South Square Chambers

Experts

6

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Jamil Mustafa
Barrister
South Square Chambers
Jeremy Goldring
Barrister
South Square Chambers
Marcus Haywood
Barrister
South Square Chambers
Robert Amey
South Square Chambers
Roseanna Darcy
Barrister
South Square Chambers
William Willson
South Square Chambers
Contributions by South Square Chambers

24

Cashflow and balance sheet tests for insolvency
Cashflow and balance sheet tests for insolvency
Practice notes

This Practice Note, produced in partnership with South Square, looks at the cashflow and balance sheet tests in light of the Eurosail case and also how the two tests are relevant in practice.

Creditor's appeal against rejection of proof of debt—the position under the Insolvency (England and Wales) Rules 2016
Creditor's appeal against rejection of proof of debt—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square, considers a creditor’s remedy if their proof of debt has been rejected by an office-holder. It details how a creditor may appeal against that decision, what process must be followed in order to do so, and what the potential outcome may be. It should be read in conjunction with Practice Note: Rejection of proof of debt.

Creditors’ meetings and proxies—the position under the Insolvency (England and Wales) Rules 2016
Creditors’ meetings and proxies—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square and BDO LLP, discusses how a creditor may vote at a meeting by proxy rather than personal attendance and the formalities surrounding this.

Creditors’ meetings: approval of schemes of arrangement the position under the Insolvency (England and Wales) Rules 2016
Creditors’ meetings: approval of schemes of arrangement the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square and BDO LLP, looks at creditors’ meetings in relation to the voting on and approval of a scheme of arrangement (or Part 26 scheme or s 895 scheme). It looks at the court’s powers to call the meeting, the requirements under the practice statement, calling and constitution of the meeting, quorum, the role of the chairman, valuation, voting, and majority requirements.

Foreign creditors—the position under the Insolvency (England and Wales) Rules 2016
Foreign creditors—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square & BDO, looks at the position of foreign creditors and foreign currency debts in an English insolvency.

Formal creditors' committees in bankruptcy—the position under the Insolvency (England and Wales) Rules 2016
Formal creditors' committees in bankruptcy—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square, looks at formal creditors’ committees in bankruptcy.

Formal creditors’ committee meetings—the position under The Insolvency (England and Wales) Rules 2016
Formal creditors’ committee meetings—the position under The Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square and BDO, sets out the function and make up of formal creditors’ committees, and details their role in a formal insolvency process.

Future debts, contingent debts, secured debts—the position under the Insolvency (England and Wales) Rules 2016
Future debts, contingent debts, secured debts—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square, looks at debt in an insolvency process. It considers provable debts, future debts, contingent debts and secured debts. It looks at applicable case law and dealing with different types of debt.

Income payments orders (IPOs) under section 310 of the Insolvency Act 1986
Income payments orders (IPOs) under section 310 of the Insolvency Act 1986
Practice notes

This Practice Note, produced in partnership with South Square and BDO LLP, looks at income payments orders (IPOs) made under section 310 of the Insolvency Act 1986 that allow trustees in bankruptcy to claim a bankrupt’s surplus income for the benefit of the bankruptcy estate. This Practice Note summarises who can apply for an IPO, and when, and how much a trustee in bankruptcy can claim as part of an IPO.

Informal bondholders’ committee
Informal bondholders’ committee
Practice notes

This Practice Note, produced in partnership with South Square and BDO LLP, considers who are bondholders, and why it may be beneficial for them to form a committee in order to protect their interests in a restructuring situation. It gives information on the formation and membership of such a committee, and what role they may be able to undertake.

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016
Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square and BDO LLP, looks at set-off and its application in insolvency processes (bankruptcy, liquidation and administration), including when claims must be due, claims that are commensurable, mutual claims and the exceptions to set-off.

Interim receivers
Interim receivers
Practice notes

This Practice Note, produced in partnership with South Square and BDO LLP, looks at interim receivers in personal insolvency appointed under section 286 of the Insolvency Act 1986 in the period between the presentation of a bankruptcy petition and the making of a bankruptcy order.

Obligation to settle liabilities before the receipt of any dividend—contributories and calls
Obligation to settle liabilities before the receipt of any dividend—contributories and calls
Practice notes

This Practice Note, produced in partnership with South Square and BDO LLP, looks at the obligation to settle liabilities before the receipt of any dividend, which can be achieved by the contributories making a payment. It examines the general position and the position following a call in a liquidation. It looks at the position prior to a dividend, set off and the position where the contributory enters bankruptcy.

