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    The fraudster is insolvent - can you add more eggs to the basket?
    2019-04-24

    Insolvency of the suspected fraudster may seem the end of the hunt, unless an egg-hunter can establish a proprietary interest in the assets (see our blog yesterday). But it can offer additional clues, or alternative pots of treasure, whether the fraudster is an individual or corporate entity.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, RPC
    Authors:
    Davina Given
    Location:
    United Kingdom
    Firm:
    RPC
    First-tier Tribunal rules that growth share issue created a preference under the EIS rules
    2017-01-30

    On 29 November 2016, the First-tier Tribunal9 held that the issue of growth shares to certain key employees had inadvertently caused an existing class of ordinary shares to carry a preferential right to assets on a winding up. The effect of this was that both prior ordinary share issues, and future share issues, failed to meet the requirement of the Enterprise Investment Scheme (EIS) rules.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, RPC, HM Revenue and Customs (UK)
    Authors:
    David Gubbay , Ben Roberts
    Location:
    United Kingdom
    Firm:
    RPC
    Electronic disclosure – the perils of ignoring disclosure requirements
    2015-07-09

    In Smailes and another v McNally and another[i]the High Court refused the claimant's application for relief from sanctions, finding the claimant's failure in respect of its disclosure obligations under the relevant provisions of the Civil Procedure Rules (CPR 31) amounted to a significant and serious breach of an "unless order".

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, RPC, Civil Procedure Rules (UK)
    Authors:
    Geraldine Elliott
    Location:
    United Kingdom
    Firm:
    RPC
    Court of Appeal denies input tax on accountancy services relating to a refinancing and restructuring process: Airtours Holiday Transport Limited v HMRC
    2014-08-28

    Court of Appeal denies input tax on accountancy services relating to arefinancing and restructuring process: Airtours Holiday Transport Limited vHMRC5

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Tax, RPC, Refinancing, HM Revenue and Customs (UK), Court of Appeal of England & Wales
    Authors:
    Adam Craggs , Ben Roberts , Robert Waterson
    Location:
    United Kingdom
    Firm:
    RPC
    Supreme Court widens scope of ‘client money’
    2012-03-01

    The Supreme Court yesterday ruled that client money held in un-segregated accounts should be treated the same as client money held in segregated accounts, enabling un-segregated account holders to share in the client money pool on the insolvency of a firm with whom the account is held.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, RPC, MiFID, Lehman Brothers, SCOTUS
    Location:
    United Kingdom
    Firm:
    RPC
    Scottish Lion Insurance case - the lion still roars
    2010-02-04
    • Decision will be welcomed by insurers

    The Scottish Appeal Court has allowed the appeal by Scottish Lion Insurance against the judgment of Lord Glennie on whether it would ever be fair for a court to sanction a solvent scheme in the face of creditor opposition, says City law firm Reynolds Porter Chamberlain LLP (RPC).

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Insurance, Litigation, RPC, Limited liability partnership, Involuntary dismissal, House of Lords, Court of Appeal of England & Wales
    Authors:
    Vivien Tyrell
    Location:
    United Kingdom
    Firm:
    RPC
    The Future of Insolvency Regulation
    2022-01-04

    On 21 December 2021 the Government launched a consultation into the future of insolvency regulation. The changes proposed in the consultation document will have a wide ranging impact on the insolvency profession (and its insurers) with the proposals including: the direct regulation of insolvency firms, the introduction of a single regulatory body with powers to order compensation against insolvency practitioners and firms, a new additional requirements regime, changes to the bond regime and a public register of insolvency practitioners and firms.

    Filed under:
    United Kingdom, Insolvency & Restructuring, RPC, Coronavirus
    Authors:
    Rachael Healey
    Location:
    United Kingdom
    Firm:
    RPC
    What are good grounds for appeal in insolvency applications?
    2020-05-06

    Applying for permission to advance fresh evidence on appeal is a tricky application, which has had varying degrees of success in the courts. Zheng Yougxiong v Gate Ventures Plc(1) is a useful example of the application of the criteria, albeit in the context of insolvency proceedings.

    Background

    Mr Zheng was a shareholder in, and creditor of, Gate Ventures plc. He sought and failed to obtain an administration order against Gate Ventures plc on the basis of a £2.5 million debt (the First Application).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, RPC
    Location:
    United Kingdom
    Firm:
    RPC
    HMRC consults on secondary preferential creditor status for employee and customer taxes on insolvency of a business
    2019-04-01

    On 26 February 2019, HMRC launched a consultation entitled “Protecting your tax in insolvency”, on the government’s proposal to make HMRC a secondary preferential creditor for taxes paid by employees and customers (the new powers are contained in the proposed Finance Bill 2019-20).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs , Robert Waterson
    Location:
    United Kingdom
    Firm:
    RPC
    High Court rules that statutory interest payable on an insolvency is not subject to UK withholding tax
    2017-01-30

    On 11 October 2016, the High Court10 held that statutory interest payable on an insolvency (under rule 2.88(7) IR 1986) is not “yearly interest” for UK tax purposes. Such statutory interest is therefore not subject to UK withholding tax (20%).

    The facts of the case are somewhat unusual in that there was a substantial surplus in the administration and the statutory interest was estimated at £5bn. However the decision is a welcome clarification of the position. It also confirms HMRC’s previous guidance on the taxation of statutory interest (subsequently withdrawn).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Withholding tax, HM Revenue and Customs (UK), High Court of Justice
    Authors:
    David Gubbay , Ben Roberts
    Location:
    United Kingdom
    Firm:
    RPC

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