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

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

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and others [2010] EWHC 2005 (Ch); [2010] WLR (D) 223

“The requirement in s 123(2) of the Insolvency Act 1986 to ‘[take] into account [the company’s] contingent and prospective liabilities’ when determining whether the value of the company’s assets was less than the amount of its liabilities could not require such liabilities to be aggregated at their face value with debts presently due, nor require the conversion of prospective liabilities denominated in some currency other than sterling into sterling at the present spot rate.”

WLR Daily, 3rd August 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.

Ministers consider rates cap on legal loan sharking – The Guardian

“Ministers are to consider capping interest rates as a campaign launches demanding action to stamp out legal loan sharking.”

Full story

The Guardian, 2nd August 2010

Source: www.guardian.co.uk

Mond and another v MBNA Europe Bank Ltd – WLR Daily

Mond and another v MBNA Europe Bank Ltd [2010] EWHC 1710 (Ch); [2010] WLR (D) 190

“Clause 13.2 of the IVA Protocol, as well as clause 13.1, should not be construed as permitting a creditor bound by the Protocol to vote against an individual voluntary arrangement (‘IVA’) proposal only if he has good reason to do so.”

WLR Daily, 16th July 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.

In re Kaupthing Singer & Friedlander Ltd (in administration) – WLR Daily

In re Kaupthing Singer & Friedlander Ltd (in administration) [2010] EWCA Civ 518; [2010] WLR (D) 119

“After the set-off of cross-claims as between a company in administration and one of its creditors, the balance payable by a creditor to the company under r 2.85(8) of the Insolvency Rules 1986 in respect of a future debt was not to be a sum discounted to present value under r 2.105 but was to be an equivalent undiscounted amount.”
WLR Daily, 11th May 2010
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Debt Relief (Developing Countries) Act 2010

Debt Relief (Developing Countries) Act 2010 published

Full text of Act (PDF)

Source: www.opsi.gov.uk

Bradford & Bingley plc v Ashcroft – WLR Daily

Bradford & Bingley plc v Ashcroft [2010] EWCA Civ 223; [2010] WLR (D) 74

 “There was no need to re-analyse a part-payment of a mortgage debt or to put a gloss on it in terms of acknowledgment for the purposes of calculating whether or not the limitation period had expired because s 29(5) of the Limitation Act 1980 made provision for a freestanding mechanism for the computation of time.”

WLR Daily, 11th March 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.

Vulture funds: UK MPs propose law to end debt relief profiteering – BBC World Service

“Campaigners for lower international debts are backing a proposed law in the UK parliament called the Debt Relief (Developing Countries) Bill.”

Full story

BBC World Service, 26th February 2010

Source: www.bbc.co.uk

Greater court protection for homeowners: consultation – Ministry of Justice

“A consultation on whether homeowners who have failed to repay consumer credit debts should have accrued a minimum level of debt before a court can order the sale of their home has been released today.”

Full story

Ministry of Justice, 5th February 2010

Source: www.justice.gov.uk

Rubin and another v Eurofinance SAand others – WLR Daily

Rubin and another v Eurofinance SAand others [2009] WLR (D) 282

“The Cross-Border Insolvency Regulations 2006, which gave effect to the UNCITRAL Model Law relating to cross-border insolvency, applied where the foreign bankruptcy proceedings related to a debtor which, according to English law, had no legal personality either as an individual or as a body corporate.”

WLR Daily, 6th August 2009

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.

Masri v Consolidated Contractors International (UK) Ltd and others (No 4) – WLR Daily

Masri v Consolidated Contractors International (UK) Ltd and others (No 4) [2009] UKHL 43; [2009] WLR (D) 275

“There was no jurisdiction under CPR Pt 71 for a judgment creditor who was owed a judgment debt by a foreign company to obtain an order for the examination of the company’s officer who was outside the jurisdiction.”

WLR Daily, 31st July 2009

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.

Octagon Assets Ltd v Remblance and Another – Times Law Reports

Octagon Assets Ltd v Remblance and Another

Court of Appeal

“Where rent arrears were sought from both a corporate tenant and a guarantor it was ostensibly unjust to decline to set aside a statutory demand obtained against the guarantor mrerly because he could afford to pay the debt; if a statutory demand would not be sustained against the principal debtor it was also unjust to treat the guarantor differently.”

