What are antecedent transactions in insolvency?
In insolvency and liquidation proceedings, the question regularly arises of how competing creditor claims should be satisfied. Of particular importance is the treatment of employee claims, as legislators typically seek to ensure their special protection. Hungarian insolvency law addresses this concern by granting certain employee claims a privileged ranking.
When do employee claims take precedence over other creditors?
In this article, we examine (1) the new regime for safeguarding of customer funds applying to UK payment and electronic money institutions, (2) the impact these reforms will have on those firms and (3) in particular, the indirect effect the reforms will have on banks holding safeguarded funds and insolvency practitioners who manage the insolvency of a failed payment or electronic money institution.
The Insolvency and Companies Court, in A Company -v- Visionary Future LLC & ors. (unreported), has dismissed an application by a company seeking to strike out, or alternatively restrain advertisement of, a winding-up petition brought by creditors. The judgment underlines the critical importance of providing proper and substantiated evidence in insolvency proceedings.
Lewis Silkin acted for the petitioners (the respondents in the application), who have since been successful in winding up the company in question.
- INTRODUCTION:
Madam Bernice was a well-known entrepreneur in Nigeria in the 1970s and 1980s. She had a big business dream to start a family fashion business that would outlive her and be a blessing to future generations. That dream did come to fruition, as “Bernice Fashion Enterprise” was established sometime in 1972 and became a registered company in 1978, acquiring a new name “Bernice Fashion Limited.” (real names withheld).
Introduction
Welcome to the latest edition of Buddle Findlay’s insolvency update. It comes against the background of an economy that remains under stress. Unemployment is the highest it has been since the depths of Covid-19, and many businesses are struggling with tax payments. There is more than NZ$1.4b owed to the IRD in unpaid GST and PAYE from the 2025 tax year, and that's just a small part of the approximately NZ$8b the IRD is now chasing.
1 | 15 Introduction The Insolvency and Bankruptcy Code, 2016 (IBC/Code) is a landmark legislation which was enacted in 2016 to put in place a consolidated and holistic legal framework for resolution of stressed assets in India. Since its enactment, IBC has been one of the most dynamic legislations which has undergone several revisions on account of various learnings arising out of resolution of large volume of stressed assets in its initial phases.
In a difficult economic climate, commercial landlords may fear that tenant insolvencies mean no one will foot the bill for dilapidations claims at lease expiry – but they are not without recourse.
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