Lexology Panoramic (and country guides)

This is a set of country guides on restructuring and insolvency issues produced in association with Lexology Panoramic and other local experts including LEAD Rödl & Partner. Questions are answered by leading practitioners in each of the jurisdictions featured, with each Lexology Panoramic country guide being updated annually. The countries featured in the R&I guide are:

Restructuring and Insolvency—Austria—Q&A guide	Restructuring and Insolvency—Jersey—Q&A guide
Restructuring and Insolvency—Bahamas—Q&A guide	Restructuring and Insolvency—Malaysia—Q&A

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Latest Restructuring & Insolvency News

Insolvency Service issues suspended sentence to company director for BBL Fraud

The Insolvency Service has successfully charged Irena Tokarczyk, a company director from Watford, for fraudulently obtaining a £50,000 Bounce Back Loan (BBL) and subsequently dissolving her company, Good Food Shops Ltd, without informing creditors and in breach of the Companies Act 2006. Tokarczyk received a two-year suspended sentence, 100 hours of unpaid work, and a three-year disqualification from acting as a company director.

Application to set aside a default judgment is an application for relief from sanction (Scenic International Group Ltd (in provisional liquidation) v Adenaike)

Restructuring & Insolvency analysis: This was an application to set aside default judgments entered for different amounts against the first, fourth, fifth and sixth defendants. The judgments related to claims based on the fraudulent evasion of VAT and Pay As You Earn/National Insurance Contribution (PAYE/NIC) by a company during the period 2017 to 2023. The VAT assessments which the claim was based on could not be challenged as the company had not filed any VAT returns. Applying FXF v English Karate Federation Ltd, an application to set aside a default judgment under CPR 13.3 is an application for relief from sanction to which CPR 3.9 also applies. Therefore, the right approach to deciding these applications is to apply Denton and others v TH White Ltd and another once the two specific matters in CPR 13.3 have been considered. Accordingly, the court held that the applicants had no real prospect of defending the claim and dismissed the application. Written by Andrew Mace, barrister, Tanfield Chambers.

Insolvency in the Construction Industry

Construction analysis: The historic causes of insolvency, the lessons to be learnt from recent case studies and the wider implications for key players in the industry, are here considered by Theresa Mohammed (partner) and William Stewart (trainee) at Watson, Farley & Williams.

Restructuring & Insolvency weekly highlights—28 November 2024

This week's edition of Restructuring & Insolvency weekly highlights includes: an analysis on the ‘The Third Excepted Case’ in relation to liability for use of a prohibited name (Maxima v Fealy and Barrett), the court’s judgment on the validity of a resolution of a sole director to apply for an administration order for a company connected to a designated person under sanctions legislation (Re KRF Services (UK) Ltd), the court’s ruling on when a winding up petition is considered ‘presented’ in an era of electronic filing (Re a Company), plus a round-up of other news and cases for restructuring and insolvency professionals.

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