.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, HSBC, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Rita Lowe
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    UK High Court reviews whether a company can be wound up for failure to comply with adjudication award
    2013-02-28

    In a judgment only recently published via the Building Law Reports,  the High Court has ruled that a winding up procedure applicable to companies should not be used where there is a triable issue as to the validity of an adjudicator’s decision relied on as evidence of a company being unable to pay its debts: Towsey v. Highgrove [2012] EWHC 2644 (Chancery Division).

    Background

    Filed under:
    United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Liquidation, High Court of Justice (England & Wales)
    Authors:
    Michael Mendelblat
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Does it matter which creditor bankrupts a debtor first?- Islandsbanki HF v Kevin Stanford [2019] EWHC 307 - Joseph England
    2019-02-21

    A copy of the judgment can be found here.

    Introduction 

    1. The bank successfully appealed an order refusing to give or reserve judgment after hearing full submissions in the bank’s petition and instead listing the petition for hearing at the same time as two later-in-time petitions to bankrupt the debtor.

    The Background

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Quadrant Chambers, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Joseph England
    Location:
    United Kingdom
    Firm:
    Quadrant Chambers
    An unsatisfactory side effect of disclaimer
    2019-01-09

    A trustee in bankruptcy lost all rights to the proceeds of sale of a freehold property after he disclaimed title to it

    Background

    Mr Sleight was the trustee in bankruptcy of an insolvent estate. The deceased’s assets included several freehold properties that were charged to banks where the value of the property was less than the amounts due under the charges. Given the negative equity, the trustee in bankruptcy disclaimed title to these properties as they constituted “onerous property”.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Real Estate, Shoosmiths LLP, Freehold (law), High Court of Justice (England & Wales)
    Authors:
    Alan Corcoran , Michael Callaghan
    Location:
    United Kingdom
    Firm:
    Shoosmiths LLP
    Court reviews summary judgment jurisdiction in dispute over pension plan guarantee
    2018-10-24

    The recent High Court decision in Caribonum Pension Trustee Limited v Pelikan Hardcopy Production AG [2018] EWHC 2321 (Ch) will provide some comfort for pension plan trustees owed money by insolvent sponsoring employers by allowing trustees to pursue guarantors within the same group for those debts.

    What was contended to be an abuse of Court process has been confirmed by the Court as a legitimate debt recovery strategy. This was on the basis that a contractual agreement, a guarantee, was in place that was legitimately enforceable by a pension plan trustee.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Squire Patton Boggs, High Court of Justice (England & Wales)
    Authors:
    Garon Anthony
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    SHB Realisations Limited (in Liquidation [2018] EWHC 402 (Ch)
    2018-09-28

    The Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Ashfords LLP, High Court of Justice (England & Wales)
    Authors:
    Connor Pierce
    Location:
    United Kingdom
    Firm:
    Ashfords LLP
    Harriet Lock -v- Aylesbury Vale District Council [2018] EWHC 2015 (Ch)
    2018-09-28

    The Facts

    Following a statutory demand for unpaid council tax in the sum of £8,067, a bankruptcy petition was presented against Ms Harriet Lock. The council provided Ms Lock with evidence of the council tax liability orders confirming the debt. Ms Lock provided evidence in response, which explained that she was living in social housing and was financially dependent on her daughter. At a first hearing, the court adjourned and ordered that Ms Lock provide a skeleton argument to explain why a bankruptcy order should not be made.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Ashfords LLP, Bankruptcy, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Cathryn Butler
    Location:
    United Kingdom
    Firm:
    Ashfords LLP
    Creditors' compromise Part 2: the view of the High Court of England and Wales
    2018-08-24

    The High Court in England was asked to consider sanctioning a scheme of arrangement between Lehman Brothers International (Europe) (in administration) (LBIE) and certain of its creditors pursuant to Part 26 Companies Act 2006 (the equivalent of Part 15 Companies Act 1993).  This case was one of a number of proceedings involving the Lehman Brothers administration, many of which cases have reached the Supreme Court (see our earlier reports on 

    Filed under:
    United Kingdom, Insolvency & Restructuring, Buddle Findlay, Lehman Brothers, High Court of Justice (England & Wales)
    Authors:
    David Broadmore , David Perry , Jan Etwell , Kelly Paterson , Scott Abel , Scott Barker , Susan Rowe , Willie Palmer , Peter Niven , Bridie McKinnon , Matthew Triggs , Myles O'Brien , Oliver Gascoigne
    Location:
    United Kingdom
    Firm:
    Buddle Findlay
    You have the right to adjudicate at any time… unless the referring party is in liquidation!
    2018-08-23

    It is common knowledge to many that parties to a construction contract have the right to adjudicate at any time. This is a right implied by statute and a right that cannot be fettered. However, it seems the limits of such a right are now somewhat more nuanced. In the recent case of Michael J. Lonsdale (Electrical) Limited v Bresco Electrical Services Limited (in Liquidation) [2018] EWHC 2043 Fraser J has considered how the Insolvency Rules and Adjudication work together and what this means for the right to adjudicate at any time.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, Ashfords LLP, Construction contracts, High Court of Justice (England & Wales)
    Authors:
    Lianne Edwards
    Location:
    United Kingdom
    Firm:
    Ashfords LLP

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