Articles

September 2017

The Menopause and the Workplace

Author: Nicola O'Dwyer

With an increase in the number of older women within the workplace, the menopause appears to becoming less of a taboo subject. This has also been assisted by the exposure that has been given to the subject of the menopause in the media.

August 2017

Gifts of Property

Author: Tim Hughes

We are often approached by clients who say they are thinking of gifting their home, or other property, to their children or other family members to “save tax”.

August 2017

Timing for Filing the Notice of Conversion from Administration to CVL

Author: Chris Millar

Progress reports are now dealt with in Part 18 of the IR 2016.

August 2017

How do I calculate 5 business days under IR 2006, for the purpose of appointing an administrator?

Where the directors/company give notice to appoint an administrator, the notice must include a Statutory Declaration. That Statutory Declaration must be made not more than 5 business days before the notice of appointment is filed with the Court.

August 2017

Bankruptcy

Author: Chris Millar

(a) The High Court has confirmed in the recent case of Mohammed Safier v Wendy Wardell [2017] EWHC 20 that third party funds should not be paid into the ISA, and therefore do not attract the Secretary of State’s administration fee.

August 2017

An Administrator's Remuneration

Author: Chris Millar

In the first instance, the creditors committee fixes the basis of the administrator’s remuneration. If the creditors committee fails to do so, or there is no creditors committee, then the creditors, as a body, must be asked to fix the administrator’s remuneration. If the administrator has delivered a paragraph 52(1)(b) statement i.e. there will be nothing to distribute to unsecured creditors, then only the secured creditors and the preferential creditors need be asked.

August 2017

JCAM Commercial Real Estate Property XV Limited v Davis Haulage Limited

Author: Nigel Cook

In response to a threat by its Landlord to exercise its right of distress over the company’s assets, the company’s sole director filed a Notice of Intention to appoint an administrator and served it on the qualifying floating charge holder thus creating the interim moratorium under paragraph 43. Successive Notices of Intention followed and upon the filing of the fourth Notice the Landlord applied for an order to remove the last Notice on the grounds that it was an abuse of process. In fact, the company was proposing a company voluntary arrangement otherwise than through an administration.

August 2017

Taylor v Von Dutch Marine Holding Limited

Author: Nigel Cook

The Company had granted to a bank a debenture containing fixed and floating charges i.e. qualifying floating charges over its assets. An unsecured creditor had obtained a Freezing Order preventing the company from disposing of or dealing with those assets covered by the debenture. The Debenture included express power to appoint a Receiver to sell the charged assets and also to act as agent of the Chargor company. The Bank applied to the Court for an Order to vary the Freezing Order so as to allow it to appoint a Receiver.

August 2017

Asbestos: Managing the Risks

Author: Tanaz Nowrouzzadeh

Asbestos has historically been used in a broad range of industries, including the construction of buildings. We now know that asbestos carries significant health risks and in 1985 the UK banned the import and use of asbestos. Despite this ban, asbestos can still be found in many buildings and the people who are most at risk from asbestos are workers who disturb it without realising it is there and surveyors when carrying out inspections of those buildings

August 2017

Thomas And Another v Frogmore Real Estate Partners GP1 Ltd

Three Jersey incorporated companies owned shopping centres in England and each had granted qualifying floating charges to its main lender, Nationwide Building Society (NBS).  NBS entered into arrangements with the respondents to share the funding risk with the respondents and to sell the loan.