In September 2014 administrators were appointed over Strada restaurants (trading under SSRL Realisations Limited). The restaurant was tenant of a unit in a shopping centre in Bloomsbury.
The Insolvency Service published its quarterly statistics on company insolvency and individual procedures showing:
Introduction
We recently commented on a Scottish case involving dissolution, disclaimer and restoration (read our Law-Now here). There has now been an English case raising the same issues which on the face of it analyses the same provisions of the Companies Act 2006 (UK wide legislation) in a different way to achieve the same result.
The approach of the courts
Key Point
The High Court has given some guidance on the effect of an order to restore a dissolved company to the register where a secured creditor has rights against that company and there has been a disclaimer by the Crown.
Facts
Key Point
Judgment sets out the rationale behind validating three payments made by a Company after the presentation of a winding up petition.
The Facts
This was the third application made by Sahaviriya Steel Industries UK Limited (the “Company”) in connection with payments made that would require validation under s127 Insolvency Act 1986. The payments were necessary to keep part of its business going pending discussions on sale or restructuring.
The Decision
EAD Solicitors LLP and others v Abrams UKEAT/0054/15
Why care?
Section 13(1) of the Equality Act 2010 defines direct discrimination as occurring where “because of a protected characteristic”, a person (A) treats another (B) less favourably than A treats or would treat others. This wording means that B does not have to have the protected characteristic.
Three former directors of failed UK parcel delivery company City Link have recently been delivered the bad news that they will face criminal charges over redundancies made during the Christmas period last year. They have been charged with failure to notify the Secretary of State of the proposed redundancy of City Link’s employees as required under section 193 of the Trade Union and Labour Relations (Consolidation) Act 1992. Notification is normally given to the Government by submitting an HR1 form to the Insolvency Service
In The Commissioners for Her Majesty’s Revenue and Customs v Amran Munir and others [2015], the directors and secretary of a company were sentenced by the High Court to a term of imprisonment for contempt of court.
Summary
From 1 November 2015, additional marketing and disclosure requirements will have to be satisfied by administrators completing pre-packaged sales.
BACKGROUND
The revised Statement of Insolvency Practice 16 (SIP 16) comes into force on 1 November 2015.
Recent posts on eSQUIRE Global Crossings have highlighted the problems in the oil and gas sector and unfortunately this is not the only sector under pressure.
Job losses and insolvency in the steel industry