On 30 July 2020, the UK Insolvency Service published its quarterly insolvency statistics. Of note are the following: Overall numbers of company insolvencies fell by 23% when compared with the previous quarter, and by 33% when compared with the same quarter in 2019. The three industries that experienced the highest number of insolvencies in this […]
Quarterly Insolvency Updates Read More »
As a business restructuring lawyer and business owner myself I am reminded daily of the difficulties our clients face with the current pandemic. Now however is the time when we must recover our confidence and realise this lock down is not forever and it is not all doom and gloom. Nations and people can help
Coronavirus: Is the glass half full or half empty? Read More »
The Corporate Insolvency and Governance Bill 2019-21 was published on 20 May 2020. It provides for amendments to the Insolvency Act 1986 and the Companies Act 2006 on several areas of principal interest for those of us dealing with distressed companies – but what do we think about the amendments to the winding-up petition regime? The
The Corporate Insolvency and Governance Bill 2019-21 Read More »
When a colleague first suggested I write a blog on WFH I initially did not think there was much to write about, but I was wrong. Whether you are an employee or a business owner we have all had to adapt the way we work, and we are all in this together. Statutory Demands and
Parties should not take for granted that upcoming hearings and or trials will be automatically adjourned given the current COVID 19 pandemic. The decision of Mr John Kimbell QC sitting as a Deputy High Court Judge in the case of Re Blackfriars Limited [2020] EWHC 845 (Ch) highlights the Court’s attempt to keep cases progressing in spite
Business as Usual (for now) Read More »
A recap of the principles applicable to allegations by the Secretary of State of trading to the detriment of HMRC – The Secretary of State for Business Energy and Industrial Strategy v Raymond St John Murphy [2019] EWHC 459 (Ch) In The Secretary of State for Business Energy and Industrial Strategy v Raymond St John Murphy [2019] EWHC 459
Trading to the Detriment of HMRC – Director Disqualification Read More »
We live in unprecedented times. The Government and the Courts have been rapidly introducing measures in an attempt to ease the economic impact on UK business and individuals of the COVID-19 pandemic and the resulting “lock-down”. Proposed Changes to Insolvency Legislation On 28 March 2020, the Government proposed new measures to improve the UK insolvency
Remedies for procedural defects In Re Statebourne Cryogenic Limited [2020] EWHC 231 (Ch) the High Court considered whether the identification of the specific regional Business and Property Court to which an NOA was to be allocated was a requirement of either the Insolvency Act 1986 or the Insolvency (England and Wales) Rules 2016 and whether,
We are all seeing that the COVID-19 situation continues to evolve daily, so at Summit Law we are doing everything we can to ensure that we keep our team safe, whilst maintaining the delivery of our high quality and professional services that our clients rightly deserve. As you would expect from a Law Society Lexcel
In order to assess whether a Bankruptcy can be annulled, section 282 of the Insolvency Act 1986 and Rule 10.132-10.141 of the Insolvency (England and Wales) Rules 2016 should be considered in the first instance. Section 282 of the Insolvency Act 1986 Section 282 sets out the court’s power to annul a bankruptcy order. The relevant
Can a Bankruptcy Order be annulled? Read More »
