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    Can the terms of a settlement agreement be challenged under section 127 of the Insolvency Act 1986?
    2017-11-01

    The Facts

    In between the presentation of a winding up petition and making of a winding up order, a company entered into a settlement agreement with the Respondent, who founded the company and was previously a shareholder and director of the company.

    The Decision

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, High Court of Justice (England & Wales)
    Authors:
    Neil Smyth
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Legal Professional Privilege and Bankruptcy
    2017-10-03

    Key Points

    Filed under:
    United Kingdom, Insolvency & Restructuring, Legal Practice, Litigation, Taylor Wessing, Bankruptcy, Legal professional privilege
    Authors:
    Amy Patterson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Requirements of a company's articles of association and the limits of the Duomatic principle
    2017-10-03

    Key Points

    • Statutory powers are to be exercised in accordance with a company’s articles of association
    • The Duomatic principle cannot simply be used as a bandage to cure a company’s procedural errors

    The Facts

    This appeal considered whether the sole director of a company, whose articles required two directors for its board meeting to be quorate, could validly appoint administrators under paragraph 22 Schedule B1 of the Insolvency Act 1986.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing, Articles of association, Insolvency Act 1986 (UK), Court of Appeal of England & Wales
    Authors:
    Katherine Hudson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Top Tips: The New Pre-Action Protocol for Debt Claims Against Individuals
    2017-10-05

    Caveat Creditor…

    Following a lengthy consultation period, the Ministry of Justice has now published the new Pre-Action Protocol for Debt Claims (‘the Protocol’). This will be of general interest to everyone, but perhaps particularly to landlords with individual tenants.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Taylor Wessing
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Is a legal claim onerous property that can be disclaimed?
    2017-09-04

    The facts

    A former bankrupt had purported claims against a firm of solicitors arising pre-bankruptcy, which vested in his subsequently appointed trustee in bankruptcy. The debtor wrote to both the Official Receiver (OR) and, post appointment, the trustee in bankruptcy, offering to buy the claims. The trustee subsequently disclaimed the claims. The debtor alleged that the claims had already re-vested in him following his notice to both the trustee and the OR.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, High Court of Justice (England & Wales)
    Authors:
    Neil Smyth
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Annulling bankruptcy orders
    2017-09-04

    Key points

    • The dismissal of the appellant’s previous application for an annulment of a bankruptcy order was a serious procedural irregularity
    • A court may annul a bankruptcy order under s 282 IA 1986 if it is satisfied that the order ought not to have been made based on grounds existing at the time the order was made
    • In relation to appeals made pursuant to s 375 IA 1986 to review or rescind the decision of a lower court, the court may consider fresh material.

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency Act 1986 (UK)
    Authors:
    Katherine Hudson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Floating charges and administrators' appointment
    2017-09-04

    Key Points

    • Floating charge is valid even where there are no unencumbered assets at the time it is taken
    • Crystallisation of prior ranking floating charge does not impact enforceability of second ranking floating charge

    The Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Court of Appeal of England & Wales
    Authors:
    Amy Patterson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Administration expense claims
    2017-08-01

    Key points

    • A practical approach was adopted by the court in respect of deadlines for submitting administration expense claims that were otherwise holding up the making of distributions to unsecured creditors.
    • In the absence of a suitable statutory mechanism, the court allowed for a cut-off date by which expense claims must be submitted.

    The administrators of 18 of the Nortel companies applied to court for directions on how to deal with potential claims for administration expenses.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing, Unsecured debt
    Authors:
    Katherine Hudson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Why do you need a trial when the other side has conceded?
    2017-08-01

    Summary

    Liquidators of a company pursued proceedings against the former administrators/liquidators of the company (Messrs White and Wood) alleging negligent and deliberate/dishonest overcharging of fees.

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Liquidation
    Authors:
    Neil Smyth
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Tenant insolvency: Intention to appoint administrators must be genuine
    2017-06-28

    Minding the Gap

    JCAM Commercial Real Estate Property XV Limited -v- Davies Haulage Limited [2017] EWCA Civ 267

    Summary

    The Court of Appeal has closed an important loophole benefitting tenants that are considering options for insolvency.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Taylor Wessing, Leasehold estate, Landlord and Tenant Act 1985 (UK), Court of Appeal of England & Wales
    Authors:
    Edward Cooper
    Location:
    United Kingdom
    Firm:
    Taylor Wessing

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