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    Personal service of a bankruptcy petition
    2016-03-08

    Key Points

    • Test for personal service of bankruptcy petition same as for claim forms
    • Document to be handed to debtor or contents explained and left “with or near” debtor
    • Rule 7.55 can be used to remedy any irregularity in service if necessary

    The Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Amy Patterson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Jurisdiction agreements can be implied, but do not apply to insolvency officeholder claims
    2016-03-08

    Key Points

    • Agreement to submit to jurisdiction can be implied or inferred into a contract, but there must be actual agreement to submit. Circumstance (e.g. a contract being made in a particular country) is not enough to infer submission to jurisdiction.
    • Jurisdiction agreements apply to contracts, not insolvency office holder claims.

    The Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Administrator’s charge not covered by mis-selling redress payment
    2016-03-11

    A company’s former administrators sought an order under the Insolvency Act 1986 that their remuneration and expenses should be payable out of a sum owed to the company from National Westminster Bank Plc (Natwest). The company entered into interest rate swaps with Natwest. After the swaps terminated, the company granted a fixed charge and debenture over its assets to a third party. Administrators were appointed and recorded costs of over £164,000 before the company was dissolved.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Dentons, NatWest, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Gareth Burton , Luca Salerno
    Location:
    United Kingdom
    Firm:
    Dentons
    Angel Group - Conflict liquidators appointed to investigate conspiracy claims against bank
    2016-02-16

    Conflict liquidators have been appointed by the High Court to a group of companies to investigate claims by the director that the companies’ bank had artificially distressed the companies and driven them into administration.

    Background

    The Angel Group of companies was founded by Ms Julia Davey. They owned residential and commercial properties which were rented out. The companies borrowed substantial amounts from Lloyds HBOS. After getting into financial difficulties, the bank appointed administrators from KPMG over them.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Real Estate, Collyer Bristow LLP
    Authors:
    Robin Henry
    Location:
    United Kingdom
    Firm:
    Collyer Bristow LLP
    Court of Appeal guidance on challenging the validity of an IVA under section 262: Nirandas-Girdhar v Bradstock [2016] EWCA Civ 88
    2016-02-18

    Section 262(1) of the IA 1986 provides that a debtor, creditor or nominee may apply to the court where: (a) a voluntary arrangement approved by a creditors’ meeting summoned under section 257 unfairly prejudices the interests of a creditor of the debtor, or (b) there has been some material irregularity at or in relation to such a meeting. 

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gatehouse Chambers, Debtor, Insolvency Act 1986 (UK)
    Authors:
    Aileen McErlean
    Location:
    United Kingdom
    Firm:
    Gatehouse Chambers
    To Sue or Not to Sue - Part 2
    2016-02-19

    Welcome to the second article in this amazing series which looks at what you can do to try to extract money from a stubborn business debtor.

    In the first article I looked at the potential benefits and detriments of issuing a County Court Claim.  This time I will take a step back and look at what you could do prior to going to Court with your completed forms and a large cheque for the ever-growing Court fee. You can read this article here.

    Filed under:
    United Kingdom, Insolvency & Restructuring, SE Solicitors, Debtor
    Location:
    United Kingdom
    Firm:
    SE Solicitors
    Individual insolvencies fall to lowest level since 2005
    2016-02-04

    The Insolvency Service recently published official statistics showing that the number of individual insolvencies in 2015 fell to the lowest annual level for a decade (by 19% to 79,965).

    The statistics also show that:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Eversheds Sutherland (International) LLP, Debt relief
    Authors:
    Clare Hughes , Chris Busby , Geraint Thomas
    Location:
    United Kingdom
    Firm:
    Eversheds Sutherland (International) LLP
    Security over future debts and set off
    2016-02-05

    Key point

    An assignee of future debts was bound by discounting and rebate arrangements concluded between the assignor and its customers despite having given notice of the assignment.

    The facts

    M supplied goods to customers. It factored its debts to Bibby in 2000. The Factoring Agreement provided that all future debts due to M by customers were to vest upon their creation in Bibby.

    Bibby did the following to try and protect its position – ultimately the steps proved unsuccessful:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Brian Cain
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    What does "advance" mean?
    2016-02-05

    Key Point

    The word “advance” does not automatically imply an obligation to repay the funds advanced, nor does it automatically imply a repayment trigger.

    The Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Don’t waste my time, Mr Insolvency Practitioner: Creditor Portals do not equal Creditor Engagement
    2016-02-08

    So-called “Creditor Portals”, and other similarly titled electronic platforms by which insolvency practitioners typically circulate any meaningful information to creditors about insolvent estates, have been a bugbear of mine ever since they were first used a little while ago. Don’t get me wrong; I absolutely applaud the attempt which they represent to minimise the amount of unnecessary paperwork circulating around the country and the savings of cost which they bring to the administration of insolvent estates where the cost of copying and posting alone would be absolutely frightening today.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Paris Smith LLP
    Authors:
    Mike Pavitt
    Location:
    United Kingdom
    Firm:
    Paris Smith LLP

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