Compensation Orders in Director Disqualification Proceedings – the First Judgment Handed Down in 4 Years since its Implementation under the Regime In line with the aim of the disqualification regime, to make directors accountable for the consequences arising as a result of their unfit conduct, the Secretary of State may apply to court for a […]
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Yes, held the Commercial Court. In Alafco Irish Aircraft Leasing Sixteen Ltd v Hong Kong Airlines Ltd [2019] EWHC 3668 (Comm) the parties had entered into a lease which contained a clause that the Defendant (who was the lessee) was to pay all of the Claimant’s (the lessor’s) “reasonable costs and expenses” of litigation, including its legal
Does agreeing to “reasonable costs” mean assessment on the indemnity basis? Read More »
Case comment: Wood v Watkin [2019] EWHC 1311 (Ch) (Judge Barber of the High Court) The above case serves as a warning on officeholder claims and provides further clarity on the expectation of the court in relation to office holders discharging their evidential burden The Facts Karl Watkin (the “Debtor”) was a successful entrepreneur, however,
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McTear v Eade and anr (Re C.J. & R.A. Eade LLP (in liquidation)) [2019] EWHC 1673 (Ch), ICCJ Jones, 11 June 2019 This case, before I.C.C. Judge Jones, was the first reported case under section 214A of the Insolvency Act 1986. This provision, which relates to wrongful trading, allows the liquidator of an insolvent Limited
Where an individual is adjudged bankrupt, all his property (subject to certain exceptions) will vest in his Trustee in Bankruptcy immediately upon their appointment pursuant to section 306 of the Insolvency Act 1986 (“the Act”). “Property” is broadly defined in legislation. Section 436 of the Act defines property as ‘money, goods, things in action, land and
What constitutes property for the purposes of section 436 of the Insolvency Act 1986? Read More »
If you are owed a debt which has been secured with a personal guarantee (“PG”) and the individual who provided that PG (“the Debtor”) has a beneficial interest in land, securities (for example, stock, dividends and interest in a trust) or has other assets, you may wish to consider imposing a charge over the same.
Using a charging order to recover a debt secured with a personal guarantee Read More »
On September 27th, 2019, our team at Summit Law LLP had the privilege of hosting a Macmillan coffee morning in aid of raising support for cancer awareness. As part of the world’s biggest coffee morning, the aim of raising funds and awareness is to help provide support to those whose lives have been affected by
Macmillan Coffee Morning September 2019 Read More »
The court will expect the creditor to have sent out a Letter Before Claim to the debtor, which would set out the basis of their claim and allow a reasonable amount of time for the debtor to fully respond. For straight-forward cases, it is expected that a response should be received within a period of around 14
Commercial Debt Recovery: Pre-Action Protocols and Conduct Read More »
Case comment: Wallace v Wallace [2019] EWHC 2503 (Ch) (25 September 2019) (Adam Johnson QC sitting as a Judge of the High Court) The above case provides further clarity on the jurisdictional reach of section 236 Insolvency Act 1986 (and the bankruptcy equivalent section 366 Insolvency Act 1986). Insolvency Act 1986 (“IA 1986”) and Insolvency (England &
Insolvency Act – Case Comment Read More »
On 15th July 2019 in CFL Finance Ltd v Bass and others [2019] EWHC 1839 (Ch), the High Court (Chief ICC Judge Briggs) published its decision following the final hearing of a bankruptcy petition. The court refused to adjourn the creditor’s bankruptcy petition where creditors were in dispute as to how to proceed with regard
Does a Tomlin Order constitute a regulated credit agreement? Read More »
