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    Competition in the mortgage sector
    2016-01-07

    On 7 October 2015, the Financial Conduct Authority launched a ‘Call for Inputs’ on competition in the mortgage sector. The Call for Inputs provides an opportunity for interested parties to help the FCA identify potential areas where competition may not be working well and could be improved.

    Filed under:
    United Kingdom, Banking, Competition & Antitrust, Insolvency & Restructuring, Eversheds Sutherland (International) LLP, Financial Conduct Authority (UK)
    Authors:
    Anthony Davies , Lindsey Caddy
    Location:
    United Kingdom
    Firm:
    Eversheds Sutherland (International) LLP
    Do your due diligence before you purchase debt
    2016-01-08

    In the case of Bibby Factors Northwest Limited v HFD Limited and MCD Group Limited the Court of Appeal has ruled that there is ordinarily no duty on a company whose debt has been purchased (the Debtor) to inform the purchasing company (the Funder) of any pre-existing contractual arrangements it has with the company assigning the debt (the Assignor).  If the Funder wants this information it must directly request it.

    Implications

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, DWF LLP, Due diligence
    Authors:
    Helen Corner
    Location:
    United Kingdom
    Firm:
    DWF LLP
    Winding up a company where the debt is disputed
    2016-01-11

    Key point

    Whilst a winding up petition is not the appropriate forum to conduct a “mini trial”, the court is not bound to dismiss the petition if the dispute raised by the debtor company lacks substance.

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Restoration to the register and limitation
    2016-01-11

    Key point

    The Court has discretion to suspend time for the purposes of limitation periods when exercising its jurisdiction to restore a company to the register.

    The facts

    The former director of a dissolved company applied for an order restoring the company and, so that it could then bring claims against third parties that had expired, suspending the running of time during the period when it was dissolved.

    The decision

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Statute of limitations
    Authors:
    Richard Colebourn
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Bankrupts cannot be forced to draw down pension to satisfy debts
    2016-01-11

    A major consideration for any Claimant in an action seeking monetary damages is whether the Defendant to an action has the assets to meet a judgment, whether that be a claim against an individual or a limited company backed by the personal guarantee of an individual. That consideration should extend to a scenario where the Defendant has a judgment made against them and then either refuses to pay or cannot pay on time. The Claimant may have to seek their bankruptcy to achieve some payment.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Gemma Lampert , Will Anderson
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Allanfield Property Insurance Services v Aviva and AXA: Judge considers whether premiums held by insolvent broker belong to customers or insurer
    2016-01-11

    http://www.bailii.org/ew/cases/EWHC/Ch/2015/3721.html

    Two insurance intermediaries entered into administration. Although heavily insolvent, they had significant funds held in client accounts. Those funds represented insurance premiums collected from customers but not yet paid on to the insurers. The issue therefore arose as to whether the insurers, the customers or the unsecured creditors of the intermediaries were entitled to those funds.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Litigation, Clyde & Co LLP, AXA, Aviva
    Authors:
    Nigel Brook
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Re Atlantic Computers revisited - SSRL Realisations
    2016-01-12

    Summary

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Bryan Cave Leighton Paisner, Landlord
    Authors:
    Ben Jones , Barry Gross
    Location:
    United Kingdom
    Firm:
    Bryan Cave Leighton Paisner
    New FSCS deposit limit
    2016-01-14

    From 1 January 2016, deposits made by private individuals and small businesses to any authorised firms are protected by the Financial Services Compensation Scheme to a limit of £75,000 (previously £85,000).

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Eversheds Sutherland (International) LLP, Financial Services Compensation Scheme
    Authors:
    Clare Hughes , Chris Busby , Geraint Thomas
    Location:
    United Kingdom
    Firm:
    Eversheds Sutherland (International) LLP
    Legal Update - Litigation Trends 2016
    2016-01-14

    Last year, the Ministry of Justice published its statistics for judicial and court activity in England and Wales for 2014. In this note, we take a look at the 2014 figures and highlight emerging litigation trends.

    Our own enquiries into professional negligence claims for the first three quarters of 2015 show that claims numbers are likely to be broadly similar to those for 2014 and 2013. We intend to follow this note with an update after the Ministry of Justice publishes its own figures for the whole of 2015 later this year.

    Filed under:
    United Kingdom, England, Wales, Construction, Insolvency & Restructuring, Litigation, Professional Negligence, Clyde & Co LLP
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Insolvency Claims Under LASPO: “Use it or Lose it”
    2016-01-19

    Unless you have been living in a cave, you will have heard the very disappointing news that the current exemption to the Jackson reforms for insolvency claims under the Legal Aid, Sentencing and Punishment of Offenders Act (“LASPO”) will cease as of 1 April 2016.

    If you are to avail yourself of the benefits of the Jackson exemption, which was one of the few pieces of legislation that levelled out the playing field between Insolvency Practitioners (“IPs”) and rogue directors – then read on.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    Laura Crawford , Jon Chesman
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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