When individuals are made bankrupt in Scotland, the formal term is 'sequestration', a trustee will be appointed to deal with the sequestration. That trustee will be responsible, amongst other things, for contacting creditors, assessing their claims, ingathering the assets of the debtor and converting them into cash in order to settle the costs of the sequestration and pay dividends to creditors.
Take a look at our summary below of some of the key R&I trends and developments to look out for in 2024.
1. SOLVENCY II
1.1 Solvency II Directive review: Provisional political agreement reached on proposed Solvency II amending Directive
R (on the application of Palmer) (Appellant) v Northern Derbyshire Magistrates’ Court and another (Respondents) [2023] UKSC 38
On appeal from: [2021] EWHC 3013
In Short
Solicitors’ Assumption of Responsibility: Miller v Irwin Mitchell LLP [2023] EWCA Civ 53
There was good news for travel solicitors this week, with the Court of Appeal giving judgment for the solicitors in Miller v Irwin Mitchell.
In the recent case of Just Trays Ltd v Emu Products Ltd [2024] EWHC 29 (Ch) (12th January 2024) the High Court was required to consider this type of application. David Garner reports on the case below.
When a company owes a party money, one option open to it might be to issue a winding up petition against the debtor company.
The UK government has updated the 30-year-old special administration regime for water companies making it possible to rescue water companies.
The new legislation (plus two draft instruments) aims to modernise water company insolvency legislation in the face of the growing challenges in the industry including higher operating costs, claims over sewage pollution and significant debt burden (Thames Water owes £18.3 billion).
New special administration regime
Over the past week, reports have emerged about filings that have been made at Companies House marking a charge as satisfied, without the company's or relevant lender's knowledge.
There were rumours last week, which were simply that, because Companies House had not publicly announced any issue, but, as we have seen over the weekend and is now widely reported in the news, it appears that there have been at least 800 erroneous filings.
Jeremy Charles Frost & Anor v The Good Box Co Labs Ltd & Ors [2024] EWHC 422 (Ch) is a rare case about office-holders’ remuneration that raises some interesting points, although one at least is specific to the nature of the application before the court.