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    Bankrupts, trustees in bankruptcy and privilege in England
    2016-06-02

    The Facts

    Mr Shlosberg, a Russian businessman domiciled in England who was made bankrupt in January of last year, has obtained an injunction restraining Dechert LLP from acting on behalf of the main claimant, Avonwick Holdings Limited (Avonwick) in proceedings in which he is a defendant.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Taylor Wessing, Bankruptcy, Trustee
    Authors:
    Georgina Jones
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Bankruptcy orders and council tax liabilities in England
    2016-06-02

    The Facts

    A owned two properties, one of which had been divided into two separately rateable properties for council tax purposes. R presented a bankruptcy petition against A based on a purported debt of £14,097.59 owed by A in respect of unpaid council tax for which it had obtained liability orders from the Magistrates Court.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, Bankruptcy, Liability (financial accounting)
    Authors:
    Katherine Hudson , Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    English schemes and sufficient notice
    2016-06-02

    Key Points

    • Court held notice to scheme creditors (here two weeks) was not sufficient in light of complexity of scheme
    • Court also highlighted deficiencies in supporting documentation

    The Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Amy Patterson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Wrongful trading and actual loss in English Liquidation
    2016-06-02

    Key Points

    • Directors should take (and follow) advice from insolvency practitioners as early as possible in distressed situations in order to protect themselves from liability.
    • If a company does continue to trade “wrongfully”, the directors must be able to demonstrate that they have taken all steps to reduce losses to individual creditors, as well as creditors as a whole. However, no order should be made unless the deficiency for creditors as a whole is increased in the period of wrongful trading.

    The Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Liquidation, Liquidator (law)
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Existence of prior security could invalidate a UK administration appointment
    2016-05-04

    Key points

    Lenders and proposed administrators should ensure that permission is in place where permission of prior charge holders is required for the grant of new security.

    The facts

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Taylor Wessing
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Unreasonable rejection of offer to settle debt before bankruptcy?
    2016-05-04

    Key points

    Creditors petitioning for bankruptcy must carefully consider offers to settle debts and make a reasonable decision based on the circumstances.

    The facts

    A bankrupt sought permission to appeal his bankruptcy order on the basis that the Deputy District Judge incorrectly held that the petitioning creditor did not act unreasonably in rejecting the bankrupt’s offer to compound the debt and, therefore, ought to have dismissed the petition pursuant to Section 271(3) of the Insolvency Act 1986.

    The decision

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Bankruptcy, Debt
    Authors:
    Richard Colebourn
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Trustees in bankruptcy and ancillary relief
    2016-05-04

    Key points

    Rights under s23, s24 and s31 of the Matrimonial Causes Act 1973 (the “Act”) can only be pursued by the spouses themselves. Consequently, any ongoing action brought pursuant to those sections of the Act does not vest in the trustee in bankruptcy on appointment.

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Bankruptcy, Trustee
    Authors:
    Katherine Hudson , Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Divorce triumphs over bankruptcy again
    2016-05-04

    Key points

    Challenging the transfer of assets through ancillary proceedings as transactions at an undervalue remains challenging.

    The facts

    This case centred around a property in Coventry originally owned and developed by a Mr Singh. After failing to pay his builders a substantial amount, on which he was subsequently bankrupted, Mr Singh charged the property to his father and then his sister-in-law.

    Filed under:
    United Kingdom, Family, Insolvency & Restructuring, Litigation, Taylor Wessing, Bankruptcy, Divorce
    Authors:
    Neil Smyth
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Personal liability of Liquidators under conditional fee agreements
    2016-04-07

    Key point

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Liquidator (law)
    Authors:
    Richard Colebourn
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Commencing litigation in the face of creditor opposition
    2016-04-07

    Key points

    • Principles applying to exercise of liquidators’ powers are the same as those prior to legislative changes
    • Views of creditors influenced by personal considerations to be disregarded
    • The overriding requirement is for liquidators to exercise their professional judgment in the best interests of creditors

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Liquidator (law)
    Authors:
    Amy Patterson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing

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