Search Results for: Insolvency Act 1986 212

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HM Revenue and Customs v Holland and Another: ChD 24 Jun 2008

The Revenue sought to recover from the defendant substantial sums in respect of allegedly unlawful dividends paid from an insolvent company. They said that the defendant and his wife were de facto directors. Held: Claims agains the second defendant were dismissed. Claims for early periods were rejected under section 727 of the 1985 Act, but … Continue reading HM Revenue and Customs v Holland and Another: ChD 24 Jun 2008

Re Mobigo Ltd: ChD 1 Jun 2022

Judges: ICC Judge Mullen Citations: [2022] EWHC 1349 (Ch) Links: Bailii Statutes: Insolvency Act 1986 212 Jurisdiction: England and Wales Insolvency Updated: 13 June 2022; Ref: scu.678299

A and J Fabrications (Batley) Ltd v Grant Thornton and Others: ChD 1998

The plaintiffs, the majority creditors of a company in liquidation, alleged that they had agreed with Grant Thornton, the defendants, to support the appointment of one of the firm’s partners or employees as liquidator of the company, with a view to investigating the conduct of the directors, and to pay Grant Thornton’s fees up to … Continue reading A and J Fabrications (Batley) Ltd v Grant Thornton and Others: ChD 1998

Re Core Cvt Plc and Others: ChD 22 Mar 2022

Claims under section 212(3) for alleged misfeasance or breach of duties against the Companies’ former liquidators in their respective members voluntary liquidations Judges: Insolvency and Companies Court Judge Burton Citations: [2022] EWHC 632 (Ch) Links: Bailii Statutes: Insolvency Act 1986 212(4) Jurisdiction: England and Wales Insolvency Updated: 12 April 2022; Ref: scu.674645

Re JD Group Ltd: ChD 3 Feb 2022

Judges: Deputy Insolvency and Companies Court Judge Agnello QC Citations: [2022] EWHC 202 (Ch) Links: Bailii Statutes: Insolvency Act 1986 212 213 Jurisdiction: England and Wales Insolvency Updated: 29 March 2022; Ref: scu.671908

Goldfarb (Liquidator of Eurocruit Europe Ltd) v Poppleton: ChD 21 Jun 2007

The court was asked whether proceedings under section 212 brought by the liquidator against a former director of the company were barred by limitation, having been brought just within 6 years after the resolution for creditors’ voluntary liquidation, but more than 6 years after the last date on which any breach of duty relied on … Continue reading Goldfarb (Liquidator of Eurocruit Europe Ltd) v Poppleton: ChD 21 Jun 2007

Hedger v Adams: ChD 2 Sep 2015

Application by the Liquidator of Pro4Sport Ltd under s 212 of the 1986 Act against Mr Adams the former Director and majority shareholder of Pro4Sport. Behrens HHJ [2015] EWHC 2540 (Ch) Bailii Insolvency Act 1986 212 England and Wales Insolvency Updated: 04 January 2022; Ref: scu.553053

Holland v Revenue and Customs and Another: CA 2 Jul 2009

The appellant supported IT workers. Through his own company, he set up companies in which his company was a director, and which companies in turn employed the IT workers securing substantial savings in higher rate Corporation Tax. Held: The defendant’s appeal succeeded. Though the appellant was not himself a director in the companies, his company … Continue reading Holland v Revenue and Customs and Another: CA 2 Jul 2009

Holland v Revenue and Customs and Another: SC 24 Nov 2010

The Revenue sought an order under section 212 of the 1986 Act, for payment of the tax debts of the insolvent company by a de facto director. H had organised a scheme under which IT contractors had worked through companies created by him under a composite company scheme, and in each of which he retained … Continue reading Holland v Revenue and Customs and Another: SC 24 Nov 2010

Baker (Liquidator of TMG Brokers Limited) v Staines and Another: ChD 23 Apr 2021

Application by the Company and its liquidator seeking declarations in relation to certain payments, pursuant to section 212 of the Insolvency Act 1986 and consequential orders against the First Respondent and the Second Respondent, both of whom were directors and shareholders of the Company. Judges: Insolvency and Companies Court Judge Burton Citations: [2021] EWHC 1006 … Continue reading Baker (Liquidator of TMG Brokers Limited) v Staines and Another: ChD 23 Apr 2021

Oxonica Energy Ltd v Neuftec Ltd: PatC 5 Sep 2008

The parties disputed the meaning of an patent and know how licence. The parties disputed whether the agreement referred to IP rights before formal patents had been granted despite the terms of the agreement. Held: ‘The secret of drafting legal documents was best described by Nicolas Boileau, who was not only a literary critic but … Continue reading Oxonica Energy Ltd v Neuftec Ltd: PatC 5 Sep 2008

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL Plc and Others: ChD 30 Jul 2010

The parties disputed whether the respondent was in law insolvent at the time it entered into financial transactions with it. Held: The Court rejected the Noteholders’ submission that Eurosail was plainly insolvent for the purposes of section 123(2) as applied, relying on four points. First, Eurosail’s claims in the insolvencies of other companies, though not … Continue reading BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL Plc and Others: ChD 30 Jul 2010

In Re Sutton (Removal of Liquidator): ChD 17 Oct 1997

The insolvency practitioner held many appointments. His partnership in a large firm of accountants ended suddenly. He did not have the resources to handle the cases, and nor could acceptable arrangements be made for him to have access to the related files within the firm. An application was made by another partner in the firm … Continue reading In Re Sutton (Removal of Liquidator): ChD 17 Oct 1997

