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Latest Restructuring & Insolvency News

Carry on, debtor—jurisdictional hijinks in cross-border bankruptcy proceedings (Jones v Aston Risk Management Ltd)

Restructuring & Insolvency analysis: The High Court refused permission to serve bankruptcy proceedings out of the jurisdiction on a debtor in Guernsey, holding there was no good arguable case that he had carried on business in England and Wales within the last three years under section 265(2)(b)(ii) of the Insolvency Act 1986 (IA 1986). The court found that the debtor's continuing relationship with companies based in England and Wales as director and creditor/debtor did not constitute carrying on a separate business on his own account. The decision provides important guidance on the interpretation of ‘carrying on business’ for cross-border insolvency jurisdiction, particularly in cases where debtors maintain connections with companies in England and Wales while residing outside the UK. Written by Camilla Whitehouse, barrister and head of Chambers, Gainsborough Law.

Insolvency Service disqualifies former footballer for BBL fraud

The Insolvency Service has banned former professional footballer, Kieron Minto-St.Aimie, as a company director for eight years after deceptively acquiring a covid bounce back loan (BBL) for his sports academy in Brent. Minto-St.Aimie made a fraudulent claim for a £25,000 BBL, by overstating the company's turnover by £60,000, to secure a larger loan than the £10,000 to which the business was entitled.

Presentation of winding up petition prevented by lender’s potential misrepresentation (Alpha Schools (Holdings) Ltd v Signal Alpha III Fund LP)

Restructuring & Insolvency analysis: This was an application for an injunction to restrain presentation of a winding up petition. The respondent was a company which asserted that it was entitled, pursuant to a term sheet prepared during loan negotiations, to a £350,000 break fee and certain other sums. The applicant’s main argument was that it had a cross-claim in misrepresentation which meant that (1) the term sheet, to the extent that it had contractual force, had been rescinded and (2) there was in any event a damages claim large enough to extinguish the alleged debt. It was held that there was sufficient evidence of misrepresentation to meet the test. The applicant was entitled to an injunction. Written by Nora Wannagat, barrister at Tanfield Chambers.

Restructuring & Insolvency weekly highlights—19 December 2024

This week's edition of Restructuring & Insolvency weekly highlights includes: the publication by the Insolvency Service of its monthly insolvency statistics for November 2024, an examination of the meaning of ‘unregistered company’ under section 220(1) of the Insolvency Act 1986 (IA 1986) (East Riding of Yorkshire Council v KMG), analysis of the Commercial Court’s guidance on pleading and proving claims under IA 1986, s 423 (Invest Bank PSC v El-Husseini), plus a round-up of other news and cases for restructuring and insolvency professionals.

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Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986Section 423 of the Insolvency Act 1986 (IA 1986) allows for the avoidance of transactions which were designed to defraud creditors. Its provisions are intended to prevent debtors from disposing of assets so as to

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986Conditions to avoid floating chargesUnder section 245 of the Insolvency Act 1986 (IA 1986), floating charges are invalid if certain conditions are satisfied.By way of summary, a floating charge will be avoided if:•the

Rule 1.35(2)(b) of the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 states that an

Rule 1.35(2)(b) of the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 states that an application notice must state the section of the Insolvency Act 1986 (IA 1986) or paragraph of a Schedule to the IA 1986 or the number of the IR 2016 rule under which it is made. What are the

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986What is wrongful trading?Wrongful trading is a claim which arises under sections 214 (liquidation) and 246ZB (administration) of the Insolvency Act 1986 (IA 1986).The essence of a wrongful trading claim is that:•the
Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986Section 423 of the Insolvency Act 1986 (IA 1986) allows for the avoidance of transactions which were designed to defraud creditors. Its provisions are intended to prevent debtors from disposing of assets so as to

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986Conditions to avoid floating chargesUnder section 245 of the Insolvency Act 1986 (IA 1986), floating charges are invalid if certain conditions are satisfied.By way of summary, a floating charge will be avoided if:•the

Rule 1.35(2)(b) of the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 states that an

Rule 1.35(2)(b) of the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 states that an

Rule 1.35(2)(b) of the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 states that an application notice must state the section of the Insolvency Act 1986 (IA 1986) or paragraph of a Schedule to the IA 1986 or the number of the IR 2016 rule under which it is made. What are the

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986What is wrongful trading?Wrongful trading is a claim which arises under sections 214 (liquidation) and 246ZB (administration) of the Insolvency Act 1986 (IA 1986).The essence of a wrongful trading claim is that:•the