The Times, 27th July 2009

Source: www.timesonline.co.uk

Octagon v Remblance and another – WLR Daily

Octagon v Remblance and another [2009] EWCA Civ 581; [2009] WLR (D) 196

“In a case in which a corporate tenant and a guarantor were pursued for rent arrears, it was difficult to see how it could be just not to set aside a statutory demand obtained against the guarantor where the principal debtor satisfied one of the conditions in r 6.5(4)(a) of the Insolvency Rules 1986, merely because the guarantor could afford to pay the debt. Moreover, where the tenant’s and guarantor’s liability were co-extensive and there were no good reasons for distinguishing between the position of the guarantor and that which would obtain if the tenant applied under r 6.5(4)(a) to set aside a statutory demand, justice and r 6.5(4)(d) of the 1986 Rules demanded that a statutory demand obtained against the guarantor should be set aside.”

WLR Daily, 18th June 2009

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.

Tribunal awards: defaulters’ names to be put on public debt register – Ministry of Justice

“People who fail to pay awards made by employment tribunals will be publicly named and shamed from today, as the government clamps down hard on employers who disregard tribunal rulings.”

Full story

Ministry of Justice, 1st April 2009

Source: www.justice.gov.uk

Truex v Toll – WLR Daily

Truex v Toll [2009] EWHC 396 (Ch); [2009] WLR (D) 85

“In respect of fees owed to a solicitor by a client, an unliquidated sum did not become liquidated by a mere admission unsupported by consideration.”

WLR Daily, 9th March 2009

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.

Companies must pay up undisputed amounts to avoid punitive interest, says Court of Appeal – OUT-LAW.com

“Companies that withhold all payment for goods or services in order to strengthen their hand in negotiations over disputed amounts will have to pay punitive interest on that money, the Court of Appeal has said.”

Full story

OUT-LAW.com, 2nd March 2009

Source: www.out-law.com

In re Courts plc – WLR Daily

In re Courts plc [2008] EWHC 2339 (Ch); [2008] WLR (D) 311

“S 176A(2) of the Insolvency Act 1986, which provided that a prescribed part of a company’s net property should be available for the satisfaction of unsecured debts, applied either in its entirety or not at all. There was no jurisdiction under s 176A(5) to order a partial disapplication of s 176A(2) regarding unsecured creditors with claims of a certain value.”

WLR Daily, 10th October 2008

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.

Pre-judgment interest on debts and damages – Ministry of Justice

“The government’s response to the Law Commission report on the amount of interest courts should award on debts and damages in court proceedings. ‘Pre-judgment interest’ refers to the interest awarded from the day when payment fell due until judgment is entered or payment made (whichever is earlier).”

Full story

Ministry of Justice, 16th September 2008

Source: www.justice.gov.uk

‘Fat Man’ sues top casinos for millions – The Observer

“Fouad al-Zayat, a 20-stone billionaire who lost £191m at roulette, is taking six top British clubs to court, claiming they illegally allowed him credit.”

Full story

The Observer, 14th September2008

Source: http://observer.guardian.co.uk

Aspinall’s Club Ltd v Al-Zayat (No 2) [2008] – WLR Daily

Aspinall’s Club Ltd v Al-Zayat (No 2) [2008] EWHC 2101 (Comm); [2008] WLR (D) 301

A fixed-term deferral or postponement of a sum owed to a gaming club by a patron amounted to the providing or allowing of credit contrary to s 16(1)(b) of the Gaming Act 1968.”

WLR Daily, 8th September 2008

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.

‘Fat Man’ wins legal battle over £2m gambling debt – The Times

“A billionaire gambler today won a legal bid to avoid paying a £2 million debt to a London casino.”

Full story

The Times, 3rd September 2008

Source: www.timesonline.co.uk

Islamic Investment Company of the Gulf (Bahama) Ltd v Symphony Gems NV and Others – Times Law Reports

Islamic Investment Company of the Gulf (Bahama) Ltd v Symphony Gems NV and Others

Court of Appeal

“Judges should be cautious before making a committal order against a judgment debtor who was prevented from attending an oral examination as to his means by the order of a court in a foreign jurisdiction.”

The Times, 4th April 2008

Source: www.timesonline.co.uk

Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.

Socimer International Bank Ltd (in liquidation) v Standard Bank London Ltd – WLR Daily

Socimer International Bank Ltd (in liquidation) v Standard Bank London Ltd [2008] EWCA Civ 116; WLR (D) 58

“Where a commercial agreement obliged a creditor bank to determine the value of the assets of the defaulting debtor bank at the date of termination, the creditor bank’s obligation was to carry out an honest, but otherwise subjective valuation.”

WLR Daily, 25th February 2008

Source: www.lawreports.co.uk

Please note once a case has been fully reported the corresponding WLR Daily summary is removed.

Halabi (A Bankrupt) v Camden London Borough Council and another – WLR Daily

Halabi (A Bankrupt) v Camden London Borough Council and another; [2008] WLR (D) 46

“The court had no jurisdiction to annul a bankruptcy order on the basis of an undertaking from the bankrupt’s solicitor to pay the debts, costs and expenses of the bankruptcy.”

