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The drafting of emergency legislation to soften insolvency rules during and after the COVID-19 lockdown has been cautiously welcomed by a top expert at Thursfields Solicitors. Stephen Rome, a senior associate solicitor in the Dispute Resolution department at Thursfields, was commenting after various reports debating the pros and cons of the forthcoming changes. Business secretary…
The Coronavirus (COVID-19) pandemic is of great concern to many businesses as they balance putting contingency plans in place to protect their staff’s wellbeing and also continue to provide their products and services to clients. Thursfields Solicitors is open for business as usual and has the resources and legal expertise to guide you. All of…
In the recent case of Cash Generator Limited v Fortune and others [2018] EWHC 674 (Ch), the High Court considered the validity and consequences of liquidators who had been appointed following a failure to fully comply with the creditors’ voluntary liquidation nomination process set out in section 100 of the Insolvency Act 1986. Background Creditors’…
In the recent decision of Abdulla v Whelan [2017] EWHC 605 (Ch) the court of appeal was asked to consider whether the first instance decision that a notice of disclaimer under Section 315 of the Insolvency Act 1986 (“the Act”) could not terminate the legal ownership of an underlease was correct. Mrs A was a…
In the recent case of Leeds and another v Lemos and others [2017] EWHC 1825 (Ch) the High Court held that, following the recent Court of Appeal decision in Avonwick Holdings Limited and others v Shlosberg [2016] EWCA Civ 1138 (“Avonwick”), the principle formulated in Crescent Farm (Sidcup) Sports Limited v Sterling Offices Limited [1972]…
In the recent decision of Mikki v Duncan (as Trustee in Bankruptcy of Mr. Mikki) [2017] EWCA Civ 57, CA, 3 February 2017 the Court of Appeal was asked to consider whether a car being purchased by the bankrupt through a hire purchase agreement was exempted from property which vests in a trustee in bankruptcy…
Lauren Hartigan-Pritchard, a senior associate at Thursfields Solicitors, has been named best young solicitor in the Legal Section in the Birmingham Young Professional of the Year (BYPY) Awards. She received her award at a gala event held at the International Convention Centre in Birmingham. The BYPY awards celebrate Birmingham’s best professional services talent under the…
Indirect benefit to co-owner does not prevent equity of exoneration arising in their favour In the recent decision of Armstrong v Onyearu and another [2017] EWCA Civ 268, the Court of Appeal held that an indirect benefit to a non-bankrupt co-owner will not defeat the principle of equity of exoneration. Where jointly owned property is…
In the recent decision of Dickinson v NAL Realisations (Staffordshire) Ltd, the High Court had to determine whether certain transactions entered into by a company with one of its directors had been adequately authorised, whether they contravened the Companies Act 2006, whether they entailed breaches of duty on his and his co-directors’ parts, and whether…
Restriction on the re-use of a company name does not apply to insolvent partnerships In the recent decision of Re Newtons Coaches Limited (Newton and another v Secretary of State for Business Energy and Industrial Strategy) [2016] EWHC 3068 (Ch) (29 November 2016 the High Court held that the restrictions on the re-use of a…
Unlawful dividend payments are not assets for the purposes of assessing inability to pay debts under the Section 123 of the Insolvency Act 1986 In the recent case of Evans v Jones and anor [2016] EWCA Civ 660 (CA) the court of appeal was asked to consider whether the payment of unlawful dividends by Rococo…
In Re Ralls Builders Ltd (in liquidation) [2016] EWHC 243 (Ch), the subject of our earlier article, liquidators brought wrongful trading proceedings against the directors under s 214 of the Insolvency Act 1986 for a contribution to the company’s assets. In the aforementioned case the court held that the directors should have realised earlier that…