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    Privilege in bankruptcy - revisited
    2017-02-01

    Summary

    The UK Court of Appeal recently confirmed that lawyers (Decherts) could no longer act for a company (Avonwick). Our views on the first instance decision can be found here.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency Act 1986 (UK)
    Authors:
    Georgina Jones , Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Can an appeal court's decision be reviewed by the same level of court under insolvency legislation?
    2017-02-01

    Summary

    The insolvency legislation contains an unusual provision pursuant to section 375(1) of the Insolvency Act 1986 enabling the court to review its own decision. The issue in this case was whether the High Court could review its own decision where that decision was an appeal of a bankruptcy order made by a District Judge in the County Court.

    The Facts

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency Act 1986 (UK)
    Authors:
    Neil Smyth
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Wrongful trading - requirement to show increase in net deficiency for compensation
    2017-02-01

    The Facts

    On 12 September 2012, the joint liquidators of a company brought claims for wrongful trading against its former directors, arguing that they knew (or ought to have concluded) before the date it entered liquidation that the company could not avoid insolvent liquidation. At first instance, Registrar Jones held that the directors were liable for wrongful trading and should pay compensation of £35,000. The directors appealed this decision.

    The Decision

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, White Collar Crime, Taylor Wessing
    Authors:
    Richard Colebourn
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Wasted costs and disclosure orders
    2017-02-01

    Key Points

    • Costs incurred in preparing to comply with disclosure orders not payable by liquidators
    • Protection for wasted costs should have been sought earlier in the proceedings

    The Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Amy Patterson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Can you obtain an administration order with retrospective effect?
    2017-01-10

    The Facts

    An administrator was appointed over a company out of court and the administration extended on a handful of occasions. The administrator was then replaced by block transfer, but the administration subsequently expired before it was concluded.

    The new administrator therefore applied for a new administration order to apply retrospectively from the date of expiry of the old order.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Neil Smyth
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Court grants administrators' release from office
    2017-01-10

    Summary

    The court was prepared to provide for immediate release of administrators from office and to wind up a company without presentation of a petition.

    The Facts

    Administrators applied to court for their release, the winding up of the company and their appointment as liquidators.

    The company’s remaining asset was a leasehold interest with an ultimate landlord, the immediate landlord having surrendered its interest.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Neil Smyth
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Requesting a creditor meeting to remove a liquidator
    2017-01-10

    Summary

    The case provides guidance for liquidators as to the appropriate exercise to conduct when deciding whether the threshold of 25% in value of creditor claims has been reached in support of a request for a creditors’ meeting under s 171.

    Key point

    • A liquidator is not required to apply a ‘strict proof’ test to a creditor’s claim at the requisition stage of a creditors meeting.

    The facts

    In November 2014, the company entered into a creditor’s voluntary liquidation.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Katherine Hudson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Rescission of winding up orders - extension of time
    2017-01-10

    Key Points

    • Provisions of the Civil Procedure Rules apply to applications for an extension of time to apply for rescission of winding up order
    • Any such extensions of time should be exceptional and for a very short period

    The Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Amy Patterson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Confiscation following unlawful re-use of company names
    2017-01-10

    Background

    It is a criminal offence to continue trading using the name of a company which has gone into insolvent liquidation (a prohibited name).

    Judgment

    The Court of Appeal has just ruled on a case relating to confiscation orders made against individuals who illegally trade under a prohibited name. In this case, the defendant was given community service, and ordered to pay a confiscation order of £100,000, plus costs. The individual appealed the confiscation order on various grounds.

    The court concluded that:

    Filed under:
    United Kingdom, Crime, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Laura Manson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Can you obtain a bankruptcy order for an ulterior motive?
    2016-12-01

    Summary

    This is the latest case in the long running saga of attempts to make Mr Maud bankrupt.

    Facts

    The saga centres around a high value property complex in Spain. Mr Maud and objecting creditors contended on his appeal against a bankruptcy order made by the Registrar against him that the reason why the petitioners sought a bankruptcy order was for the ulterior motive of taking control of the property structure and that the order should be overturned.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Real Estate, Taylor Wessing
    Authors:
    Neil Smyth
    Location:
    United Kingdom
    Firm:
    Taylor Wessing

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