EXTENDING THE REACH OF FRAUDULENT TRADING The Court of Appeal’s findings in Tradition Financial Services Ltd v Bilta (UK) Ltd and Ors [2023] EWCA 112 will be of great interest to practitioners when deciding against whom they may issue proceedings for fraudulent trading under section 213 of the Insolvency Act [...]
A WIDENING OF THE SCOPE OF SECTION 423 The Court of Appeal has clarified the position regarding the actions of debtors through companies they control and regarding transactions to dispose of assets not beneficially owned by them. (Please click below for the full bulletin) Insolvency Bulletin - Volume 4 Issue [...]
FURTHER GUIDANCE ON TAX AVOIDANCE SCHEMES AND CREDITOR DUTY Earlier this month the High Court handed down judgment in Hunt v Singh [2023] EWHC 1784 (Ch), on appeal from the decision in Hunt v Balfour-Lynn & Ors [2022] EWHC 784 (Ch) which we covered in our May 2022 Bulletin. (Please [...]
IF IT LOOKS AND SOUNDS LIKE A FIXED CHARGE...IT PROBABLY IS For the first time since the House of Lord’s decision in Re Spectrum Plus [2005] UKHL 41, the High Court has considered the criteria needed to determine whether a charge held over a company’s assets is a fixed or [...]
A PENSION POT MAY BE DRAWN DOWN TO SETTLE A JUDGMENT DEBT There have been recent developments as to whether or not creditors may attack a debtors pension. Readers will recall Horton v Henry [2016]... (Please click below for the full bulletin) Insolvency Bulletin - Volume 4 Issue 7 (May [...]
WEST MERCIA AND DIRECTORS` DUTY OF CARE For the second time in less than three months, the Supreme Court has considered the nature of directors’ duties to creditors as insolvency looms. (Please click below for the full bulletin) Insolvency Bulletin - Volume 4 Issue 6 (April 2023)
MODEL ARTICLES AND SOLE DIRECTOR AUTHORITY Section 155(1) of the Companies Act 2006 determines that a private company must have atleast one director who is “a natural person”... (Please click below for the full bulletin) Insolvency Bulletin - Volume 4 Issue 5 (March 2023)
SHARES ARE VALID CONSIDERATION FOR A FLOATING CHARGE A floating charge provides a lender with security over the short-term circulating assets of a company or a limited liability partnership. (Please click below for the full bulletin) Insolvency Bulletin - Volume 4 Issue 4 (Febuary 2023)
TIMING IS EVERYTHING In Carton-Kelly v Darty [2022] EWHC 2873 (Ch) the High Court has handed down judgment in what observers have stated is the largest ever claim (by value) for a preferential payment made in breach of s239 of the Insolvency Act 1986. (Please click below for the full [...]
AN UNSUCCESFUL CHALLENGE TO A LIQUIDATOR’S DECISION Section 168(5) of the Insolvency Act 1986 states “If any person is aggrieved by an act or decision of the liquidator, that person may apply to the court; and the court may confirm, reverse or modify the act or decision complained of, and [...]
