Insolvency—private client

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Latest Private Client News

Government response to Law Commission report ‘Technical Issues in Charity Law’

The following Private Client news provides comprehensive and up to date legal information on Government response to Law Commission report ‘Technical Issues in Charity Law’

Appointment of administrator pending suit following difficulties financing former family home (Ugolor v Ugolor)

The following Private Client news provides comprehensive and up to date legal information on Appointment of administrator pending suit following difficulties financing former family home (Ugolor v Ugolor)

Bankruptcy annulment and divorce (Lin v Gudmundsson (a bankrupt) and others)

The following Private Client news provides comprehensive and up to date legal information on Bankruptcy annulment and divorce (Lin v Gudmundsson (a bankrupt) and others)

Continuing duties after Walsham—limitation and the pitfalls of delay (Equitas v Sande Investments)

The following Commercial news provides comprehensive and up to date legal information on Continuing duties after Walsham—limitation and the pitfalls of delay (Equitas v Sande Investments)

Featured Private Client content

Notaries and notarisation—notarisation

The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or...

Creation of trusts—blind trusts

What is a blind trust?A blind trust is a trust that is aimed at preventing conflicts of interest arising. Usually, the settlor and beneficiary of the...

Nature and classification of trusts—the three certainties

CertaintyIn order for a settlor to create a private express trust the three certainties must be present, namely:•certainty as to the intention of the...

Lifetime gifts

A lifetime gift is a gratuitous transfer of ownership of any property between living persons and not made in expectation of death. In contrast, gifts...

Practice notes

The meaning of relevant property

The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...

Produced in partnership with Paul Davies of Clarke Willmott 12th Jan

Practice notes

Capacity to litigate

On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...

9th Nov

Practice notes

Offshore trusts—offshore income gains (OIGs)

Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...

9th Nov

Practice notes

Trust disputes—sham trusts

The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...

9th Nov

Practice notes

What is an offshore trust?

A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...

Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan

Practice notes

Beddoe applications

When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...

Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan

Practice notes

Cayman Islands STAR trusts—common uses

This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...

Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan

Practice notes

Trust disputes—court jurisdiction and procedure

Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...

9th Nov

Practice notes

Trustees—power of advancement

Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...

9th Nov

Practice notes

Termination of trusts—beneficiaries

Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...

9th Nov

Precedents

Deed of appointment terminating discretionary trust

This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...

9th Nov

Practice notes

Situs of assets for succession and IHT

When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets...

9th Nov

Precedents

Partial deed of revocation of lasting power of attorney

This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...

9th Nov

Practice notes

Liferent trusts—Scotland

Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...

Produced in partnership with Peter Murrin of Turcan Connell 12th Jan

Scottish Law

Practice notes

UK taxation of offshore trusts—inheritance tax

An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...

Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan

Practice notes

Creation of trusts in Scotland

Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...

Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Scottish Law

Most recent Insolvency—private client content

Practice notes

Winding up a general partnership as an unregistered company

This Practice Note looks at the winding-up of an insolvent partnership as an unregistered company under the Insolvency Partnerships Order 1994 (IPO...

Produced in partnership with Martha Maher retired barrister of St John’s Chambers 9th Apr

Practice notes

Debt relief orders (DROs)

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Simon Passfield of Guildhall Chambers 9th Apr

Practice notes

A summary of the key changes in the Insolvency (England and Wales) Rules 2016 [Archived]

This Practice Note has been archived and is not maintained.IntroductionThe Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 were...

Produced in partnership with Sarah Clarke of Hardwicke Chambers 9th Apr

Practice notes

Bankruptcy and the family home—equity of exoneration, anti-avoidance and re-vesting

Equity of exonerationWhere the property of a spouse is charged in order to raise money for the payment of the first spouse’s debts or otherwise for...

8th Apr

Practice notes

Companies—reviewable transactions—Property

BackgroundCertain transactions entered into by a company within a specified period before insolvency may be set aside, or otherwise adjusted, by the...

8th Apr

Practice notes

County court administration orders

EligibilityPart VI of the County Courts Act 1984 (CCA 1984) introduces a new form of administration procedure for debtors who do not have any business...

