Interim charging orders and registration In situations where a court has ordered a judgment, the judgment creditor will generally seek to enforce their judgment debt through a variety of methods. The judgment creditor is the party to which a debt is owed following a court judgment or order and the judgment debt is understood as the debt due and owing under a court judgment. There are multiple ways in which enforcement of a judgment debt may be achieved. One such way is by securing a charge over the judgment debtor’s land or securities

The difficulty a judgment creditor with the benefit of a charging order faces, is that a charging order does not by itself release funds to satisfy the debt. An order for sale will either first have to be obtained, or the creditor can simply wait until the property is sold. Furthermore, a charging order will not give any practical protection where there are prior charges which take priority. This can result in the creditor receiving nothing if the property is sold, but there is insufficient equity to pay all charge holders. A further practical difficulty with a standard Form K restriction is that the property could in theory be sold prior to the judgment creditor being informed. There are a number options that a chargee can consider where they are notified that the charged property is to be sold. If, for example,

Generally, where you have obtained a judgment or order for the giving of possession of land, such as an order for sale that gives possession, it may be enforced in the High Court by any of the following: • a writ of possession • an order for committal under CPR 81.4 (enforcement of judgment, order or undertaking to do or abstain from doing an act) • a writ of

The issue is one which remains open to interpretation since the relevant provisions have only ever been considered once by the County Court and, even then, in a different context (see HFC Bank Ltd v Grossbard, Leeds CC, 17 November 2000 (not reported by LexisNexis®)). The question refers to a ‘CCA regulated mortgage’. Any agreement which comes within the definition of a ‘regulated mortgage contract’ cannot be regulated by the CCA, we have therefore assumed your query deals only with other secured lending under the CCA. The starting point is section 78A of the Consumer Credit Act 1974 (CCA 1974). Subject to certain exceptions, it provides that a creditor must ‘inform the debtor in writing’ of interest changes under regulated agreements ‘before the variation can take effect’. No further guidance is provided as to the timescale

With regard to all formal insolvency processes, creditors may opt to vote by proxy rather than attend a meeting in person. A proxy represents an authority given by one party, namely the principal, to another person, namely the proxy holder, to attend a meeting and then speak, act and in particular,

STOP PRESS: In the Spring Budget of 15 March 2023, the Chancellor announced the removal of the lifetime allowance charge with effect from 6 April 2023, pending the full abolition of the lifetime allowance through a future Finance Bill with effect from April 2024. This means that, from April 2023, individuals can no longer be penalised for exceeding the cap on the amount which workers can save into a pension and, from April 2024, such a cap will no longer exist. HMRC has also confirmed that members who hold a valid enhanced protection or any valid fixed protections, where this protection was applied for before 15 March 2023 and a certificate or reference number subsequently issued, from 6 April 2023 can accrue new pension benefits, join new arrangements or

It is assumed that the creditor holds a personal guarantee agreement from the company’s director to repay the debt if the company fails to do so. A creditor wishing to file a claim for its debt in an administration must submit a written claim to the administrator in accordance with Insolvency Rules 2016 (IR 2016), SI 2016/1024, r 14.2–14.25. The only exception is if the claim

A challenge must be made (ie issued) within 28 days. An application to challenge a company voluntary arrangements may not be made: • after the end of the period of 28 days beginning with the first day on which each of the reports of the company meeting and the creditors’

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. Whilst we are not aware

Since the 2012 Test-Achats case, Association belge des Consommateurs Test-Achats v Conseil des Ministres, insurers are prohibited from using sex-based actuarial factors in their financial products, ie their actuarial calculations must be gender-neutral. See Practice Note: The Test-Achats case—the pension implications [Archived]. However, this case says nothing about gender neutrality in insurers’ administrative processes. Firms should nevertheless

Under the Gambling Act 2005 (GA 2005) most types of lotteries are illegal (except for the National Lottery and small, private, society and local authority lotteries) and can only be lawfully operated under a lottery operating licence. GA 2005, s 14(2) provides that the three elements of a lottery are: • the requirement to pay to take part • the allocation of prizes, and • the determination of winners by chance Lotteries are different to free prize draws and the latter does not require a licence.

Section 97(1) of the Consumer Credit Act 1974 (CCA 1974) gives the debtor under a regulated consumer credit agreement the right to ask for a redemption figure. The creditor must then give the debtor a statement in the prescribed form indicating the amount required to discharge the indebtedness under the agreement together with the particulars of how the amount is arrived at. The principal regulations made under CCA 1974, s 97(1) setting out what is prescribed are the Consumer Credit (Settlement Information) Regulations 1983 (CC(SI)R 1983), SI 1983/1564, as amended. CC(SI)R 1983, SI 1983/1564, reg 4 requires the information to be provided by the creditor within seven working days of receiving the request. CC(SI)R 1983,