Insolvency in UK Law
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Cambridge Gas Transport Corporation v Official Committee of Unsecured Creditors of Navigator Holdings Plc and Others
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The purpose of bankruptcy proceedings, on the other hand, is not to determine or establish the existence of rights, but to provide a mechanism of collective execution against the property of the debtor by creditors whose rights are admitted or established.
But the domestic court must at least be able to provide assistance by doing whatever it could have done in the case of a domestic insolvency. The purpose of recognition is to enable the foreign office holder or the creditors to avoid having to start parallel insolvency proceedings and to give them the remedies to which they would have been entitled if the equivalent proceedings had taken place in the domestic forum.
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HIH Casualty and General Insurance Ltd v JLT Risk Solutions Ltd
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That principle requires that English courts should, so far as is consistent with justice and UK public policy, co-operate with the courts in the country of the principal liquidation to ensure that all the company's assets are distributed to its creditors under a single system of distribution.
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Re Nortel GmbH ((in Administration)) and related companies
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If these two requirements are satisfied, it is also, I think, relevant to consider (c) whether it would be consistent with the regime under which the liability is imposed to conclude that the step or combination of steps gave rise to an obligation under rule 13.12(1)(b).
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Re Nortel GmbH
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I therefore conclude that the Toshoku principle does indeed establish as a general rule that where by statute Parliament imposes a financial liability which is not a provable debt on a company in an insolvency process then, unless it constitutes an expense under any other sub-paragraph in the twin expenses regimes for liquidation and administration, it will constitute a necessary disbursement of the liquidator or administrator.
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Re Lehman Brothers International (Europe) ((in Administration)) (No 4)
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And, as Judge-made rules are ultimately part of the common law, there is no reason in principle why they cannot be developed, or indeed why new rules cannot be formulated. However, particularly in the light of the full and detailed nature of the current insolvency legislation and the need for certainty, any judge should think long and hard before extending or adapting an existing rule, and, even more, before formulating a new rule.
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Cheyne Finance Plc ((in Receivership)) v The Insolvency Act 1986
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Such a blinkered review will, in some cases, fail to see that a momentary inability to pay is only the result of a temporary lack of liquidity soon to be remedied, and in other cases fail to see that due to an endemic shortage of working capital a company is on any commercial view insolvent, even though it may continue to pay its debts for the next few days, weeks or even months before an inevitable failure.
- Insolvency
- Insolvency Litigation
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The Recasting of Insolvency Law
Over the last decade corporate insolvency laws and processes have changed in two important ways. There has been a philosophical shift away from ex post responses to corporate crises and towards inf...
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Asset Location in Corporate Insolvency
This paper considers the methods open to a liquidator to discover and recover assets. In particular, it focuses on the powers conferred on the liquidator in the 1986 insolvency legislation and thei...
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Apply to the court about an insolvency issue ('application notice')
Forms relating to bankruptcy and insolvency, including the application for a certificate to show your bankruptcy has ended.
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Investigation or enforcement proceedings (court, insolvency, tax) (CIT)
Application form CIT: to access information for use in connection with court proceedings, insolvency and tax liability.
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Statutory Demand under Section 268(1)(a) of the Insolvency Act 1986. Debt for Liquidated Sum Payable Immediately
Forms relating to bankruptcy and insolvency, including the application for a certificate to show your bankruptcy has ended.
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Statutory demand under Section 268(1)(a) of the Insolvency Act 1986. Debt payable at future date
Forms relating to bankruptcy and insolvency, including the application for a certificate to show your bankruptcy has ended.