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On 25 March 2010, the Third Parties (Rights Against Insurers) Act 2010 (“the Act”) received royal assent and became law in England and Wales.
The purpose of the Act was to introduce reforms to...
Personal insolvencies hit new high… but corporate liquidations fall
According to new Insolvency Service figures, the number of people in England and Wales becoming insolvent rose to a new high in the first three months of 2010.
A total of 35,682 people became insolvent...
EU Solvency II rules delayed
The EU commissioner for financial services has announced that the introduction of the Solvency II framework will be delayed by two months.
Solvency II, which is the new solvency regime for all EU insurers...
Changes to Insolvency Legislation
Important changes to the conduct of insolvency proceedings come into force today, introduced by The Insolvency (Amendment) Rules 2010 and Legislative Reform (Insolvency) (Miscellaneous) Provisions Order...
Administration (COMI and form of appointment): In the matter of Kaupthing Capital Partners II Master LP INC (2010)
This new case (Ch D (Proudman J) 31.3.2010) concerns a limited partnership whose registered office is in Guernsey. The Court was asked to decide two issues: (1) the location of the partnership's centre...
Practical Update on Extending Period of Administration
Since the implementation of the Enterprise Act 2002 the administration of a company will only last for 12 months. The administrators can apply once to certain creditors of the company for a 6 month extension....
Administrators beware (but good news for landlords)
In Goldacre (Offices) Ltd v Nortel Networks UK Ltd (in administration) [2010] All ER (D) 54 (Jan), the respondent company held two long leases over properties of which the claimant was the landlord. During...
Court of Appeal clarifies that contracts dealing with termination in insolvency situations will usually be upheld – Butters v BBC Worldwide, Court of Appeal…
BBCW and W jointly owned a joint venture company, 2e. 2e had a wholly-owned subsidiary, V. BBCW granted V an exclusive licence to produce BBCW’s videos and DVDs. That licence would terminate automatically...