Monthly Archives: June 2011
Insolvency Set-Off-Future Debts
Re Kaupthing Singer and Friedlander Ltd (In Administration) [2010] Under rule 2.85 of the Insolvency Rules 1986, where an administrator proposes to make a distribution, any sums due from the creditor to the company must be set-off against any sums … Continue reading
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Successive Notices of Intention
Re Cornercare Ltd [2010] The directors of C applied to court seeking permission to appoint an administrator out of court in circumstances where they had previously filed a notice of intention to appoint but the appointment had not been made … Continue reading
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Ineffective ROT Clauses
B S Sandhu t/a Isher Fashions UK v Jet Star Retail Ltd t/a Mark One) & Others [2010] I supplied clothing to J under I’s standard terms and conditions which included an “all monies” ROT clause. The contract also gave … Continue reading
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Inaccurate Statutory Demand Consequences
Agilo Ltd v William Henry [2010] H was a director of L. AMF provided L with a loan facility through its agent, AUK. H gave a personal guarantee for the liabilities of L to AMF. AMF and AUK were all … Continue reading
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Signing Documents
Much publicity has recently been given to the High Court case of R (on the application of Mercury Tax Group Ltd and another) v HMRC & Others [2008] EWHC 2721 (“Mercury”). The decision in this case led to a period of … Continue reading
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Prepacks-It’s better than nothing
Pre-pack administrations may offer the best outcome for unsecured creditors Question I am a trade creditor of a company with several retail outlets (Old Co) that went into administration two weeks ago. The administrator has informed me that Old Co’s … Continue reading
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If You Occupy It You Must Pay For It !
Rent and other liabilities can be payable as administration expenses Question Following Goldacre (Offices) Ltd v Nortel Networks (UK) Ltd (in administration) [2009] to what extent can a landlord claim post-administration rents and other lease charges as an expense of the … Continue reading
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Set off -Elle Macpherson Wins
Individuals and businesses who borrow mortgages through a nominee company will get clearer rules on their legal standing, after a case ruling involving former model Elle Macpherson. The Isle of Man High Court delivered a verdict on her case that could … Continue reading
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Directors Beware -Disqualification
The undoubted benefits brought in by the legislation under which directors, who it is felt by the Disqualification Unit at Department of Business Enterprise are unfit as directors, can undertake not to act as a director for a period of … Continue reading
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Beware-Buying an Insolvent Business
As always, one man’s loss is another man’s gain. In the coming months there will be an increasing number of insolvent businesses up for sale at knock- down prices. If you have the funds to buy and the business fits … Continue reading
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