Mondaq UK: Insolvency/Bankruptcy, Re-structuring
In France, it is an irony that EU legislative provisions intended to encourage prompt payment of invoices by debtors should result in criminal prosecutions against creditors.
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.
So Eurosail-UK 2007-3BL plc (Eurosail) is not ‘balance sheet’ insolvent, no event of default has occurred under the RMBS notes it has issued and a post-enforcement call option (PECO) does not make limited recourse any of the notes it relates to.
The English Supreme Court’s eagerly awaited decision on the Eurosail litigation, concerning how the "balance sheet" test for insolvency should be applied, was released today.
Where a solvent company goes into liquidation voluntarily its creditors can expect to recover everything due to them. But what happens if a creditor’s claim is contingent?
Insolvency practitioners have a duty to take reasonable care to realise the best price on the sale of property within the insolvent estate, but, however, there is a discretion as to how this duty is discharged.
A discussion on why landlords need to be vigilant when their tenants are going into administration.
Under common law and statute, the primary duty of an LPA receiver is to receive income from the property and use the same to discharge the debt owed by the borrower, however, under the express terms of almost every charge this duty is modified and supplemented by a very wide range of powers far beyond the right to simply "receive income".
An interesting development over the last four years has been the growth of bankruptcy tourism.
Improving non-financial operations can help you get ahead in creating space for change.
Not just for banks, IBRs can be a valuable way of assessing risks to your business in time.
A clear strategy and good advice are needed to turn around a business under pressure, says Liam Dowdall of our Dublin team.
A clear strategy and good advice are needed to turn around a business under pressure, says Liam Dowdall of our Dublin team.
The Credit Institutions Regulations 2004 were to be construed to ensure forum shopping was not encouraged.
It is essential element of any challenge of a payment made under section 238 of the Insolvency Act 1986 that the company actually enters into the transaction being called into question.
When asked for directions to resolve issues arising in relation to schemes of arrangement, courts can take a purposive approach taking into account the apparent aims of the scheme of a whole.
The relationship of agent and principal does not always give rise to fiduciary obligations on the part of the agent to hold monies due to the principal on trust.
A contingent creditor may not be entitled to stop a liquidator making a distribution particularly where the contingency is not imminent.
A discussion on some aspects of the restructuring and recovery market and the potential impact of the new insolvency regime for the UAE.
A commentary on the UK Supreme Court judgment in the joined cases of Rubin and another v Eurofinance SA and others and New Cap Reinsurance Corporation (in liquidation) and another v A E Grant and others [2012] UKSC 46, which has been anxiously awaited by the UK's restructuring and insolvency community.
So Eurosail-UK 2007-3BL plc (Eurosail) is not ‘balance sheet’ insolvent, no event of default has occurred under the RMBS notes it has issued and a post-enforcement call option (PECO) does not make limited recourse any of the notes it relates to.
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.
Where a solvent company goes into liquidation voluntarily its creditors can expect to recover everything due to them. But what happens if a creditor’s claim is contingent?
The English Supreme Court’s eagerly awaited decision on the Eurosail litigation, concerning how the "balance sheet" test for insolvency should be applied, was released today.
A contingent creditor may not be entitled to stop a liquidator making a distribution particularly where the contingency is not imminent.
An interesting development over the last four years has been the growth of bankruptcy tourism.
Not just for banks, IBRs can be a valuable way of assessing risks to your business in time.
A commentary on the UK Supreme Court judgment in the joined cases of Rubin and another v Eurofinance SA and others and New Cap Reinsurance Corporation (in liquidation) and another v A E Grant and others [2012] UKSC 46, which has been anxiously awaited by the UK's restructuring and insolvency community.
Improving non-financial operations can help you get ahead in creating space for change.
A discussion on some aspects of the restructuring and recovery market and the potential impact of the new insolvency regime for the UAE.
It is essential element of any challenge of a payment made under section 238 of the Insolvency Act 1986 that the company actually enters into the transaction being called into question.
A discussion on why landlords need to be vigilant when their tenants are going into administration.
The amended process implemented by the Enterprise Act 2002 introducing schedule B1 to the Insolvency Act 1986 sets out in paragraphs 76 to 86 the process for ending the administration.
The High Court has provided further guidance on when a guarantor may use its right of subrogation to recover monies paid under a guarantee, which will be useful to bankers providing and seeking guarantees and to insolvency practitioners interested in their implications.
When is a company in insolvent? When is a company's assets less than its liabilities (taking account of contingent and prospective liabilities)?
TiBs frequently assign the right to recover debts due to the bankrupt's estate. The advantage to the TiB is that he receives a lump sum or a share of the proceeds of a successful claim for the benefit of the bankrupt's creditors without having to fund and pursue litigation himself.
Under common law and statute, the primary duty of an LPA receiver is to receive income from the property and use the same to discharge the debt owed by the borrower, however, under the express terms of almost every charge this duty is modified and supplemented by a very wide range of powers far beyond the right to simply "receive income".
The meaning of "possession" is not legally defined and its meaning varies depending on the circumstances in which the issue of possession is raised.
When a company goes into administration, it benefits from a "moratorium" that prevents creditors taking legal and other proceedings against the company or its assets.
The recent judgment of the Supreme Court established that judgments avoiding pre-bankruptcy transactions made by non-EU foreign courts have no special enforceability status in England and Wales compared to ordinary judgments.
Most Popular Recent Articles
Where a solvent company goes into liquidation voluntarily its creditors can expect to recover everything due to them. But what happens if a creditor’s claim is contingent?
The English Supreme Court’s eagerly awaited decision on the Eurosail litigation, concerning how the "balance sheet" test for insolvency should be applied, was released today.
Some important changes to costs in legal proceedings take effect from 1 April 2013. One such change affects the operation of Conditional Fee Agreements (CFAs).
IRHPs threaten to be the latest in a string of scandals against the major banks.
An interesting development over the last four years has been the growth of bankruptcy tourism.
The Boot Camp section of the Update will give a brief overview of a different subject in each issue. The subjects will be relevant to restructurings or corporate insolvencies.
A commentary on the UK Supreme Court judgment in the joined cases of Rubin and another v Eurofinance SA and others and New Cap Reinsurance Corporation (in liquidation) and another v A E Grant and others [2012] UKSC 46, which has been anxiously awaited by the UK's restructuring and insolvency community.
A discussion on why landlords need to be vigilant when their tenants are going into administration.
Under common law and statute, the primary duty of an LPA receiver is to receive income from the property and use the same to discharge the debt owed by the borrower, however, under the express terms of almost every charge this duty is modified and supplemented by a very wide range of powers far beyond the right to simply "receive income".
The Credit Institutions Regulations 2004 were to be construed to ensure forum shopping was not encouraged.
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