The power of a liquidator in voluntary liquidation proceedings, to apply to the court to be allowed to exercise powers normally reserved to a liquidator appointed by the court, extended beyond matters such as litigation to protect assets and ensure pari passu distribution among creditors. The power could also be used to allow an application … Continue reading In Re Dicksmith (Manufacturing) Ltd (In Liquidation): ChD 7 Jul 1999
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The liquidators had lost their legal action, and had been ordered to pay the present claimants their costs. They sought payment out of an insolvency services account in competition with the solicitors for the liquidators. Held: An award of costs was not a payment of ‘expenses incurred in the winding up’ and therefore the court … Continue reading Digital Equipment Co Ltd and Others v Bower and Others: ChD 4 Dec 2003
Appeal against an order of Mr Justice Evans-Lombe on an application made pursuant to section 112(1) of the Insolvency Act 1986 by the joint liquidators of Toshoku Finance UK Plc (‘the Company’) for directions in relation to the discharge of an alleged liability to corporation tax on interest receivable after the commencement of the winding … Continue reading Commissioners of Inland Revenue v Kahn and Another: CA 23 Mar 2000
The High Court or the Court of Appeal should not follow a decision of the Privy Council in place of a decision of the House of Lords, unless the circumstances are quite exceptional and the court is satisfied that in practice the result would be a foregone conclusion Judges: Lord Phillips of Worth Matravers MR, … Continue reading National Westminster Bank Plc v Spectrum Plus Ltd and Others; In re Spectrum Plus Ltd (in liquidation): CA 12 Jul 2004
Judges: Insolvency and Companies Court Judge Burton Citations:  EWHC 944 (Ch) Links: Bailii Statutes: Insolvency Act 1986 112 Jurisdiction: England and Wales Insolvency Updated: 13 May 2022; Ref: scu.676348
Collectors of share certificates are not members – have no right to share in compensation. Citations: Times 07-Jul-1993 Statutes: Insolvency Act 1986 112 Insolvency Updated: 08 April 2022; Ref: scu.81728
Citations:  EWHC 2610 (Ch) Links: Bailii Statutes: Insolvency Act 1986 112 Jurisdiction: England and Wales Insolvency Updated: 05 April 2022; Ref: scu.605327
Citations:  EWHC 2943 (Ch) Links: Bailii Statutes: Insolvency Act 1986 112 Jurisdiction: England and Wales Insolvency Updated: 09 February 2022; Ref: scu.261960
The liquidator sought directions from the court after former employees of the company submitted proofs of debt in respect of protective awards made for the company’s failure to consult on their redundancy before going into liquidation. Held: The Act provided one remedy only for enforcement, and the debts were not provable. At the date of … Continue reading Day v Haine and Another: ChD 19 Oct 2007
The commonwealth Institute, a registered charity, had gone into solvent members’ voluntary winding up, and the court now considered the propriety of passing the funds to a successor charity. David Richards  EWHC 2218 (Ch) Bailii Insolvency Act 1986 112 England and Wales Company, Charity Updated: 09 January 2022; Ref: scu.533808
The company lent money to farmers secured against their milk quotas. They had to petition for a winding up, and the liquidators requested authority to continue the milk loan repayment schemes. The milk quotas had been vested in the farmers, and the liquidators sought directions form the court as to protection of the milk quotas, … Continue reading Swift and Another v Dairywise Farms Limited and others: CA 1 Feb 2001
IVA is a special form of contract Liquidators asked the court whether sums sought by the insolvent company’s landlords were payable and or provable. Under an IVA, the copany had been paying reduced rents, but the arrangement document provided that the full rents would be restored on its cessation. The liquidators challenged the clause as … Continue reading Wright and Another (Liquidators of SHB Realisations Ltd) v The Prudential Assurance Company Ltd: ChD 6 Mar 2018
Where a bankrupt wished to pursue an action held for him personally rather than his creditors. Held: The trustee in bankruptcy held the right of action in trust for the bankrupt, but declined to sue. The bankrupt had the right to join the trustee as a co-defendant and to commence the action under his own … Continue reading Mulkerrins v Pricewaterhousecoopers (A Firm): ChD 29 Mar 2000