WLR Daily, 15th February 2008

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.

Administration and Enforcement Restriction Orders – Ministry of Justice

“This paper sets out for consultation the areas where secondary legislation will be used to establish the parameters required for the effective operation of both the revised Administration Order scheme and the Enforcement Restriction Order scheme.

Administration and Enforcement Restriction Orders consultation paper (PDF)

Annex A: new parts 6 and 6A of the County Courts Act 1984 (PDF)

Annex B: equality impact assessment (PDF)

Questionnaire (Word)

Ministry of Justice, 16th January 2008

Source: www.justice.gov.uk

Collier v P & M J Wright (Holdings) Ltd – WLR Daily

 Collier v P & M J Wright (Holdings) Ltd

Where a debtor offered to pay part only of the amount he owed and the evidence showed the creditor voluntarily accepted that offer, and relying on that acceptance the debtor paid that part of the amount he owed in full, the creditor would be bound to accept that sum in full and final satisfaction of the whole debt by virtue of the doctrine of promissory estoppel.”

WLR Daily, 17th December 2007

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. 

Hill and Another v Haines – Times Law Reports

Hill and Another v Haines

“An order made in matrimonial ancillary relief proceedings to convey property was not a transaction made without consideration, whether following a contested hearing or a compromise agreement.”

The Times, 12th December 2007

Source: www.timesonline.co.uk

Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.

Hill and another v Haines – WLR Daily

Hill and another v Haines [2007] EWCA Civ 1284

“A property adjustment order made in ancillary relief proceedings, whether following a contested hearing or a compromise agreement, was made for consideration and was not therefore a transaction at an undervalue under section 339 of the Insolvency Act 1986. Parliament could not have intended that an order transferring the former matrimonial home from one spouse to the other should be capable of automatic nullification at the suit of the trustee in bankruptcy of a spouse against whom a bankruptcy order had subsequently made on his or her own petition.”

WLR Daily, 6th December 2007

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.

Divorcee entitled to clean break from bankrupt husband, court rules – The Times

“Court of Appeal rules that Wendy Haines does not have to give up her share of the matrimonial home proceeds to pay off ex-husband’s creditors.”

Full story

The Times, 5th December 2007

Source: www.timesonline.co.uk

Divorcee who made a clean break could lose settlement after ex-husband goes bankrupt – The Times

“A woman who faces being stripped of her divorce settlement to pay for her former husband’s debts was at the centre of a test case yesterday with far-reaching implications for ‘clean break’ divorces.”

Full story

The Times, 14th November 2007

Source: www.timesonline.co.uk

Day v Haine and another – WLR Daily

Day v Haine and another

Protective awards made pursuant to s 189 of the Trade Union and Labour Relations (Consolidation) Act 1992 were not debts provable in the liquidation of a company in circumstances where they were made after the date of liquidation.”

WLR Daily, 22nd October 2007

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.

The debt claim process: helping people in debt to engage with the problem – Ministry of Justice

“This consultation paper seeks views on options for encouraging debtor engagement and consequential possible streamlining of procedures for dealing with non-defended debt claims. It will help to inform any proposed changes on handling debt problems in England and Wales.”

Full story

Ministry of Justice, 5th September 2007

Source: www.justice.gov.uk 

Tribunals, Courts and Enforcement Act 2007

Tribunals, Courts and Enforcement Act 2007 published

Full text of Act

Source: www.opsi.gov.uk

Sempra Metals Ltd. (formerly Metallgesellschaft Ltd.) v. Inland Revenue Commissioners and Another – The Times

Compound interest is payable in restitution

Sempra Metals Ltd (formerly Metallgesellschaft Ltd) v Inland Revenue Commissioners and Another

“The court had power to make an award of compound interest in a claim for restitution where such an award was necessary to achieve full justice for the claimant.”

The Times, 25th July 2007

Source: www.timesonline.co.uk

Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.

Bankrupt’s debts threaten ex-wife’s home – The Times

“A divorced woman faces being forced from her home of more than 20 years after a Court of Appeal ruling confirming that deals struck by former wives when they split with their husbands are not safe from creditors.”

Full story

The Times, 20th July 2007

Source: www.timesonline.co.uk

Analysis: Sempra has rewritten law on debt repayment – The Times

“The House of Lords’ ruling in the Sempra Metals case, while ostensibly about a complicated tax issue, could challenge the foundations of English law on the repayment of debt.”

Full story

The Times, 19th July 2007

Source: www.timesonline.co.uk

A million debtors face court action – Daily Telegraph

“Up to a million households struggling with rising living costs and lured by offers of easy credit will face court action over their debts this year.”

Full story

Daily Telegraph, 31st May 2007

Source: www.telegraph.co.uk


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