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    Ongoing scheme funding - contribution obligation when employer departs from scheme - Pensions in 30 Podcasts, Episode nine
    2017-07-11

    After providing an overview of ongoing scheme funding in the last episode, here we delve deeper into contribution obligations when an employer departs from a scheme. We tackle issues including when an employer's debt is triggered, how much the debt is and explore lawful ways to avoid the debt.

    Click here to listen to the podcast. 

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Gowling WLG
    Authors:
    Ian Chapman-Curry
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    As easy as '123' - drafting insolvency events post Eurosail
    2013-05-23

    The recent decision in BNY Corporate Trustee Services Limited v Eurosail - UK 2007 - 3BL PLC (Eurosail) has provided helpful guidance on the interpretation of the insolvency tests set out in section 123 of the Insolvency Act 1986. This guidance is not only relevant to companies with financial problems. The common practice of drafting contractual events of default by reference to section 123 means that it has significance to anyone who is creating or is party to contracts (whether finance documents or other commercial contracts) containing this type of provision.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Debt, Liability (financial accounting), Balance sheet, Insolvency Act 1986 (UK)
    Authors:
    Julian C. Pallett
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Bankruptcy order against guarantor
    2010-12-15

    A guarantor can be made bankrupt where the terms of the guarantee create a debt obligation.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Surety, Debtor, Consideration, Debt, Liability (financial accounting), Liquidation, Default (finance), Building society
    Authors:
    Ian Weatherall , Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Voluntary v compulsory liquidation
    2010-01-20

    An agreement with a company has gone into arrears. The vehicles may or may not have been sold. The company has placed itself into voluntary liquidation. Can the finance company take steps to protect itself if it suspects that there has been mismanagement or misappropriation of funds within the company? Yes. Where "prejudice" will be suffered by a creditor, the court can order a compulsory liquidation, where the activities of the company will be more vigorously examined than might otherwise be the case with a voluntary liquidation.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Shareholder, Breach of contract, Fraud, Fiduciary, Consideration, Liquidation, Good faith, Liquidator (law), Prejudice
    Authors:
    Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Charging order survives intervening bankruptcy
    2009-02-23

    An intervening bankruptcy will not defeat a charging order where the bankruptcy was entered into in an attempt to frustrate the charge.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Debtor, Fraud, Debt, Legal burden of proof, Insolvency Act 1986 (UK)
    Authors:
    Ian Weatherall , Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    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

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