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    Legislative changes in effect today: what IPs need to know
    2015-05-26

    Removal of requirement for sanction

    Previously under section 165 IA 86, liquidators in a voluntary winding up would have to seek sanction of the company (in members’ voluntary liquidation) or of the court or liquidation committee (in creditors’ voluntary liquidation) in order to exercise their powers to pay debts, compromise claims etc. SBEEA removes this requirement so that liquidators can exercise those powers freely. This will aid expeditious winding up of companies. Equivalent provisions have also been put into place for trustees in bankruptcy.

    Filed under:
    United Kingdom, Insolvency & Restructuring, RPC, Liquidation, Companies Act 2006 (UK)
    Authors:
    Amy Gallimore
    Location:
    United Kingdom
    Firm:
    RPC
    High Court holds that HMRC’s winding up petition should be dismissed as an abuse of process
    2014-04-03

    The High Court (David Donaldson QC) has held in Enta Technologies Limited v HMRC [2014] EWHC 548 (Ch), that where a winding-up petition was brought by HMRC based on the non-payment of tax raised in assessments and the taxpayer's appeal against those assessments was pending, the winding-up court should refuse to adjudicate on the merits of the appeal and should leave that question to be dealt with by the First-tier Tribunal (Tax Chamber) ('FTT').

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Value added tax, Abuse of process, Liquidation, HM Revenue and Customs (UK), High Court of Justice
    Authors:
    Nicholas Fernyhough
    Location:
    United Kingdom
    Firm:
    RPC
    Personal liability for directors – no escape from the taxman
    2011-10-07

    Company Insolvencies

    One of the criticisms that is often made of the UK’s complex insolvency legislation is that it is too easy for the directors of a company to put it into liquidation or administration, ‘dump’ the company’s debts and then effectively start the same business again under the guise of a new company. Such phoenixism has often been of concern to HMRC both in the civil and criminal fields and prosecutions have been made against directors who have undertaken such activities on a repeated basis.

    Personal Liability Notices (‘PLNs’)

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Tax, RPC, Regulatory compliance, Fraud, Board of directors, National Insurance, Debt, Liability (financial accounting), Economy, Liquidation, HM Revenue and Customs (UK), Social Security Administration
    Location:
    United Kingdom
    Firm:
    RPC
    Suing naughty fiduciaries: delay is okay in claims ...
    2011-06-17

    A recent High Court case involving unlawful loans to directors illustrates the potential pitfalls involved in calculating limitation periods, and the circumstances in which the usual six year statutory limitation period will not apply to a recovery claim against a fiduciary.

    Facts

    Broadside Colours and Chemicals Ltd was a family firm supplying dyes to the textile trade. The directors were Geoffrey Button, his wife Catherine Button, and their son James Button. Only the father and son were shareholders.

    Filed under:
    United Kingdom, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, RPC, Dividends, Fiduciary, Statute of limitations, Liquidation, Liquidator (law), Joint and several liability, Limitation Act 1980 (UK), Insolvency Act 1986 (UK), Companies Act 1985 (UK), High Court of Justice
    Location:
    United Kingdom
    Firm:
    RPC
    Navigating through the storm
    2011-03-30

    There remains much economic uncertainty ahead and it seems that insolvency practices are likely to continue to remain important drivers in accountancy firms. However, insolvency practitioners are facing increased regulation and public scrutiny. They need to remain on top of their game to navigate safely through stormy waters, as Ross Goodrich reports.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, RPC, Shareholder, Unsecured debt, Interest, Accounting, Economy, Liquidation, Liquidator (law), Office of Fair Trading, Institute of Chartered Accountants in England and Wales
    Location:
    United Kingdom
    Firm:
    RPC
    Court of Appeal rules on balance sheet insolvency
    2011-03-30

    In BNY Corporate Trustee Service v Eurosail UK1, the Court of Appeal rejected a “mechanical” definition of balance sheet insolvency.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, RPC, Liability (financial accounting), Liquidation, Balance sheet, Insolvency Act 1986 (UK), Court of Appeal of England & Wales, Trustee
    Location:
    United Kingdom
    Firm:
    RPC
    TUPE applies to pre-pack administrations
    2011-02-22

    The much awaited EAT decision inOTG Ltd v Barke and others (formerlyOlds v Late Editions Ltd) was delivered on 16 February. As expected, the EAT has taken the view that an administration cannot amount to “bankruptcy” or “analogous insolvency proceedings” for the purposes of Regulation 8(7) of TUPE. So, on a sale by an administrator (even in a pre-pack administration) TUPE will apply.

    In more detail

    The full force of TUPE is relaxed in relation to insolvent transfers as follows:

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, RPC, Contractual term, Bankruptcy, Liability (financial accounting), Liquidation, Unfair dismissal, Bright-line rule, Precondition, Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK), Transfers of Undertakings Directive (2001/23/EC)
    Location:
    United Kingdom
    Firm:
    RPC
    Insolvent insureds: better rights for claimants to pursue insurers directly are on the way
    2010-03-30

    The Third Parties (Rights against Insurers) Act 2010 received Royal Assent on 25 March 2010. The Act modernises the Third Parties (Rights against Insurers) Act 1930 by streamlining the procedure by which a third party claimant can recover compensation from the insurer of a defendant.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, RPC, Bankruptcy, Costs in English law, Legal personality, Debt, Liquidation, Unsecured creditor, Insolvency Act 1986 (UK), Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    RPC
    Administrators' liability to pay rent
    2010-01-13

    The case of Goldacre v Nortel, decided in December, has clarified the circumstances in which an administrator is liable to pay rent under a lease as an expense of an administration. If rent is an expense of the administration, the landlord will almost certainly be paid in full for as long as the administrator uses the property. If it is not such an expense, the landlord will be an unsecured creditor who will be lucky to receive a few pence in the pound.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, RPC, Landlord, Leasehold estate, Liquidation, Asset forfeiture, Unsecured creditor, House of Lords, Court of Appeal of Singapore
    Authors:
    Vivien Tyrell
    Location:
    United Kingdom
    Firm:
    RPC
    Landlords, will an administrator pay your rent in full?
    2009-10-01

    In the current recession landlords are among the fi rst to lose out when a company goes into insolvency, be it a pre-pack sale or a conventional administration process. It is important, therefore, for landlords to know what rights they retain when confronted with the administration of their tenant in order to ensure the full rent is paid - if they are still entitled to it - or, at the very least, to increase their bargaining position. In this article, we look at the circumstances where an administrator is obliged to pay the landlord’s rent in full.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, RPC, Unsecured debt, Landlord, Leasehold estate, Liquidation, Unsecured creditor, Title retention clause
    Authors:
    Vivien Tyrell
    Location:
    United Kingdom
    Firm:
    RPC

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