http://www.bailii.org/ew/cases/EWHC/Ch/2015/3721.html
Two insurance intermediaries entered into administration. Although heavily insolvent, they had significant funds held in client accounts. Those funds represented insurance premiums collected from customers but not yet paid on to the insurers. The issue therefore arose as to whether the insurers, the customers or the unsecured creditors of the intermediaries were entitled to those funds.
Summary
Last year, the Ministry of Justice published its statistics for judicial and court activity in England and Wales for 2014. In this note, we take a look at the 2014 figures and highlight emerging litigation trends.
Our own enquiries into professional negligence claims for the first three quarters of 2015 show that claims numbers are likely to be broadly similar to those for 2014 and 2013. We intend to follow this note with an update after the Ministry of Justice publishes its own figures for the whole of 2015 later this year.
1 hilldickinson.com Pricing Defended claims Enforcement Insolvency Key contacts Commercial Recovery proceedings debt recovery 2016 2 Outstanding debt, irrespective of its amount, is detrimental to operations. For large organisations, unpaid monies add up and can considerably reduce real profit. For a small to medium-sized enterprise, a reduction in liquid assets may critically affect its ability to survive. Recovering debts has a significant and positive impact on a business.
On 17 December 2015, the Ministry of Justice made a final decision to end the Insolvency Litigation exemption from the 2012 Legal Aid, Sentencing and Punishment of Offenders Act (LAPSO) (see Written Statement here). Successful claimants will no longer be able to recover the success fee on a Conditional Fee Agreement (CFA) or After the Event insurance (ATE) premium from the opposing party for those CFAs entered into or ATE obtained from 1 April 20
The received wisdom is that if, as a debtor, you are considering equitable set-off arguments, you are clutching at straws. A recent case shows a rare example of when such rights can successfully be used however. This article explores the issues further.
The background
Company dissolution and restoration, and its effects upon property of the company, is a difficult area to grapple with. Two recent decisions dealt with similar issues but with completely different outcomes. We analyse the decisions and which one should be viewed as correct.
The background
Real Estate Disputes Case Review 2015 In case you have missed the last 12 months’ most significant property cases, or would like a reminder, listed below is our monthly review of this year’s important cases. Briefing Real Estate December 2015 December 2014 Landlord protecting tenant’s deposits A landlord’s ability to seek possession of residential premises under section 21 of the Housing Act 1988 was considered when the tenant’s deposit had not been protected in an authorised scheme at the time of service of the notice.
In a written statement this morning from Lord Faulks QC, Minister of State for Civil Justice, the government has announced that, from April 2016, insolvency litigation will no longer be exempt from what have been abbreviated to “the LASPO reforms”.
In Lockston Group Inc v Nicholas Stewart Wood [2015] EWHC 2962 (Ch), the English High Court held that foreign currency claims and claims for interest in a deceased insolvent's estate should be calculated at the date of death, rather than the date of any insolvency administration order. This case serves as a reminder of the importance of the pari passu principle in insolvency law and the requirement for a single date for ascertaining a deceased insolvent's liabilities.
Facts