The recent High Court judgment in Re CGL Realisations Limited (In Liquidation) in favour of Geoff Carton-Kelly as additional liquidator of failed electrical retailer Comet ordered the company’s former French parent, Darty, to pay over £100m to restore the preferential repayment of an intercompany loan owed to Darty in the run-up to Comet’s sale shortly before its insolvency. The additional liquidator was appointed in 2018 by the court specifically to investigate the circumstances of Comet’s sale in advance of its demise in 2012.
BVI Business Companies (Amendment) Act revisions effective 1 January 2023
This week’s TGIF considers a recent decision in Re HRL Limited (in liq) & Anor [2022] VSC 693, in which the Court approved a success fee in addition to the liquidators’ remuneration calculated by the application of a time-based costing method.
Key takeaways
Having experienced first-hand HMRC’s attempts to combat serious tax losses, one of the features of tax litigation over the last 15 years has been the prevalence of so-called ‘Kittel’ cases. These are cases in which HMRC seeks to deny repayments of VAT to companies buying goods in circumstances where HMRC has identified a fraud further up the supply chain, often many companies distant. They can involve significant amounts of VAT and form a substantial pillar of HMRC’s compliance strategy.
Early contingency planning can significantly reduce the shock of service provider/supplier insolvency in service/supply chains
In early November 2022, Made.com entered administration. Little over a year ago Made.com had floated with a valuation of £775 million. In mid-November 2022, Joules entered administration. Joules has 132 stores and around 1,700 employees.
It is five years since the tragic Grenfell disaster but defective cladding/dangerous living conditions and fire safety are still very much hot news. But, you may be asking, why is this relevant to insolvency practitioners?
The legislative framework for insolvency and bankruptcy in the United Arab Emirates is codified under the two following laws.
A summary winding up is the procedure used to wind up a solvent Jersey company under the Companies (Jersey) Law 1991 (the 1991 Law).
This guide examines the procedure for carrying out a summary winding up.
Steps
The steps necessary to carry out a summary winding up are as follows:
This edition will cover: