Just a short post to update our previous post on the issue of administrators being obliged to pay rent as an expense of the administration.
Of all the headlines related to Rangers’ current financial plight one related to the world of sales finance is probably a surprise. However, Rangers’ administrators recently sought the opinion of the Court of Session on the club’s well publicised deal with Ticketus, under which Rangers sold to Ticketus rights to future season ticket sales. Although the Ticketus deal is not, strictly, an invoice financing Lord Hodge’s opinion touches on several questions directly relevant to sales finance.
Natural England makes geographic information datasets available under the Open Government licence
This means that datasets about areas of significance for the natural environment such as protected site boundaries, are now made available under a perpetual licence for commercial and non-commercial use. See link to natural England website for further information.
Squatting criminalised
The long awaited judgment in The Commissioners for her Majesty’s Revenue and Customs v. Football League Limited, on the so called “football creditors’ rule” (the “Rule”) has been given.
This article only concerns itself with the issue of whether the Rule was or was not considered void on the grounds that it was contrary to the pari passu principle and the anti-deprivation rule and not on the fairness of the Rule itself.
FOS upholds two Keydata complaints against IFAs but concludes that compensation should only be paid in one
The Financial Ombudsman Service ("FOS") has provisionally upheld two complaints made by Mr W and Mr and Mrs K against IFAs who recommended that they invest in the Keydata Bonds in 2005. FOS found that the products presented a greater risk than the investors were willing to take. Interestingly, however, compensation has only been offered to Mr and Mrs K.
KEY POINTS
With the number of retail administrations up 15% in the first quarter of 2012 compared to a year ago (according to research by Deloitte), the recent High Court case of Leisure (Norwich) II Limited v Luminar Lava Ignite Limited (in administration) 28 March 2012 will be of particular interest to landlords. They will not be pleased with the decision that unpaid rent which falls due prior to the appointment of an administrator/liquidator amounts to an unsecured claim against the insolvent tenant. It is not to be treated as an expense of the administration/liquidation (and w
Today, the Financial Services Authority (FSA) published Final Notices for Christchurch Investment Management Limited (Christchurch) and the firm's compliance officer, David Thornberry, for breaches of the FSA's client money rules (CASS rules).
There have been a number of first instance decisions concerning the construction and effect of Section 2 (a) (iii) of the ISDA Master Agreement. The problem has been the conflicts between the various judgments, and in particular, with respect to the interpretation and effect of Section 2 (a) (iii). This has led to uncertainly as to how the Section is intended to operate.
The Court has heard another case dealing with a defective appointment of administrators under paragraph 22 of Schedule B1 Insolvency Act 1986 (“Schedule B1”)1. Following hot on the tail of a recent series of conflicting cases relating to defective appointments, the Court has held that: