The English Court of Appeal dismissed an appeal brought against a recent High Court decision to stay a winding-up petition in favour of arbitration proceedings, in Salford Estates (No. 2) Limited v Altomart Limited [2014] EWCA 575 Civ.

We are receiving numerous enquiries regarding the fallout from the bankruptcy of OW Bunker A/S and certain associated companies.  At this stage, some companies are in formal bankruptcy proceedings, with the Court protection that usually entails, but others are not. 

Speed Read

The High Court ruling in Schroder Exempt Property Unit Trust and another v Birmingham City Council [2014] EWHC 2207 provides helpful clarification on whether or not a landlord is liable  to pay business rates on an empty property following the liquidation of a tenant and the subsequent  disclaimer of the lease.

Background

The vast majority of UK taxpayers pay what they owe in full and on time. Her Majesty’s Revenues and Customs (HMRC) thinks that a persistent minority choose not to pay which provides an undeserved advantage to those who are wilfully seeking to play the system, and creates costs which are ultimately borne by the compliant majority.

Paragraph 71 of Schedule B1 to the Insolvency Act allows an administrator to apply to court to sell assets subject to a fixed charge as if they were not subject to the security. The case of O’Connell v Rollings and others [2014] EWCA Civ 639 is a rare illustration of such an application and provides useful guidance on the factors the court will take into account.

The background

We have become used to a regular stream of decisions in which the courts are prepared to grant administration or winding up orders in respect of overseas companies which have COMI or an establishment in the UK. The decision inRe Buccament Bay Limited and another [2014] EWCH 3130 is a rare exception in which the court has refused to exercise its discretion.

The background

In June 2014, the new insolvency complaints gateway celebrated its first birthday. This was followed by a report assessing its performance against a number of rather challenging ambitions. We analyse the report’s findings and the effect of the gateway to date on consumers, insolvency practitioners and their insurers.

Background

Introduction to CVAs

A company voluntary arrangement (“CVA”) is a tool available to a company in financial difficulty to restructure its debts. In contrast to other insolvency procedures, the directors remain in control of the business which continues to operate broadly as normal, subject to the supervision of an insolvency practitioner (“the Supervisor”).

Singularis Holdings Limited v PricewaterhouseCoopers [2014] UKPC 36

PricewaterhouseCoopers v Saad Investments Company Limited [2014] UKPC 35

The Privy Council gives credence to the concept of “modified universalism” (being the court’s common law power to assist foreign winding up proceedings) and notes some of the circumstances which would permit a “stranger” to a winding up order the opportunity to challenge that order.

The facts: