Key point

• A recalibration of the issues to be considered when adjudicating on COMI in individual bankruptcy.

The Facts

Since 6 April 2016 debtors apply online to be made bankrupt, rather than petitioning the court. Their application is considered by an adjudicator who, if deemed appropriate, will make the bankruptcy order.

The Facts

The liquidator of a company refused to requisition a meeting of creditors on the basis that it was being called by the potential defendants to actions arising out of his investigations with the purpose of removing him and stymying any claims. The liquidator applied to Court for a direction not to summon the meeting.

The Decision

Key Points

Summary

Clarification on when the court should lift the administration moratorium in respect of litigation.

The Facts

The Facts

The applicants, who had successfully appealed the rejection of their proof of debt by the liquidator of Burnden Group Limited, sought an order that the liquidator pay their costs of the appeal personally in circumstances where the relevant company had no assets and their costs exceeded £290,000 (including VAT).

The Decision

Insolvent trusts – the myth becomes reality is the third in a series of quarterly webinars aimed at providing trustees with a comprehensive overview of various contentious trust topics.

In this webinar we examine the concept of an insolvent trust, provide a summary of the only case addressing this issue (on which our team is acting), outline the developments in relation to the statutory legal position and identify the key issues which trustees need to consider in this scenario.

Key Points

• Reaffirms the importance of considering whether an applicant’s position would be improved by the making a vesting order

• Useful guidance on the extent of the court’s powers when granting a vesting order.

The Facts

Trustees’ Application

Trustees in bankruptcy issued an application for a declaration that a property owned by a company (the Property) was in fact owned by the bankrupt. The trustees contended that the Property had been bought from the sale proceeds of a property owned by the bankrupt’s father, but expressly held on trust for the bankrupt (the Trust Property).

The Facts

Summary

A bankrupt was found to be in contempt of court following years of failing to comply with the terms of multiple court orders compelling him to disclose information about his financial affairs with a view to entering into an IPOA.

The Facts

The Facts

Husband and wife petitioned for divorce in 2008. In January 2009, a statutory demand was served on the husband and a bankruptcy petition was presented in March 2009. In June 2009, husband and wife agreed a consent order whereby the husband was to make periodical payments to the wife and daughter and to repay around £1.4m to the wife.