The following Restructuring & Insolvency Q&A provides comprehensive and up to date legal information covering:
There is nothing wrong per se with a company being insolvent on a balance sheet basis, and, in fact, many businesses start out being balance sheet insolvent. The test in relation to balance sheet insolvency was considered by the Supreme Court in BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc, in which the following passage from Toulson LJ’s judgment in the Court of Appeal in that case was approved:
‘Essentially, section 123(2) [of the Insolvency Act 1986 (IA 1986)] requires the court to make a judgment whether it has been established that, looking at the company’s assets and making proper allowance for its prospective and contingent liabilities, it cannot reasonably be expected to be able to meet those liabilities. If so, it will be deemed to be insolvent although it is currently able to
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This Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international perspective and includes some comparative examples from other
Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
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You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
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