The defendant had been convicted of using words or behaviour likely to cause harassment alarm or distress, when she defaced the US flag, and stood on it before a US military officer. She said that the defacing of flags was a common form of protest, that she had no intention to cause alarm or distress, … Continue reading Percy v Director of Public Prosecutions: Admn 21 Dec 2001
A retirement annuity or personal pension was part of a bankrupt’s estate before the recent Act, and vested immediately in the trustee on the bankruptcy. As such there was no need to make application to the court under s310 for an income payment order before those assets could be made available to the creditors. Acts … Continue reading Dennison v Krasner, Lesser, Lawrence: CA 6 Apr 2000
The tenant company went into liquidation, the receiver disclaimed the lease, and the landlord claimed compensation under the Act. The question concerned how the compensation was to be calculated. Held: Where a solvent tenant under an onerous lease goes into voluntary liquidation, and the liquidator disclaims the lease, the right to payment of rent disappears, … Continue reading In Re Park Air Services Plc; Christopher Moran Holdings Ltd v Bairstow and Another: HL 4 Feb 1999
Applications after recovery of surplus funds to repay creditors of Lehmann Brothers Ltd. The court had given orders as to the several uses of the surpluses. The parties appealed some elements of those orders. Held: Most elements were upheld, but some varied.Lewison LJ pointed out at when paying the interest, the administrator acts as agent … Continue reading LB Holdings Intermediate 2 Ltd, (The Joint Administrators of) and Others v Lomas and Others: CA 14 May 2015
The Court considered a Director’s duty to act in the interests of his company’s creditors. The Directors were said to have paid out an excessive dividend to put assets beyond the reach of its creditors. Longmore, David Richards, Henderson LJJ  EWCA Civ 112,  2 All ER (Comm) 13,  BCC 631,  2 … Continue reading BTI 2014 Llc v Sequana SA and Others: CA 6 Feb 2019
It was said that land, a hotal and gold courses, had been sold at an undervalue and that the transaction was void as against the seller’s liquidator. Held: The appeal was allowed. The critical issue was whether ‘the alienation was made for adequate consideration’. One element was that the same debt said to have been … Continue reading Henderson v Foxworth Investments Limited and Another: SC 2 Jul 2014
The prosecutor had lead and relied at trial on evidence obtained by compulsory questioning under the 1986 Act. Held: In doing so the prosecutor was acting to give effect to section 433. The decision in Lambert to disallow retrospective effect of Human Rights decisions in appeal cases may have been incorrect, but will be followed. … Continue reading Regina v Kansal (2): HL 29 Nov 2001
The Revenue sought the defendant’s liquidation, challenging the sum fixed to be due by the chairman of the meeting and the football rules which gave preference to football debts over those of others. The dispute was as to treament of receipts for . .
‘These appeals raise important and difficult questions posed by the impact of legislation for the protection of pension funds upon companies which are undergoing an insolvency process.’ . .
Appeal against rejection of proof in insolvency proceedings for arrears of rent. . .
In ancillary relief proceedings in a divorce, the husband had been ordered to transfer his interest in property to his wife. Before it was put into effect, he became insolvent. The wife and receiver competed for the interest to have been . .
On the winding up of the company, there had unexpectedly been a surplus of assets after payment of all debts. The court was now asked to determine claims to be allowed before a distribution was made.
Held: The court made declarations as . .
A statutory demand was served against the guarantor of the lease after rent arrears arose. He applied for the demand to be set aside, and now appealed against its refusal. He said that the court would have set aside such a demand against the tenant, . .
Saad Investments was a Cayman Islands company in liquidation. The liquidator brought an action here, but the defendant sought a stay saying that another forum was clearly more appropriate. Shares in Saudi banks were said to be held in trust for the . .
The length of a director’s disqualification is not to be discounted for the time elapsed up to the hearing of the case. As to section 221 of the Companies Act, it : ‘has, at the least, two purposes. First, to ensure that those who are concerned in . .
The degree to which an appellate court will be willing to substitute its own judgment for that of the tribunal will vary with the nature of the question. Hoffmann LJ said: ‘The concept of limited liability and the sophistication of our corporate law . .