The SFO has announced that managing director and shareholder of Alta Gas Plc, Peter Brian Bradley, has been ordered to pay £1 million compensation to victims following confiscation proceedings on 26 January 2010. In 2001, Alta Gas Plc went into administrative receivership which resulted in the receivers of the company discovering a sophisticated system of false accounts that enhanced the profitability of the company.
Today, the U.K. Treasury and Northern Rock plc separatelyannounced that the restructuring of Northern Rock will take place on January 1, 2010 (Transfer Date).
FSA has announced a range of measures to help investors who got unsuitable advice or misleading materials relating to Lehman-backed structured products. It has found significant failings and the actions it is taking will apply to all structured products in future:
Today, HM Treasury announced the conclusion of discussions with Lloyds Banking Group (Lloyds) and Royal Bank of Scotland Plc (RBS), regarding their participation in the U.K.
In Butters and ors v BBC Worldwide Ltd and ors, decided on 20 August 2009, the Court held that contractual provisions in a joint venture agreement taken together with termination provisions in a licence of IP rights were void since the effect of those provisions on insolvency was to deprive creditors access to assets and therefore contrary to public policy in the light of insolvency laws.
BUSINESS IMPACT
On 1 May 2009, PricewaterhouseCoopers LLP (the "Administrators") submitted an Ordinary Application to the High Court, seeking directions concerning the obligations of Lehman Brothers International (Europe) (In Administration) ("LBIE"), in relation to the handling of client money received by it prior to entering into administration (the "Application"). A copy of the Application can be found here.
Facts
In Andrew Fender (Administrator of FG Collier & Sons Limited) - v - National Westminster Bank Plc, a company went into administration. The administrator applied to the court to establish whether he had to treat NatWest bank as a secured or unsecured creditor of the company.
Today, the U.K. Treasury announced that it “has taken decisive action to protect the interests of retail depositors and wider financial stability” by placing London Scottish Bank plc in administration.
In Lexi Holdings plc v Luqman and others – Butterworths Law Direct 17.8.07 the claimant company (the company), by its joint administrators, commenced proceedings against the first Defendant and his family, including the fifth Defendant. The company successfully applied without notice for freezing orders against the fifth Defendant.
The defendant supplied drink to the owner of a club, the cost of which was secured by a charge over the club premises. The owner wished to re-finance his debt to the defendant and took a remortgage with the claimant to be secured as a fist legal charge on both the club and the owner’s house. Part of the remortgage monies were paid to the defendant in partial satisfaction of the sums outstanding. Both the claimant and defendant were granted legal charges over the house.