Archive for the 'debts' Category

North Shore Ventures Ltd v Anstead Holdings Inc and others – WLR Daily

“A creditor was under a duty to disclose to the surety any contract or other dealing between creditor and debtor which changed the position of the debtor from that which the surety might naturally have expected, but was not under a duty to disclose to the surety other matters relating to the debtor which might be material for the surety to know.”

WLR Daily, 10th March 2011

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and other – WLR Daily

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and others [2011] EWCA Civ 227; [2011] WLR (D) 73

“A company was ‘deemed to be unable to pay its debts’ within section 123(2) of the Insolvency Act 1986 when the amount of its liabilities, taking into account its contingent and prospective liabilities, exceeded the value of its assets to such an extent that the company had reached the point of no return, and if it continued to use its cash or other assets for current purposes it would amount to a fraud on future or contingent creditors.”

WLR Daily, 8th March 2011

Source: www.lawreports.co.uk

Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

OFT warns misleading ‘money advice’ firm

“The OFT has ordered Money Advice Direct Limited (MADL), a firm that introduces struggling borrowers to debt management companies, to stop using misleading advertising that presents it as a source of free help.”

Full story

The Guardian, 22nd February 2011

Source: www.guardian.co.uk

In re Nortel GmbH and related companies; In re Lehman Brothers International (Europe) (in administration) and related companies – WLR Daily

In re Nortel GmbH and related companies; In re Lehman Brothers International (Europe) (in administration) and related companies [2010] EWHC 3010 (Ch); [2010] WLR (D) 324

“Liabilities arising from the financial support direction (‘FSD’) regime created by the Pensions Act 2004 upon companies in administration or liquidation were payable as a liquidation or administration expense.”

WLR Daily, 13th December 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed

Revenue and Customs Comrs v Maxwell and another – WLR Daily

Revenue and Customs Comrs v Maxwell and another [2010] EWCA Civ 1379; [2010] WLR (D) 219

“The amount of a creditor’s claim against a company in administration and the characterisation of the company’s debt to the creditor were to be assessed under r 2.38(4) and (5) of the Insolvency Rules 1986 at the date of the administration, not the date of the creditors’ meeting, but the chairman’s powers of quantification under rr 2.39(1) and (3) and 2.38(5) were to be exercised taking into account events which had occurred since the administration.”

WLR Daily, 8th December 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

White v Davenham Trust Ltd – WLR Daily

White v Davenham Trust Ltd [2010] EWHC 2748 (Ch); [2010] WLR (D) 272

“The mere existence of a secured remedy against another party was not a substantial ground for refusing to allow a creditor to pursue a remedy in bankruptcy against a surety.”

WLR Daily, 2nd November 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Debt management firms warned of closure by OFT – The Guardian

“More than 100 companies could lose their licence unless they comply with OFT rules after the watchdog discovered misleading advertising and poor advice were rife.”

Full story

The Guardian, 28th September 2010

Source: www.guardian.co.uk


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