To avoid an asset reverting to a bankrupt after the end of his period of bankruptcy, the asset must be realised. An assignment of a beneficial interest for a future price does not amount to a realisation.
So long as there is no evidence of willful default or lack of reasonable diligence, failure to submit a claim form in time in relation to a CVA may not be fatal.
The company, through its receivers, brought and prosecuted an unsuccessful claim against the defendants. The claim was financed from funds subject to the receivers’ control but the receivers had no beneficial or personal interest in those funds or the outcome of the proceedings. The first defendant sought to recover his costs of the proceedings from the receivers from funds realised in the course of the receivership on the basis that they were the real claimants, and had conducted the proceedings for the benefit of themselves and the bank that had appointed them.
We have previously reported on the developing area of adjudication by insolvent companies, now the subject of another key judgment. In Balfour Beatty Civil Engineering Limited and Astec Projects Limited (in liquidation) [2020] the Technology and Construction Court (TCC) has provided a further clear example of the type of strict conditions that will need to be satisfied to enable such adjudications to proceed.
Creditor not obliged to take steps in foreign proceedings to preserve security
The Court of Appeal has confirmed that a term could not be implied into a conditional fee agreement between a liquidator and solicitors, and that the solicitors would only be paid out of recoveries made. However, the liquidator was not liable for the fees because of a common understanding between the parties. We cover this, and other issues affecting the insolvency and fraud industry, in our regular update:
The Convention on International Interests in Mobile Equipment (the “Convention”) and theProtocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment (the “Protocol” collectively with the Convention, the “Cape Town Convention”) signed on November 16, 2001 establish a special regime for the protection of certain interests in aircraft objects (within the meaning given to such term in the Cape Town Convention, an “Aircraft Object”), and
Valuation evidence
The court has reaffirmed that comparable sales evidence is the best evidence when determining the retrospective valuation of a property.
Why has the Financial Support Direction (FSD) been issued?
The courts have the power to and increasingly will make a civil restraint order where an individual persistently issues claims that are totally without merit.