Archive for the 'insolvency' Category



Clark and another v Finnerty and another; In re St George’s Property Services (London) Ltd – WLR Daily

Clark and another v Finnerty and another; In re St George’s Property Services (London) Ltd [2010] EWHC 2538 (Ch); [2010] WLR (D) 255

“Considerations that the institution of proceedings for relief under s 244 of the Insolvency Act 1986 in respect of a transaction to which the company was a party was extortionate when the issue was only triable and the consequences of thereby rescuing the company less than reasonably practicable were relevant to the existence or otherwise of good reason to remove the administrators under para 88 of Sch B1 to the Act but were not themselves sufficient to preclude good or sufficient reason.”

WLR Daily, 14th October 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.

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.

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.

Brazzill and others v Willoughby and others – WLR Daily

Brazzill and others v Willoughby and others [2010] EWCA Civ 561; [2010] WLR (D) 140

“A segregated trust account was held on trust for all account holders of a bank in respect of whose deposits should have been made into the account in accordance with a notice served by the Financial Services Authority (‘FSA’) and was not limited to those account holders in respect of whose accounts payments were in fact made into the account. ‘Deposits’ had its regulatory meaning which meant it was limited to regulated depositors only.”

WLR Daily, 28th May 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.

In re Frankice (Golders Green) Ltd and others – WLR daily

In re Frankice (Golders Green) Ltd and others; [2010] WLR (D) 118

“The words ‘legal process’ in para 43(6) of Sch B1 to the Insolvency Act 1986 meant something with a defined beginning and an ascertainable outcome, involving the compulsive power of the law, which, in the interim, was governed by a recognisable procedure which was legal or quasi-legal in nature.”

WLR Daily, 10th May 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 Stanford International Bank Ltd (in liquidation) – WLR Daily

In re Stanford International Bank Ltd (in liquidation) [2010] EWCA Civ 137; [2010] WLR (D) 55

“The centre of main interest of a company, for the purposes of recognition of a foreign main proceeding in cross-border insolvency proceedings, was to be identified by reference to factors which were both objective and ascertainable by third parties, not by applying the head office functions test.”

WLR Daily, 1st 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.


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