Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Examining the judgment in Barclays Bank Plc v Registrar of Companies, Matthew Weaver, a barrister at St Philips Chambers, observes that a ‘seamless insolvency’—while attractive in theory—may well be unachievable.
Barclays Bank plc (trading as Barclays Global Payment Acceptance) v Registrar of Companies and others  EWHC 2806 (Ch)
The Chancery Division was asked to consider whether the former administrator of a company (Ms Sharma)—which was subsequently dissolved—was entitled to challenge the making of a restoration order made on the application of one of the company's creditors, who wished to obtain a winding-up order so that a liquidator could investigate payments made by the company prior to it entering into administration. A further question was whether the court could and should backdate the presentation of the winding-up petition to the date on which the company entered into administration.
On the facts of the case, it was held that Ms Sharma was entitled to challenge the making of the restoration order, but that her challenge would be unsuccessful. Further, a winding-up order was made, but would not be backdated.
Client Connection Ltd (the company) was put into administration on 9 October 2012. The administrator (Ms Sharma) immediately effected a ‘pre-pack’ sale of the company’s claims book, resulting in a low return. Only 3.6 hours were spent by Ms Sharma investigating the company’s affairs. No details of the investigation or its outcome were disclosed to creditors. Ms Sharma then moved for a dissolution of the company, which occurred three months later. No liquidation ever took place.
In the meantime, Barclays Bank plc, a major creditor, had discovered that large sums of money had been paid out of the company which might be clawed back. It petitioned for the company to be restored to the register of companies and for its immediate winding-up, in order
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.
Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.
0330 161 1234