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    Only one limitation period
    2007-09-30

    The defendant was the sole director of a company which went into liquidation. Almost six years after his appointment as liquidator, the claimant commenced proceedings seeking an order pursuant to s 212 Insolvency Act 1986 that the defendant contribute to the company’s assets on the basis that he had acted in breach of duty of care and skill and in breach of fiduciary duty owed to the company, which had resulted in the company’s deficiencies.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Breach of contract, Fiduciary, Statute of limitations, Liquidation, Duty of care, Liquidator (law), Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Key covid-19 considerations for your business - An update on our multi-jurisdictional overview
    2020-08-04

    Both COVID-19 itself and the severe financial impact the virus and associated lockdown has had on the UK economy, have led not only to a large number of UK businesses re-examining the contractual terms on which they do business but also to a spike in disputes. Some matters which have been prominent in current disputes, and which are therefore key considerations for business both in looking at their existing contracts and planning for the future, include the following: • What termination provisions do they have in their contracts?

    Filed under:
    Global, United Kingdom, Company & Commercial, Insolvency & Restructuring, Gowling WLG, Corporate governance, Force majeure, Coronavirus
    Location:
    Global, United Kingdom
    Firm:
    Gowling WLG
    The Basics: How to wind up a corporate debtor
    2019-08-20

    Whilst receiving a judgment in your favour may feel like the culmination of a potentially lengthy legal process, it may be just the first step (though an important one) on the path to financial recovery. In our latest insight, we look at how and when you can enforce a judgment to realise payment of any damages or costs which have been awarded.

    What is enforcement?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Debtor
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Insolvency in construction: Looking ahead and minimising risks
    2018-05-14

    In the final part of this series, we look at how you can protect your position and be prepared in the event of an impending insolvency.

    Thinking ahead

    It is always prudent to assess insolvency risk before finalising a contract. The trading history and financial position of a company should be carefully reviewed and a financial risk assessment made at both the outset and during the lifetime of a project. Obtain an up to date set of accounts and a credit report before entering into your contract to enable you to assess the counterparty's financial viability.

    Filed under:
    Canada, United Kingdom, Construction, Insolvency & Restructuring, Projects & Procurement, Gowling WLG
    Authors:
    Sue Ryan , Pippa Hill , Lindsay Hammond , Catherine Phillips , Stephan Smoktunowicz
    Location:
    Canada, United Kingdom
    Firm:
    Gowling WLG
    The Pensions Regulator - powers to protect pension schemes - Pensions in 30 Podcasts, Episode seven
    2017-07-04

    What role does The Pensions Regulator have when pension schemes need protecting? In episode seven of Pensions in 30 Podcasts, we look further into contribution notices and financial support directions and when they can be brought into play.

    Click here to listen to the podcast.

    Key Points

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Gowling WLG, The Pensions Regulator
    Authors:
    Ian Chapman-Curry
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Cold comfort: how latest case law demonstrates the limitations of comfort letters
    2013-05-09

    Comfort letters can be a useful tool for providing an assurance of support from a parent to a subsidiary company. In some cases they help inform the decision of the board of a subsidiary and its continuing trade. It's possible for such letters to form binding obligations in law, if carefully considered and drafted.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Gowling WLG
    Authors:
    Julian C. Pallett , Jasvir Jootla
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Charging order and administration
    2010-12-15

    A notice of intention to appoint administrators (a Notice), although not an absolute bar to making a final charging order, will generally act as a moratorium. This prevents creditors from taking steps to enforce their claims against a company without the permission of the court.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Costs in English law, Moratorium (law), Insolvency Act 1986 (UK)
    Authors:
    Ian Weatherall , Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Voluntary v compulsory liquidation
    2009-11-24

    Where "prejudice" is suffered by a creditor or contributory, the court can order a compulsory liquidation despite a voluntary liquidation having already been entered into.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Shareholder, Board of directors, Consideration, Liquidation, Liquidator (law), Prejudice
    Authors:
    Ian Weatherall , Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Winding-up your corporate debtor
    2009-02-18

    The threat of insolvency proceedings against a corporate debtor can greatly assist a creditor's primary objective of getting paid, preferably in advance of everyone else. This is particularly so where the debtor is prevaricating but there is no genuine dispute that the sum in question is due and owing. Although the courts decry the use of the winding-up procedure as a means of debt collection, it is often a very effective tool.

    Consider the following when faced with a corporate debtor who is refusing, without genuine reason, to settle its debts:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Gowling WLG, Costs in English law, Debtor, Injunction, Advertising, Debt, Liability (financial accounting), Liquidation, Balance sheet, Debt collection, Secured creditor, Liquidator (law), Insolvency Act 1986 (UK)
    Authors:
    Clark Sargent
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Proprietary estoppel and priority of payment
    2007-09-30

    The defendant supplied drink to the owner of a club, the cost of which was secured by a charge over the club premises. The owner wished to re-finance his debt to the defendant and took a remortgage with the claimant to be secured as a fist legal charge on both the club and the owner’s house. Part of the remortgage monies were paid to the defendant in partial satisfaction of the sums outstanding. Both the claimant and defendant were granted legal charges over the house.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Gowling WLG, Debt, Mortgage loan, Estoppel, Public limited company, Refinancing, Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    Gowling WLG

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