The Claim
In an earlier Judgment the Court at first instance ruled that Countrywide Surveyors Limited (the “Defendant”) was liable in deceit to Mortgage Express (the “Claimant”), in relation to 39 loans, further to property valuations produced by the Defendant.
Consumers could be set to jump up the insolvency hierarchy if Parliament backs the latest Law Commission recommendations.
The Law Commission’s report, Consumer Prepayments on Retailer Insolvency, recommends, among other things, that consumers who prepay for goods or services over £250 in the six months prior to a formal insolvency process should be paid out as preferential creditors instead of unsecured creditors.
Monday’s Treasury Select Committee report into the collapse of BHS provided scathing criticism of the actions of former owner Sir Philip Green, but would annulling his Knighthood really provide adequate redress for the company’s pension shortfall?
A client who is building a large mixed use development called me yesterday with a dilemma. He had received a letter from a local equipment supplier, who was on the verge of bankruptcy because the sub-contractor who had engaged him had gone into administration after the hire period had come to an end. He was pleading with my client to help him recover some £20,000 of hire fees still owed to him.
Appointment of receivers in respect of a group entity takes “control” of that entity outside the group for tax purposes, but does this decision have more far reaching consequences?
The First Tier of the Tax Tribunal heard appeals against closure notices issued by HMRC denying claims for group relief by a group of companies, including a company over whose assets a fixed charge receiver (FCR) had been appointed (the Borrower).
A version of this article was first published in The Law Society Gazette and Prime Resi.
Key Points
- Trustees in bankruptcy entitled to more than return of shares wrongfully transferred by bankrupt
- Trustees also entitled to recover loss in the value of shares
- Appropriate basis of valuation was fair value (not market value)
The Facts
A key question in any litigation is whether the defendant can satisfy a judgment. Where the defendant is both insolvent and insured a further issue is whether the claimant can ultimately recover payment from the insurer. This may be possible under the Third Parties (Rights against Insurers) Act 1930 ("1930 Act") but there are a number of significant hurdles for a third party to overcome before it can benefit from the application of the1930 Act.
The question of who is entitled to payment of compensation for PPI where a debtor has been discharged from his/her Protected Trust Deed (PTD) has given rise to conflicting judicial decisions in Scotland. In our previous article, we highlighted the uncertainty created following the decision of Sheriff Reid in the case of Donnelly v The Royal Bank of Scotland and the decision of Lord Jones in Dooneen Limited, t/a Mcginnes Associates and Douglas Davidson v David Mond.
The 1st August 2016 sees the coming into force of the Third Parties (Rights Against Insurers) Act 2010. The 2010 Act will replace the Third Parties (Rights Against Insurers) Act 1930, and will hopefully make it easier for claimants who have claims against insolvent defendants to bring in the defendant’s insurer.
The 1930 Act