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Proportionate liability clauses are a common feature in professional firms’ engagement letters. But there has been very little case law on whether they work or not.
Section 306 of the Insolvency Act 1986 provides that a bankrupt’s estate shall vest immediately in the trustee in bankruptcy and no registration is required to effect that vesting.
When the debt relief procedure for natural persons was introduced in 2008, it was considered that it should be available only for a natural person’s non-business debts.
An English scheme for a company that has a ‘sufficiently close connection’ with the jurisdiction can be proposed, albeit recognition in Poland is at the discretion of the Polish courts.
The High Court has decided how the expected surplus assets of Lehman Brothers International Europe should be distributed between a number of creditors.
To rescind a winding-up order, the court must be satisfied that the circumstances of the case are materially different to those before the court that made the order.
A guarantor will be released from liability if the parties to the contract that is guaranteed vary its terms if it does not confirm its obligations.
Performance bonds are widely used in a variety of commercial agreements from construction contracts to insolvency business sales.
Finance Update — March 2014: has the US flipped on the enforceability of liquidation protocols in swaps?
A US court has now recognised as effective the liquidation protocol contained in an ISDA governed interest rate swap.
At a time when well-known names are disappearing from the high street as a result of retailers going into administration, the spectre of corporate insolvencies has never loomed larger.
The liquidation preference is a right that can be required by venture capital investors in recognition of the risk they bear on their capital contribution.
Insolvency proceedings were opened in respect of the assets of a German resident; the liquidator then sought to set aside a transaction that had been entered into with a resident of Switzerland.
The Hungarian government has adopted a decree introducing an electronic auction system to be applied in the course of the public sale of the assets of companies in liquidation.
If two or more creditor meetings are needed to approve an IVA, the IVA will bind any creditor whose claim against the debtor arose after the first meeting.
According to Taylor Wessing’s Amy Patterson, the key question that remains is whether the change in COMI is one of substance or mere illusion.
Where administrators use leasehold premises for the benefit of the administration, they should pay the rent attributable to that period as an expense of the administration.
Some of the UK’s largest landlords have overturned previous High Court cases that had allowed insolvent tenants to continue trading from their premises without paying rent.
The DWP has provided long-awaited confirmation of the approach that will be taken to scheme benefits that are reclassified from money purchase to defined benefit in April 2014.
The Insolvency Service’s most recent quarterly statistics show a 12 per cent rise in construction company compulsory liquidations.
Where a counterparty was entitled to specific performance of a contract with a company prior to its entry into administration, the counterparty should still be entitled to specific performance.