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Bankruptcy and family financial remedy proceedings

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Employment tribunals—jurisdiction—insurer of insolvent respondent (Irwell v Watson)

Employment tribunals—jurisdiction—insurer of insolvent respondent (Irwell v Watson)

The following Arbitration news provides comprehensive and up to date legal information on Employment tribunals—jurisdiction—insurer of insolvent respondent (Irwell v Watson)

Restructuring & Insolvency monthly highlights—July 2018

Restructuring & Insolvency monthly highlights—July 2018

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency monthly highlights—July 2018

Continued recognition of civil judgments between the UK and Norway

Continued recognition of civil judgments between the UK and Norway

The following Commercial news provides comprehensive and up to date legal information on Continued recognition of civil judgments between the UK and Norway

Supreme Court gives landmark judgment in coronavirus (COVID-19) business interruption test case (Financial Conduct Authority v Arch Insurance)

Supreme Court gives landmark judgment in coronavirus (COVID-19) business interruption test case (Financial Conduct Authority v Arch Insurance)

The following Commercial news provides comprehensive and up to date legal information on Supreme Court gives landmark judgment in coronavirus (COVID-19) business interruption test case (Financial Conduct Authority v Arch Insurance)

Featured Restructuring & Insolvency content

Key elements of a standstill agreement

Key elements of a standstill agreement

When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the...

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For...

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to...

Effect of equitable, contractual and structural subordination

Effect of equitable, contractual and structural subordination

Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...

Practice notes

Debt for equity swaps

A popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or...
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9th Nov
Practice notes

US ipso facto clauses

Ipso facto clauses definedContracts often contain provisions to the effect that the contracts will terminate upon the bankruptcy or insolvency of one...
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Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan
Practice notes

The deemed consent procedure, decision-making procedure, and meetings—the position under the Insolvency (England and Wales) Rules 2016

The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide for a revised scheme for decision making in insolvency from 6 April...
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Produced in partnership with Richard Bowles 12th Jan
Practice notes

Winding-up and administration searches for companies at the Central Registry

STOP PRESS: This Practice Note is being updated for the Corporate Insolvency and Governance Act 2020 (CIGA 2020), which introduces a new insolvency...
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Produced in partnership with Stephen Allinson 12th Jan
Practice notes

Cashflow and balance sheet tests for insolvency

IntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and balance sheet insolvency under section 123 of the...
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Produced in partnership with South Square 12th Jan
Practice notes

What is considered onerous property or contracts?

DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim...
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9th Nov
Practice notes

Role, powers, functions and duties of a liquidator

Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...
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9th Nov
Practice notes

Practice Direction on Insolvency Proceedings

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov
Practice notes

Court-appointed receivers—when a court will appoint a receiver and who may be appointed

This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 12th Jan
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...
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9th Nov
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Practice notes

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

IntroductionSet-off refers to claims that may be set-off against other claims. A set-off is the right of one party, Party A, who is owed money by...
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Produced in partnership with South Square and BDO LLP 12th Jan
tag iconIn-house
Practice notes

US bankruptcy financing—debtor-in-possession (DIP) financing

DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...
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Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan
tag iconIn-house
Practice notes

A guide to independent business reviews

This Practice Note looks at independent business reviews (IBRs) and aims to:•provide high level guidance around an IBR•identify when an IBR may be...
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Produced in partnership with Allan Kelly of RSM 12th Jan
Practice notes

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov
Practice notes

Interim receivers

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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Produced in partnership with South Square and BDO LLP 12th Jan
Practice notes

Out-of-court administration appointments by a QFCH—the procedure

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov

Most recent Bankruptcy and family financial remedy proceedings content

Practice notes

Can the court annul a bankruptcy order obtained in order to defeat the divorce proceedings?

It is not uncommon for bankruptcy and divorce proceedings to run concurrently, or for one set of proceedings to impact on the other. For further...
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15th Jan
Practice notes

Dos and don'ts for family lawyers when dealing with bankruptcy

For family lawyers and divorcing parties, the impact of bankruptcy can have a dramatic affect on divorce proceedings and can (in the right...
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15th Jan
Practice notes

The bankruptcy court's power to set aside financial orders made on divorce or dissolution of a civil partnership

The general position of the bankruptcy and family courtsThe impact bankruptcy and divorce proceedings have on one another has been subject to several...
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15th Jan
Practice notes

The impact of bankruptcy on divorce proceedings

The impact that bankruptcy and divorce proceedings have on one another has been subject to several cases in both the bankruptcy and family courts....
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15th Jan
Q&As

What is the impact of bankruptcy on an existing financial remedy order where there is a lump sum payment order in favour of the wife and the husband has gone bankrupt?

A lump sum award is an award of a future payment of money and does not confer any beneficial interest in any property.For bankruptcy orders made on or...
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Produced in partnership with Hannah Drozdz of Gately PLC 8th Jan
Q&As

Where all of the assets are in the sole name of one spouse, there are minor children in the family, and it is believed that the other spouse may be made bankrupt, will the trustee in bankruptcy be able to make a claim against those assets? Is the position different if the parties have only separated and not divorced?

Where a person is made bankrupt, a trustee in bankruptcy is appointed into whose hand is vested the assets of the bankrupt. The role of the trustee in...
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Produced in partnership with Chris Bryden of 4 King’s Bench Walk 8th Jan
Q&As

If a party to financial remedy proceedings on divorce enters into an individual voluntary arrangement, how will this impact on the proceedings and any order made in those proceedings?

Under an individual voluntary agreement (IVA), a debtor avoids bankruptcy by entering into a repayment plan with their creditors. If the former spouse...
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Produced in partnership with Katherine Illsley of 4 King’s Bench Walk 8th Jan
Q&As

Where a party to financial remedy proceedings undertakes to pay a debt due to a creditor from the other party, and the undertaking party is subsequently adjudged bankrupt, is the trustee liable to pay that debt, or will it be a bankruptcy debt? And what is the position between the non-bankrupt party and the creditor?

What is the nature of an undertaking given to the court?An undertaking given by a person to the court to pay money to another party is not the same as...
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29th Nov
Q&As

An order was made under Schedule 1 to the Children Act 1989 for a property to be placed in trust for the benefit of a child and revert to the child’s parent when the child completes their education. If that parent is made bankrupt, will the trustee in bankruptcy be bound by the terms of the trust?

The decision in Mountney v Treharne provides authority for the general principle that a property adjustment order made before the presentation of the...
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28th Nov

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