Cash flow test for insolvency (s123 Insolvency Act 1986) - Cheyne defines "as they fall due"
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E-mail re-direction in bankruptcy
Fri, 11 Jul 2008 12:49:29 +0000In some jurisdictions not only may a bankrupt's mail be redirected to his trustee or insolvency administrator but so may his e-mails (eg Article 99 German Insolvency Code).I'm not aware of this happening in England & Wales because s371 Insolvency...chrislaughton@mercerhole.co.uk (Chris Laughton)Business and the credit crunch - time for critical self-appraisal?
Mon, 07 Jul 2008 10:05:31 +0000The credit crunch has made it more important than ever for business owners to address viability and solvency issues early. Delays in taking remedial steps now will only result in more pain and fewer options, and will give you less...petergodfrey-evans@mercerhole.co.uk (Peter Godfrey-Evans)Find a Business Angel
Mon, 30 Jun 2008 10:26:45 +0000We all know how to find a good service provider - personal recommendation. But what if you want help now and don't know who to ask? One piece of good advice is to be wary of paying someone up front...chrislaughton@mercerhole.co.uk (Chris Laughton)Bankruptcy annulment
Mon, 16 Jun 2008 12:30:08 +0000The High Court insists on payment of the bankruptcy debts and expenses being made in full before granting an annulment order, whereas in the county courts orders are often granted based upon undertakings to pay. In the case of Halabi...carolinestark@mercerhole.co.uk (Caroline Stark)Protective awards provable in liquidations: Day v Haine appeal
Thu, 12 Jun 2008 18:00:36 +0000Under our previous post Permacell Finance: judgements affecting charge holders, commentators debated the then recent High Court case of Day v Haine, in which Sir Donald Rattee held that a protective award (for the employer's failure to consult on redundancies...chrislaughton@mercerhole.co.uk (Chris Laughton)Transactions at an undervalue and defrauding creditors
Mon, 09 Jun 2008 17:15:13 +0000The time limits within which transactions at an undervalue can be upset under sections 238 and 339 of the Insolvency Act 1986 are reasonably well understood: 2 years for companies and 5 years for individuals.Section 423, which deals with transactions...carolinestark@mercerhole.co.uk (Caroline Stark)Legal and beneficial ownership and constructive trusts
Mon, 02 Jun 2008 17:21:09 +0000The Court of Appeal case Oates v Stimson [2006] EWCA Civ 548 highlights the need for advisers when ascertaining parties' interests to consider not only the legal and beneficial ownership of a property but also the potential for a constructive...mauricebalfe@mercerhole.co.uk (Maurice Balfe)Group and Company Reorganisations - s110 arrangements
Wed, 21 May 2008 21:39:07 +0000At some time during the development of a company the directors and shareholders are likely to see advantages in diversifying the ownership of business activities. There are many reasons why a reorganisation of a company's activities is desirable. More often...stevesmith@mercerhole.co.uk (Steve Smith)HIH Insurance (McGrath v Riddell) - Lords divided on universalism
Sat, 12 Apr 2008 16:44:43 +0000A unanimous appeal verdict but a divergence of reasoning characterise the Law Lords' speeches in McGrath and another v Riddell and others [2008] UKHL 21.The significant point of the judgement is not the result of English assets being remitted to...chrislaughton@mercerhole.co.uk (Chris Laughton)Bank insolvency
Wed, 09 Apr 2008 21:46:17 +0000As the major (English) trading creditor of the London branch of a troubled bank registered and with its principal operations and headquarters in Switzerland but with other branches in a variety of largely offshore jurisdictions, what insolvency process would you...chrislaughton@mercerhole.co.uk (Chris Laughton)Business failures leap as credit crunch hits companies
Tue, 08 Apr 2008 22:43:30 +0000Experian reports a rise in UK corporate insolvency: up 8.5% in Q1 2008 compared to Q1 2007, in line with our last forecast here. Business sectors identified as suffering include agriculture, banking, food retail and clothing (although some of the...chrislaughton@mercerhole.co.uk (Chris Laughton)An Insolvency Practitioner's perspective on the economy
Mon, 10 Mar 2008 16:12:46 +0000Some say we are on the brink of a major slow down. Clearly the economy is not as strong as it has been, but surely the real questions are: just how sharp is the ‘adjustment’ likely to be; how long...petergodfrey-evans@mercerhole.co.uk (Peter Godfrey-Evans)Reposession statute barred!
Fri, 29 Feb 2008 09:22:54 +0000An interesting case passed through the Court of Appeal a few weeks ago, which counsel for the bank concerned said could impact on a good number of cases where banks have acquiesced in allowing borrowers to remain in their homes....pbrindley@mercerhole.co.uk (Paul Brindley)EHYA insolvency law reform proposals - Part 1
Tue, 26 Feb 2008 21:58:48 +0000The European High Yield Association has announced refinements to its proposals to the Treasury on insolvency law reform. Its original submission in April 2007 identified perceived shortcomings of the Enterprise Act reforms: ". . . the administration procedure has not...chrislaughton@mercerhole.co.uk (Chris Laughton)Directors' responsibilities in troubled companies
Tue, 26 Feb 2008 11:39:39 +0000Directors' dutiesDirectors' duties can be onerous at the best of times. The general duties have been codified in the Companies Act 2006 and are summarised simply in the following Ministerial statement: Act in the company’s best interests taking everything you...mauricebalfe@mercerhole.co.uk (Maurice Balfe)English business insolvency trend
Mon, 18 Feb 2008 18:12:17 +0000We reported just over a year ago (here) on Euler Hermes' 2006-2007 Insolvency Outlook, which suggested a 3% increase in business insolvencies in 2007. Their latest report, issued in November 2007, forecasts under the headline "United Kingdom - A rise...chrislaughton@mercerhole.co.uk (Chris Laughton)Retail problems and construction insolvency
Mon, 18 Feb 2008 11:23:47 +0000Shopfitter JDS Group Limited was not saved by a critical mass of 350 staff and £30m turnover as it went into administration on 12 February, suggesting that retail problems (see our previous post - Retail insolvencies as the credit crunch...chrislaughton@mercerhole.co.uk (Chris Laughton)Northern Rock nationalised
Sun, 17 Feb 2008 22:20:12 +0000The Chancellor has announced (notably without using the n-word) that Northern Rock is to be nationalised. What does this mean? The shares pass into public ownership The government has at last called the bluff of the hedge fund shareholders Ron...chrislaughton@mercerhole.co.uk (Chris Laughton)Retail insolvencies as the credit crunch hits the high street
Sun, 17 Feb 2008 09:46:31 +0000We reported in our earlier blog 'Retail Insolvency News', that the New Year is a time when retail insolvencies tend to come to the fore. Some British retailers, hit by poor Christmas trading, may struggle to pay their December rent...chrislaughton@mercerhole.co.uk (Chris Laughton)Cash flow test for insolvency (s123 Insolvency Act 1986) - Cheyne defines "as they fall due"
Thu, 14 Feb 2008 16:58:34 +0000The cash flow or commercial insolvency test contains a flexible and fact sensitive futurity requirement in the phrase “as they fall due”, according to Briggs J in Cheyne Finance Plc (in receivership) [2007] EWHC 2402 (Ch).Cheyne was a structured investment...chrislaughton@mercerhole.co.uk (Chris Laughton)
In some jurisdictions not only may a bankrupt's mail be redirected to his trustee or insolvency administrator but so may his e-mails (eg Article 99 German Insolvency Code).I'm not aware of this happening in England & Wales because s371 Insolvency...
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