Category: Corporate Recovery & Restructuring
October 2019
Angel Group Limited and Others
The Angel Group consisted of eight companies, all of which had been placed into administration by a mixture of floating chargeholder’s appointment, director’s appointment and Court Order.
October 2019
The New Insolvency Rules 2017
The new Insolency Rules will come into force on 6th April 2017.
October 2017
Two Pints - A Contract or Wishful Thinking?
Author: Chris Millar
The High Court has held that a discussion between business people in a pub did not create an oral contract as there was no intention to create a legal relationship.
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
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
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.
June 2017
Debt Collection - New Pre-Action Protocol
Author: Albina Khad
Is your company’s balance sheet affected by aging debt and you are looking to recover it from your debtor? If so, prior to commencing court proceedings, you will now be expected to comply with the new Pre-Action Protocol for Debt Claims (the “Protocol”), which comes into force on 1 October 2017. It can be located on the Ministry of Justice website and will apply to a business (including sole traders and public bodies) (the “Creditor”) claiming payment of a debt from an individual (including a sole trader) (the “Debtor”). The Protocol does not apply to “business to business” debts unless the Debtor is a sole trader. Failure to follow the Protocol will put you at risk of costs sanctions being imposed against you by the court. It’s aim is to encourage communication and resolution without the need to issue proceedings.
March 2017
Elgin Legal Limited [2016]
Author: Nigel Cook
The company had carried legal aid work regulated by the Solicitors Regulation Authority. The sole director placed it into administration (avoiding liquidation) so that its files could be reviewed and bills sent to the Legal Aid Agency.