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1
Reintroduction Of HMRC As A Preferential Creditor – Draft Legislation Published
The UK Government has published draft legislation under which the UK tax authorities will move up the creditor hierarchy in English insolvency proceedings in respect of certain taxes paid by employees and customers.
UK
30 Jul 2019
2
Reintroduction Of HMRC As A Preferential Creditor
The UK Government has announced that it will be introducing legislation under which the UK tax authorities will move up the creditor hierarchy in English insolvency proceedings in respect of certain taxes paid by employees and customers
UK
28 Jun 2019
3
Court Of Appeal Refuses To Grant Indefinite Stay On The Enforcement Of English Law Debts
For more than a century, a creditor holding English law governed debt relied on the principle (known as the "rule in Gibbs") that a debt governed by English law cannot be discharged by a foreign insolvency proceeding, provided that the creditor does not submit to that proceeding.
UK
25 Jan 2019
4
Post-Judgment Freezing Orders – An "Enhanced Role"
The English Commercial Court recently denied an applicant's attempt to set aside a worldwide freezing order on the basis that there was a risk that the individual would try to hide his wealth if the order was discharged.
UK
23 Oct 2018
5
Availability Of Anti-Suit Injunctions In Support Of Arbitration Clauses Following Recast Brussels I Regulation
In Nori Holdings Ltd v Bank Otkritie Financial Corporation, the English Commercial Court considered whether to grant an anti-suit injunction to restrain proceedings brought in Cyprus and Russia...
UK
8 Oct 2018
6
Legal Developments In Construction Law - September 2018
A bank was asked to provide a credit reference in respect of a customer.
UK
28 Sep 2018
7
Supreme Court Guidance On The Meaning Of "Establishment" In Council Regulation EC 1346/2000 On Insolvency Proceedings ("Insolvency Regulation")
The Supreme Court (unanimously dismissing the appeal in Trustees of Olympic Airlines SA Pension & Life Assurance Scheme v Olympic Airlines SA) has held that "economic activity" is central to the definition of "establishment" in the Insolvency Regulation.
UK
1 May 2015
8
Appeal Court Guidance On De Facto Directors
Another attempt to have an individual found liable as a de facto director of a company that has sustained losses has failed.
UK
19 Dec 2014
9
Administration Expenses: The Next Instalment
The High Court has rejected the argument that amounts owing to British Gas Trading Ltd (BGT) under post-administration, deemed contracts for the provision of gas and electricity are automatically classed as expenses of the administration.
UK
14 Aug 2014
10
Pension Protection Fund Changes Following Olympic Airlines Case
The regulatory amendments drawn up by the Secretary of State for Work and Pensions following the outcome in Trustees of Olympic Airlines SA Pension & Life Assurance Scheme v Olympic Airlines SA have been drafted narrowly and may end up protecting no one other than the beneficiaries of the Olympic Airlines pension scheme.
UK
22 Jul 2014
11
UK Court Of Appeal Overrules Goldacre And Luminar
The Court of Appeal has handed down judgment in the highly anticipated Game case and has overruled the controversial decisions of the High Court in Goldacre and Luminar
UK
26 Feb 2014
12
Eurosail - The Point Of No Return: The Final Chapter
Nearly three years after the High Court decision on the case of BNY Corporate Trustee Services Ltd v Eurosail UK 2007 - 3BL PLC and others was handed down, the case has run its course in the Supreme Court.
UK
22 May 2013
13
Payments For Creditors To Vote For Proposals Held Not To Be Bribes
A facilitation payment to encourage creditors to vote through the restructuring proposals of creditors’ debts has been held by the High Court not to be an illegal bribe.
UK
11 Jun 2012
14
When is a Defective Appointment Too Defective to be Cured?
The Court has heard another case dealing with a defective appointment of administrators under paragraph 22 of Schedule B1 Insolvency Act 1986 ("Schedule B1").
UK
17 May 2012
15
Rent as an Administration Expense - Sorted Once and For All?
The High Court has provided clarification on the issue of payment of rent during a tenant company’s administration.
UK
10 Apr 2012
16
Pensions Regulator Issues Another FSD
The Pensions Regulator has issued a financial support direction ("FSD") to ITV plc ("ITV") and four of its subsidiaries in connection with the Boxclever Group Pension Scheme (the "Scheme").
UK
2 Feb 2012
17
Omega Navigation Provides Further Test Of A Foreign Debtor’s Access To The Protection Of The US Bankruptcy Courts
In the course of the next few weeks, Omega Navigation Enterprises, Inc. and its affiliates (collectively, "Omega"), an international shipping enterprise, will find out if motions by certain of their lenders to, among other things, dismiss Omega’s chapter 11 bankruptcy proceedings have been granted by the U.S. Bankruptcy Court for the Southern District of Texas.1 If not, then Omega may be permitted to continue its attempt to reorganize its business under chapter 11 of the Bankruptcy Code.
UK
28 Dec 2011
18
Court of Appeal Confirms Financial Support Directions Issued in Insolvency have Super Priority
The Court of Appeal has confirmed that the costs of complying with Financial Support Directions ("FSDs") proposed to be issued to certain Nortel and Lehman companies by the Pensions Regulator ("TPR") qualify as "super priority" administration expenses, payable in priority to unsecured creditors, floating charge holders and the administrators' own fees.
UK
18 Oct 2011
19
Anti-deprivation: a Question of Substance not Form
In the much anticipated decision of "Belmont Park Investments PTY Limited v BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc" [2011] UKSC 38 the Supreme Court has unanimously dismissed the appeal of Lehman Brothers Special Financing Inc ("LBSF") and in so doing provided clarification as to the scope and application of the anti-deprivation rule (the "Rule").
UK
 
4 Aug 2011
20
Pensions Regulator Settles Bonas Case
The Pensions Regulator (TPR) has confirmed that it has issued its first contribution notice (CN) in respect of the Bonas Machine Company Limited's group pension scheme (Bonas), after reaching a settlement with Bonas' parent, Michel Van de Weile NV (MVW).
UK
17 Jun 2011
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