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Can a lender petition for bankruptcy based on a guarantee?

17 November 2011 | Steven Mills Comments Off

Last December, I reviewed the case of McGuinness v Norwich and Peterborough Building Society [2010] EWHC 2989, which considered whether a guarantee liability is a liability for a liquidated sum within...

Tags on this discussion: bank bankrupcy banks guarantee guarantor Insolvency insolvency rules

Insolvency of law firms – A reality check for LLP Members

7 June 2011 | Christina Fitzgerald

As a Solicitor Insolvency Practitioner with a specialism in distressed law firms, I am urging both Equity Partners ("EPs") and Fixed Share Partners ("FSPs") to re-evaluate their potential exposure in the...

Tags on this discussion: Insolvency

Suppliers should include provisions expressly in contract to stop buyers from dealing with goods if they suffer an insolvency event – Sandhu v Jet Star, Court of Appeal

28 April 2011 | Paul Gershlick

As the economy remains in a rocky state, many businesses continue to suffer cash flow and insolvency issues. But suppliers need to continue to trade. So what should they do? At times such as these, a good...

Tags on this discussion: administration agreement agreements B2B business-to-business commercial commercial agreement commercial agreements Commercial contract commercial contracts commercial law contract contracts Court of Appeal express terms High Court Insolvency retention of title Romalpa sale of goods standard terms standard terms and conditions standard trading terms supplier supply supply agreement supply contract supply of goods terms Terms & conditions

TUPE and pre-pack administrations: EAT admits it got it wrong…

24 February 2011 | Michael Delaney

The long-awaited EAT decision in OTG Ltd v Barke and ors and four other cases has finally been handed down. The EAT heard five appeals that all looked at the same point: does administration under Schedule...

Tags on this discussion: administration barke employee employer Insolvency liquidation oakland OTG pre-pack Transfer of Undertakings (Protection of Employment) Regulations TUPE wellswood

Insolvency statistics in Q4 2010 published today by the Insolvency Service

4 February 2011 | Mark Tempest

Insolvency statistics in the fourth quarter of 2010 were published today by the Insolvency Service. Corporate insolvencies across the board were down on the same period last year: compulsory liquidations...

Tags on this discussion: administration bankruptcy corporate debt relief order Insolvency Insolvency Practitioner liquidation recovery voluntary arrangement

Charging orders

30 December 2010 | Karen Jacobs

A creditor obtained a charging order over a property based on a judgment in which a company had been ordered to pay £11,500 in costs. In addition, the company had been ordered to pay into court the sum...

Tags on this discussion: administration bank banks charging orders discretion Insolvency

VAT on professional fees for company in financial difficulties

23 November 2010 | Shimon Shaw

A recent VAT decision of the Upper Tribunal will be of interest to companies in financial difficulty and their advisers. HMRC v Airtours Holiday Transport Ltd [2010] UKUT 404 (TCC) A large holiday...

Tags on this discussion: HMRC Insolvency redrow tax Taxation VAT

OFT proposes greater powers for landlords in insolvencies

2 August 2010 | Laura Seaman

The Office of Fair Trading (OFT) has published a report recommending far-reaching reforms of the corporate insolvency regulatory regime. In the report, the OFT said that landlords, as unsecured creditors,...

Tags on this discussion: creditors Insolvency Landlords Office of Fair Trading OFT

Review of consumer credit and personal insolvency

21 July 2010 | Karen Jacobs

Consumer Affairs Minister, Edward Davey has announced a review of consumer credit and personal insolvency. The review will cover: How consumers enter into credit commitments, including the way in...

Tags on this discussion: banking banks consumer credit act consumer protection credit Insolvency lenders loan

Automatic termination of indemnity upon insolvency event breaches anti-deprivation rule – Mayhew v King, High Court

11 June 2010 | Paul Gershlick

T agreed to indemnify M in a contract in relation to some particular litigation that may be brought against M. The agreement said that the indemnity would automatically end if M suffered any insolvency...

Tags on this discussion: administration anti-deprivation anti-deprivation principle anti-deprivation rule asset assignment breach creditors High Court indemnify indemnity Insolvency unenforceable

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Latest news and views tagged Insolvency

Can a lender petition for bankruptcy based on a guarantee?

Insolvency of law firms – A reality check for LLP Members

Suppliers should include provisions expressly in contract to stop buyers from dealing with goods if they suffer an insolvency event – Sandhu v Jet Star, Court of Appeal

TUPE and pre-pack administrations: EAT admits it got it wrong…

Insolvency statistics in Q4 2010 published today by the Insolvency Service

Charging orders

VAT on professional fees for company in financial difficulties

OFT proposes greater powers for landlords in insolvencies

Review of consumer credit and personal insolvency

Automatic termination of indemnity upon insolvency event breaches anti-deprivation rule – Mayhew v King, High Court

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