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    Repudiation does not alter liquidated state of a debt in bankruptcy
    2013-09-30

    The English case Webster & Anor v Mackay is an appeal against a refusal to annul or rescind bankruptcy orders. The appeal was based on the assertion that the petition debt was not for a liquidated sum as required under section 267(2) of the Insolvency Act 1986. The debtors were obliged, as evidenced by a promissory note, to repay a loan of £200,000 to Mr Mackay. However, Mr Mackay also alleged a repudiatory breach of the loan agreement due to the failure of the debtors to provide accounts. 

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay, Debt, Liquidation, Insolvency Act 1986 (UK)
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    United Kingdom
    Firm:
    Buddle Findlay
    Back from the point of no return; events of default redefined
    2013-08-12

    The UK’s Insolvency Act 1986 sets out in s.123 various tests to determine whether a company should be deemed unable to pay its debts. The relevance of these tests to distressed companies is obvious: deciding as they do when it is appropriate to seek an administration order or present a winding up petition. They also help determine directors’ duties, antecedent transactions and issues such as wrongful and fraudulent trading.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, RPC, Debt, Liability (financial accounting), Balance sheet, Insolvency Act 1986 (UK)
    Authors:
    Vivien Tyrell , Tim Moynihan
    Location:
    United Kingdom
    Firm:
    RPC
    Eurosail Supreme Court judgment: delineating the boundaries of insolvency "to be solvent or not to be solvent, that is the question"
    2013-07-31

    Odd as it may seem, you have to plough through 122 sections of the UK Insolvency Act 1986 (the “Act”) before you finally reach the section that sets out the criteria for establishing insolvency. Section 123 of the Act lists a series of circumstances under which a company may be deemed insolvent. Some of these circumstances are factual—for example, owing a debt of more than £750 for more than 21 days after a demand for payment—but two rely on a legal test of company insolvency.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Jones Day, Debt, Liability (financial accounting), Balance sheet, Lehman Brothers, Insolvency Act 1986 (UK), UK Supreme Court
    Authors:
    Michael Rutstein , Mark G. Douglas
    Location:
    United Kingdom
    Firm:
    Jones Day
    Scottish Coal disclaimer: written decision from the Court of Session
    2013-07-25

    We recently reported on the Court of Session's decision that a liquidator of a company being wound up in Scotland may abandon both heritable property and statutory licences. A full copy of that article can be accessed here.

    The Court has now issued its written decision. This provides further analysis and confirms the position that we previously reported.

    Parties represented

    Filed under:
    United Kingdom, Scotland, Environment & Climate Change, Insolvency & Restructuring, Litigation, Shepherd and Wedderburn LLP, Scottish Government, Liquidation, Liquidator (law), Insolvency Act 1986 (UK), Court of Session
    Authors:
    Gillian Carty
    Location:
    United Kingdom
    Firm:
    Shepherd and Wedderburn LLP
    Scottish Coal decision – Court of Session clarifies rights of a Scottish liquidator to abandon onerous property
    2013-07-12

    The Court of Session has held that a liquidator of a company being wound up in Scotland may abandon both heritable property and statutory licences. Affected creditors will have the right to submit a claim in the liquidation process. In the absence of that creditor holding security, the claim will rank as an unsecured claim.

    Background

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Litigation, Shepherd and Wedderburn LLP, Liquidation, Liquidator (law), Insolvency Act 1986 (UK), Court of Session
    Authors:
    Gillian Carty
    Location:
    United Kingdom
    Firm:
    Shepherd and Wedderburn LLP
    It is all in the timing: High Court confirms Globespan decision on when an administration appointment truly ends
    2013-07-15

    An administrators’ appointment automatically ends after one year, unless steps are taken to extend it. The Enterprise Act introduced a new streamlined process for moving quickly and easily from administration to creditors’ voluntary liquidation, just by filing a notice at Companies House under para 83(3) Sch B1 of the Insolvency Act (IA)1986. Problems have arisen where that notice has been filed very late in the day and not received before the administrators’ term of office automatically ends.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Liquidation, Companies House, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Daniel French
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Proposals to increase claims against directors
    2013-07-16

    We note with interest the Government's Discussion Paper, 'Transparency & Trust: Enhancing The Transparency of UK Company Ownership And Increasing Trust in UK Business', published yesterday.

    In the Paper, the Government proposes to (amongst other things):

    Filed under:
    United Kingdom, Insolvency & Restructuring, RPC, Liquidator (law), Insolvency Act 1986 (UK)
    Authors:
    Ben Gold
    Location:
    United Kingdom
    Firm:
    RPC
    UK corporate update – recent cases of interest
    2013-05-31

    This corporate update summarises certain decisions in the Court of Appeal and the Supreme Court relating to the balance sheet insolvency test, agreements to agree and the exercise of contractual discretion. The decisions clarify the law in a number of areas of day-to-day relevance.

    UK BALANCE SHEET INSOLVENCY TEST: Implications for lenders and borrowers

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Interest, Balance sheet, Lehman Brothers cases, Insolvency Act 1986 (UK), Court of Appeal of England & Wales
    Authors:
    Laura Brunnen , Richard May , Jerry Walter
    Location:
    United Kingdom
    Firm:
    Fried Frank Harris Shriver & Jacobson LLP
    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
    Events of default? Worth checking your contracts again
    2013-05-15

    The Supreme Court handed down an important judgement last week in the case of BNY Corporate Trustee Services Limited v Eurosail - UK 2007 - 3BL PLC ("the Eurosail Case"), which needs to be considered by anyone who is a party to a contract which contains events of default relating to the insolvency of a party to that contract.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Morton Fraser MacRoberts, Legal personality, Debt, Liability (financial accounting), Balance sheet, Default (finance), Insolvency Act 1986 (UK)
    Authors:
    Iain Young
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts

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