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Can a Trustee in Bankruptcy be liable to the bankrupt for loss caused by breach of duty?

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Earlier this year the Court of Appeal gave judgment in the case of Oraki and another v Bramston and another. The case involved the Court considering the liability of the Trustee in Bankruptcy for an alleged breach of duty to the bankrupts in the conduct of their respective bankruptcies, in particular it was alleged that… Read the rest of this post (No Comments)

NEW RULES IN INSOLVENCY PROCEEDINGS

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Last month saw the new Insolvency Rules come into effect as of 6 April 2017. One of the key changes made relates to the holding of creditor meetings. These changes will impact on commercial contracts governed by English law. Many commercial contracts and leases contain an insolvency provision which defines “Insolvency” to include the holding… Read the rest of this post (No Comments)

Rogue Directors Beware

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In October 2016 the sentencing council launched a consultation entitled “Breach Offences Guideline Consultation”. The consultation was published on 25 October 2016 and will end 25 January 2017. The Sentencing Council is an independent body responsible for developing sentencing guidelines for the Courts to use when passing a sentence. Currently there are no guidelines available… Read the rest of this post (No Comments)

Partnerships and Phoenixing

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In business and in the media reference is often made to company’s phoenixing. Essentially a company ceases trading one day and then starts up the next, using the same staff, premises, directors or name (sometimes there is a little bit of invention with a subtle change in the name). In previous blogs the issue of… Read the rest of this post (No Comments)

Is my Company Insolvent?

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One of the most difficult and important questions for a Director of a company to answer honestly is whether their company is insolvent. For a Director of a family run company there is the additional burden of pride, the company may have been handed down through the generations and nobody wants to be in charge… Read the rest of this post (No Comments)

Insolvency goes back to School – An Update

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This article is an update to the article dated 19 September 2016 entitled Insolvency Goes Back to School. At that stage the government had launched a consultation regarding the development of an insolvency regime for further education. The government set out its proposals in a consultation published 6 July 2016 which ran until 5 August. … Read the rest of this post (No Comments)

Special Administration Regime for Insolvent Housing Associations

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In the normal course of events when a company becomes insolvent it will be placed into an insolvency regime where the office holder will look to realise its assets and make a distribution to creditors, usually the highest bidder wins. In relation to a Housing Association they will normally own property which if sold to… Read the rest of this post (No Comments)

How exceptional do exceptional circumstances have to be?

Building and sign bank (done in 3d)

More often than not in a bankruptcy it will be that the family home is the main or only asset to be realised for the benefit of creditors, it is also the most emotive of issues. The home is where children are growing up or have grown up, a safe haven for them when other… Read the rest of this post (No Comments)

Insolvency is about to get more expensive!

Insolvency

A new fee structure applying to bankruptcy and company insolvency has been announced (1 July 2016) and is due to come into effect 21 July 2016. In addition to amendments to existing fees there is the introduction of the Official Receiver’s General Fee. This new fee will replace the current Secretary of State Fee, which… Read the rest of this post (No Comments)

The pitfalls of petitioning

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Whenever a creditor seeks to issue a petition against a debtor it is not unusual for the issue of how to deal with an offer to settle the debt before the petition is heard arises. Likewise how does the petitioner deal with accepting payment from the debtor both in bankruptcy proceedings and winding up? The… Read the rest of this post (No Comments)