Key Point
A provisional liquidator may be appointed if the evidence justifies it even where the tax assessments upon which the winding up petition is based are under appeal.
Facts
Key point
Administrators are entitled to remuneration for the full period of office even where work is carried out outside of the scope set out in proposals agreed by creditors
Facts
Key point
This case demonstrates how reservation of legal rights can be key even if the parties are seeking a commercial solution
Facts
Key Point
Subrogation operates not by assigning the benefit of the relevant third party's security but by creating new security rights in the hands of the subrogated creditor similar to those held by that third party.
Facts
Key Point
An administrator appointed under a qualifying floating charge can "adopt" an existing winding up petition for the purposes of liquidating the company where the benefit to the creditors of the insolvent estate is manifest on the facts.
Facts
Key Issue
A former liquidator would not be entitled to relief from liability under section 212 of the Insolvency Act 1986 where her conduct had fallen well short of the standard to be expected and she had paid away substantial sums which would otherwise be available to creditors.
The Facts
Key Point
Key Point
Liability for utility bills arising in an administration after trading had ceased did not rank as an expense of the administration.
The facts
Key Point
The Court of Appeal has held that a UK company undergoing a financial restructuring was not entitled to recover VAT charged by accountants who prepared reports for the company's lenders use during the restructuring process.
The facts
Key Points
- Court cannot grant relief under the UK Cross Border Insolvency Regulations 2006 (CBIR) where it could not provide such relief in a domestic insolvency.
- Even if such option were possible, court would not do so where a contract is governed by English law.
- Possibility of effectively applying provisions of foreign law under the CBIR restricted.
The Facts