Caseplayers Here, the Court considered whose consent was required to extend an administration under paragraph 76 of Schedule B1 to the Insolvency Act 1986; that is, was it current secured creditors only, or was it also secured creditors who had been paid off in full? Although the administrators had sought and obtained consent to the extension … Read more
A director’s breach of his fiduciary duty occurred by his ignoring the fact of liquidation of the company of which he was a director, and of the resulting termination of his powers, and instead causing the company to transfer away its shares to a knowing recipient. In the present case, a Saudi Arabian sheikh, who … Read more
Internet Protocol Addresses – fixed or floating charge? The question which arose in this case, and on which the liquidator required the court’s direction, was whether the security granted by UKCloud Limited was a fixed charge or a floating charge. The reason that the liquidator felt he needed assistance on this question was probably because the label … Read more
This case featured another judgment in a group of cases which arose out of schemes which were designed to enable self-employed individuals to avoid the obligation to pay income tax and national insurance on their remuneration. The company’s problems began with HMRC assessing it for income tax and NIC for around £2.2 million. The company … Read more
This case is an unfortunate reminder of the fate in bankruptcy of an extremely well-known professional tennis player; yet he, as a bankrupt, was ultimately able to convince the court that his compliance with his Trustees in Bankruptcy was consistent with the obligations imposed by the Insolvency Act 1986, and sufficient for his suspension to … Read more
Where a transaction challenged under s 423 IA can be said to have had more than one purpose, there is no requirement that the prohibited statutory purpose of putting assets beyond the reach of claimants must have been a ‘substantial’ purpose of the transaction before relief will be granted. The relevant enquiry is simply whether … Read more
Here a company shareholder attempted to challenge the administrators’ proposal to rescue a balance sheet solvent company by securing additional funding, instead of selling the business. The shareholder wanted to sell the business and assets. The application of Michael Loveridge to challenge the administrators’ decision formed part of a long-running family dispute. The company in … Read more
A judgment obtained for two billion Rubles in a Russian court was not eligible for registration under the Foreign Judgments (Reciprocal Enforcement) Act 1933, and no separate proceedings were taken in the English courts seeking an English judgment. Could the judgment still be a debt which satisfied the grounds of a bankruptcy petition in an … Read more
Where a company is the Claimant and the claim will involve questions of fact, the appropriate originating process is a N1 claim form under Part 7 of the CPR, not an insolvency application. This is an important case where the Applicant was an assignee of certain claims. It issued an application including transaction avoidance provisions … Read more
A very unusual case, in which the Court of Appeal overturns a High Court decision which allowed a bankrupt to apply to suspend his own bankruptcy. The bankrupt wished to apply to suspend his own discharge from bankruptcy urgently, as the anniversary of his Bankruptcy Order was only days away. He wanted to propose an IVA … Read more
