In light of a number of recent High Court decisions, Andy Creer considers the approach of the Court when considering an application for a speedy trial.
On December 24, 2020, the European Union (EU) and the United Kingdom (UK) unveiled a Trade and Cooperation Agreement (TCA) establishing the broad relationship between them after the end of the Brexit transition period on December 31, 2020, with a particular focus on international trade, investment, public policy, and economic partnership between EU Member States and the UK.
In Cage Consultants Limited v Iqbal & Iqbal [2020] EWHC 2917 (Ch), the liquidators of Totalbrand Limited (the company) assigned certain claims – including for transactions at an undervalue and preferences – to litigation funders Cage Consultants Limited (CCL) under s.246ZD Insolvency Act 1986. The company was subsequently dissolved.
A former director of the company and another individual alleged to have benefitted from the transactions tried to strike out the claims. They did this on the basis that:
RE IMAGINED
An analysis of the Restructuring Plan January 2021
Illustration: A world of complexity by Sam Hadley
RE IMAGINED: AN ANALYSIS OF THE RESTRUCTURING PLAN:
We all know 2020 made an impact – and as we look at the year ahead, there are a few repercussions of the incredible strain placed on businesses that are likely to come into the limelight as a result. While there are some global trends in litigation – like litigation funding and class actions - some Scotland specific trends are also worth highlighting. With that in mind, here are the five key things for litigators to watch in the year ahead:
1) Frustration and leases in Scots law
The Corporate Insolvency and Governance Bill was published on 20 May 2020. Our understanding is that this will go through all stages of Parliament on Wednesday 3 June and will become law on or very soon after that date.
Yesterday, the Government introduced legislation before Parliament, in the form of the Corporate Insolvency and Governance Bill, which will make radical changes to the UK insolvency regime. The goal of the legislation is to prevent otherwise viable companies from failing as a result of current events.
Today, the Government published the highly anticipated Corporate Insolvency and Governance Bill (the “CIGB”). It legislates for the landmark changes to the UK’s corporate insolvency regime and the temporary suspension of the statutory provisions on wrongful trading announced by the Business Secretary on 28 March 2020 (see Weil’s European Restructuring Watch update of 30 March 2020).
On 20 May, the Secretary of State for Business, Energy and Industrial Strategy (BEIS) introduced the Corporate Insolvency and Governance Bill to Parliament.
Hot off the press, yesterday we learnt a great deal more about the proposed suspension of the UK’s wrongful trading laws with the publication of the Corporate Insolvency and Governance Bill 2019-21.