Akers and Others v Samba Financial Group: ChD 28 Feb 2014

Samba sought a stay of insolvency proceedings. Shares in a Saudi company were held in trust by a company registered in Cayman. Upon that company going into liquidation, the shares were transferred to the defendant, who now argued that since Saudi law would not recognise such a trust, and the trust being invalid, the action … Continue reading Akers and Others v Samba Financial Group: ChD 28 Feb 2014

Hill (As Trustee In Bankruptcy of Nurkowski) v Spread Trustee Company Ltd and Another: ChD 2005

Citations: [2005] BPIR 842 Statutes: Insolvency Act 1986 423 Jurisdiction: England and Wales Cited by: Appeal from – Hill (As Trustee In Bankruptcy of Nurkowski) v Spread Trustee Company Ltd and Another CA 12-May-2006 The defendants sought relief for transactions entered into at an undervalue. The bankrupt had entered into charges and an assignment of … Continue reading Hill (As Trustee In Bankruptcy of Nurkowski) v Spread Trustee Company Ltd and Another: ChD 2005

Salomon v A Salomon and Company Ltd: HL 16 Nov 1896

A Company and its Directors are not same paersons Mr Salomon had incorporated his long standing personal business of shoe manufacture into a limited company. He held nearly all the shares, and had received debentures on the transfer into the company of his former business. The business failed, and a subsequent debenture holder now said … Continue reading Salomon v A Salomon and Company Ltd: HL 16 Nov 1896

In Re Powershore (Trading) Ltd; In Re Homepower Stores Ltd: ChD 19 May 1997

The Court has no authority to make an order to control how any future liquidator of a company should distribute the assets on insolvency. It is wrong to seek to fetter his acts and discretions in this way. Citations: Times 19-May-1997 Statutes: Insolvency Act 1986 18(3), 14(3) Jurisdiction: England and Wales Insolvency Updated: 08 April … Continue reading In Re Powershore (Trading) Ltd; In Re Homepower Stores Ltd: ChD 19 May 1997

In Re Powerstore (Trading) Ltd; In Re Homepower Stores Ltd: ChD 18 Jun 1997

A court has no jurisdiction to make an order which seeks to bind future decisions of future liquidator in favour of group of creditors. Judges: Mr Justice Lightman Citations: Gazette 18-Jun-1997, [1997] 1 WLR 1280 Statutes: Insolvency Act 1986 18(3) 14(3) Jurisdiction: England and Wales Cited by: Cited – In re Luna Metal Products Ltd … Continue reading In Re Powerstore (Trading) Ltd; In Re Homepower Stores Ltd: ChD 18 Jun 1997

Re Shoe Lace Ltd, Power v Sharp Investments Ltd: CA 1993

A debenture was executed on 24th July 1990. Money earlier advanced by the chargee in anticipation of and in consideration for the debenture, including an advance made on 16th July 1990, had not been made ‘at the same time as’ the creation of the charge for the purposes of section 245(2) of the 1986 Act. … Continue reading Re Shoe Lace Ltd, Power v Sharp Investments Ltd: CA 1993

Lakatamia Shipping Co Ltd v Nobu Su and Others: ComC 13 Feb 2014

[2014] EWHC 275 (Comm), [2014] 2 Costs LR 307 Bailii England and Wales Cited by: See Also – Lakatamia Shipping Co Ltd v Su ComC 20-Mar-2014 . .See Also – Lakatamia Shipping Company Ltd v Su and Others CA 14-May-2014 The claimant had obtained a freezing order in standard form against the defendant company. The … Continue reading Lakatamia Shipping Co Ltd v Nobu Su and Others: ComC 13 Feb 2014

Secretary of State for Trade and Industry v Hall and Nuttall: ChD 28 Jul 2006

The Secretary sought disqualification of the defendants. The second defendant had not been a director of the company, but director of another company which in turn held a directorship in the defaulting company. Held: The claim failed: ‘i) As I have already pointed out the purposes of section 6 of the CDDA and section 214 … Continue reading Secretary of State for Trade and Industry v Hall and Nuttall: ChD 28 Jul 2006

Re Kaytech International plc; Secretary of State for Trade and Industry v Kaczer and others: CA 1999

Robert Walker LJ said that the expression ‘de facto director’ had been in use for a long time, and commented on the failure to distinguish in pleadings between pleas that someone was a shadow or a de facto director. The two different labels were not necessarily mutually exclusive. He said: ‘However the two concepts do … Continue reading Re Kaytech International plc; Secretary of State for Trade and Industry v Kaczer and others: CA 1999

In re Hydrodam (Corby) Limited: ChD 1994

ET plc wholly owned MCP Ltd which wholly owned Landsaver MCP Limited, which wholly owned Hydrodam (Corby) Limited (‘HCL’). The only de jure directors of HCL were two Channel Island companies. HCL went into compulsory liquidation and its liquidator brought claims under section 214 of the 1986 Act for wrongful trading against 14 defendants, including … Continue reading In re Hydrodam (Corby) Limited: ChD 1994

Truex v Toll: ChD 6 Mar 2009

The bankrupt appealed against an order in bankruptcy made against her on application by her former solicitors in respect of their unpaid costs. The bankrupt said that since the bill was yet untaxed, it might be altered and could not base a statutory demand. Held: The bankrupt’s appeal was allowed. A claim for solicitors’ fees … Continue reading Truex v Toll: ChD 6 Mar 2009

Re County Marine Insurance Co (Rance’s Case): 1870

The directors of an insurance company had declared a bonus by means of a an account of receipts which failed to deal properly with the risks underwritten. They then sought to have the company wound up voluntarily. Held: The Directors could be ordered to repay the bonuses declared and paid. Where a bonus was decided … Continue reading Re County Marine Insurance Co (Rance’s Case): 1870