We look at the recent case of Barlow Clowes International Ltd & Ors v Henwood [2008] EWCA Civ 577 which considers when a domicile of origin can be revived.
Background
The FSMT has handed down its decision in the case of Asgar Ali Ravjani (trading as Astrad Finance) v Financial Services Authority, which involved the failure to disclose a discharged bankruptcy to the FSA.
This memorandum provides an overview of the practical issues facing a sub-participant under a Loan Market Association ("LMA") English-law governed sub-participation agreement as the creditworthiness of grantor deteriorates.
On 15 September 2008, the FSA published a statement concerning Lehman Brothers Holding Inc.
In the statement the FSA states that Lehman Brothers Holding Inc, a US investment bank, announced that it intends to file a petition under chapter 11 of the US Bankruptcy Code.
Introduction
The filing on 15 September 2008 for Chapter 11 protection under US bankruptcy laws by the Lehman Brothers ultimate parent company, Lehman Brothers Holdings Inc., led to several UK-based entities of the Lehman Group entering administration.
So long as there is no evidence of willful default or lack of reasonable diligence, failure to submit a claim form in time in relation to a CVA may not be fatal.
Re Cheyne Finance PLC
The UK courts recently interpreted the definition of insolvency in a way which can lead to an insolvency default being triggered earlier than before.
In its judgment in Haine v Sec of State for BERR and the liquidator of Compounds Section Ltd the Court of Appeal has decided an important question on employer insolvency.
Gleave and others v The Board of the Pension Protection Fund [2008] EWHC 1099 (Ch)
The High Court ruled that calculations of employer debt by scheme actuaries cannot be challenged by insolvency practitioners unless there is evidence of fraud or error.
The Licensing Act 2003 came into force in November 2005. Its effects were considerably wider than the much-publicised ‘24 hour drinking’ relaxation and, in particular, it makes specific provisions in relation to insolvency.