Proof of debt—the position under the Insolvency (England and Wales) Rules 2016
Proof of debt—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square, looks at what a proof of debt is and the procedure for a creditor to prove a debt (or file a claim) in a formal insolvency situation (ie administration, winding-up/liquidation or bankruptcy). It looks at when to file a proof, what should be contained within that proof and discusses how debts are assessed and valued by the office-holder.

Rejection of proof of debt—the position under the Insolvency (England and Wales) Rules 2016
Rejection of proof of debt—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square, looks at why a proof of debt from a creditor may be rejected by an office-holder. A proof may be admitted in part or in full, or may be rejected in its entirety. The office-holder must approve or reject proofs within a certain time frame. It should be read in conjunction with Practice Note: Creditor’s appeal against rejection of proof of debt.

The difference between the anti-deprivation principle and the pari passu principle—the position under the Insolvency (England and Wales) Rules 2016
The difference between the anti-deprivation principle and the pari passu principle—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square, considers the origins and scope of the anti-deprivation principle (the ADP) (formerly known as fraud on the bankruptcy laws or the rule in British Eagle) which prevent parties from contracting out of the statutory regime for the collection, realisation and distribution of an insolvent estate.

Timing and size of distributions—the position under the Insolvency (England and Wales) Rules 2016
Timing and size of distributions—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square and BDO LLP, considers the timing and size of distributions in insolvency. It considers when the office-holder will declare and distribute dividends among creditors and the procedures to be followed by an office-holder who intends to declare and pay a distribution, including notice and advertisement requirements, proofs of debt and payment of the dividend.

Waterfall of payments in administrative receivership—the position under the Insolvency (England and Wales) Rules 2016
Waterfall of payments in administrative receivership—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square, looks at the order of payments to creditors in administrative receivership. It includes discussion of: the treatment of free assets, assets subject to fixed and floating charges and secured debts generally, expenses, remuneration and distribution of surplus..

Waterfall of payments in bankruptcy—the position under The Insolvency (England and Wales) Rules 2016
Waterfall of payments in bankruptcy—the position under The Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square, looks at the waterfall of payments (ie order of payments) in relation to bankruptcy. It looks at the position of preferential and secured creditors and the position where there is a surplus.

Waterfall of payments—a comparative guide
Waterfall of payments—a comparative guide
Practice notes

This Practice Note, produced in partnership with South Square, compares the order of payments to creditors in various insolvency processes: liquidation, administration, administrative receivership, company voluntary arrangements (CVAs) and bankruptcy and the key issues/considerations for each. It covers: the pari passu principle, preferential debts, the prescribed part under s 176A of IA 1986 , fixed and floating charges and secured debts generally, expenses, remuneration and distribution of surplus.

Contributions by South Square Chambers Experts

6

Administration expenses
Administration expenses
Practice notes

This Practice Note was produced in partnership with Jamil Mustafa of South Square, considers what amounts to an expense in an administration and some of the case law on this topic.

Creditors' decision-making in a liquidation—the position under the Insolvency (England and Wales) Rules 2016
Creditors' decision-making in a liquidation—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note produced in partnership with Marcus Haywood of South Square considers the procedure and practicalities of creditor decision-making and meetings in a liquidation.

Creditors' decision-making in an IVA—the position under the Insolvency (England and Wales) Rules 2016
Creditors' decision-making in an IVA—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note produced in partnership with Marcus Haywood of South Square looks at the formalities and practicalities of creditor decision-making in an individual voluntary arrangement (IVA).

Creditors’ consideration of CVA proposals—the position under the Insolvency (England and Wales) Rules 2016
Creditors’ consideration of CVA proposals—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with South Square, looks at decision-making in relation to the proposal in a company voluntary arrangement (CVA). It looks at the decision procedure for creditors (including the particularities for contingent and secured creditors), voting rights, majorities, and appeals.

What counts as an expense?—the position under the Insolvency (England and Wales) Rules 2016
What counts as an expense?—the position under the Insolvency (England and Wales) Rules 2016
Practice notes

This Practice Note, produced in partnership with William Wilson of South Square, looks at what counts as an expense in insolvency. It looks at what expenses are and how they apply in liquidation, administration and bankruptcy.

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