8th Apr

Practice notes

Bankruptcy — sale and charging of the family home

When an individual is adjudicated bankrupt, their property (with the exception of an interest in various short-term residential tenancies in certain...

8th Apr

Practice notes

Individuals—reviewable transactions—Property

Transactions at an undervalueA transaction at an undervalue is a transaction which is made by a debtor:•by way of gift or otherwise for no...

8th Apr

Practice notes

Insolvency—administrative receivership

Effect of appointmentAn administrative receiver is appointed by the holder of a floating charge (often referred to as a debenture and which may also...

8th Apr

Practice notes

Insolvency—fixed charge receivership

Effect of appointmentA fixed charge receiver is appointed under a legal charge or mortgage and only has power to deal with and dispose of the charged...

8th Apr

Practice notes

Limited liability partnerships—insolvency

From 8 December 2017, The Insolvency (Miscellaneous Amendments) Regulations 2017, SI 2017/1119 apply to modify the regimes applicable to Limited...

8th Apr

Practice notes

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

It is possible for a claim to be brought under section 423 of the Insolvency Act 1986 (IA 1986) against a company or individual following a...

6th Apr

In-house

Practice notes

Compulsory liquidation of a Limited Liability Partnership

This Practice Note explains how a Limited Liability Partnership (LLP) can be placed into compulsory liquidation, what powers the liquidator has, and...

Produced in partnership with Andy Taylor of Isadore Goldman Limited and Emma Knight and Michael Smith of Three Stone 31st Mar

Practice notes

Creditors’ voluntary liquidation of a Limited Liability Partnership

This note explains how a Limited Liability Partnership (LLP) can be placed into creditors’ voluntary liquidation (CVL), what powers the liquidator...

Produced in partnership with Andy Taylor of Isadore Goldman Limited and Emma Knight and Michael Smith of Three Stone 31st Mar

Practice notes

Administration of a Limited Liability Partnership

This note explains how a Limited Liability Partnership (LLP) can be placed into administration, and what powers the administrator has. This Practice...

Produced in partnership with Andy Taylor of Isadore Goldman Limited, and Emma Knight and Michael Smith of Three Stone 31st Mar

Q&As

In an otherwise insolvent estate, several life policies are nominated to the widow or are paid out at the discretion of the trustees of the policy. Can the creditors take action to recover from these policies?

For the purposes of this Q&A we have limited our research to cover the position where an insolvency administration order has not been made, but rather...

25th Mar

Practice notes

Voluntary arrangement in respect of a Limited Liability Partnership

This Practice Note explains how a Limited Liability Partnership (LLP) can be placed into voluntary arrangement (VA). This Practice Note does not apply...

Produced in partnership with Simon Hunter of Three Stone and Emma Knight of Three Stone 17th Mar

Practice notes

Insolvency—administration

Coronavirus (COVID-19): the coronavirus pandemic has caused the UK to expedite new insolvency provisions, both of a temporary and permanent nature....

10th Mar

Practice notes

Bankruptcy

Coronavirus (COVID-19): the coronavirus pandemic has caused the UK to expedite new insolvency provisions, both of a temporary and permanent nature....

10th Mar

Practice notes

Insolvency—liquidation

Coronavirus (COVID-19): the coronavirus pandemic has caused the UK to expedite new insolvency provisions, both of a temporary and permanent nature....

10th Mar

Insolvency—private client

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Latest Private Client News

Government response to Law Commission report ‘Technical Issues in Charity Law’

Appointment of administrator pending suit following difficulties financing former family home (Ugolor v Ugolor)

Bankruptcy annulment and divorce (Lin v Gudmundsson (a bankrupt) and others)

Continuing duties after Walsham—limitation and the pitfalls of delay (Equitas v Sande Investments)

Featured Private Client content

Notaries and notarisation—notarisation

Creation of trusts—blind trusts

Nature and classification of trusts—the three certainties

Lifetime gifts

Most recent Insolvency—private client content

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Fiduciary Duties

False imprisonment

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