Insolvency in UK Law

In this Topic
Leading Cases
  • Cambridge Gas Transport Corporation v Official Committee of Unsecured Creditors of Navigator Holdings Plc and Others
    • Privy Council
    • 16 May 2006

    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.

  • HIH Casualty and General Insurance Ltd v JLT Risk Solutions Ltd
    • House of Lords
    • 09 April 2008

    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.

  • Re Nortel GmbH ((in Administration)) and related companies
    • Supreme Court
    • 24 July 2013

    However, I would suggest that, at least normally, in order for a company to have incurred a relevant "obligation" under rule 13.12(1)(b), it must have taken, or been subjected to, some step or combination of steps which (a) had some legal effect (such as putting it under some legal duty or into some legal relationship), and which (b) resulted in it being vulnerable to the specific liability in question, such that there would be a real prospect of that liability being incurred.

  • Re Nortel GmbH
    • Chancery Division
    • 10 December 2010

    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.

  • Cheyne Finance Plc ((in Receivership)) v The Insolvency Act 1986
    • Chancery Division
    • 17 October 2007

    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.

  • 1) Jozef Syska Acting as the Administrator of Elektrim S.A. (in Bankruptcy) 2) Elektrim S.A. (in Bankruptcy) v 1) Vivendi Universal S.A. 2) Vivendi Telecom International S.A. and Others
    • Court of Appeal (Civil Division)
    • 09 July 2009

    Of course if no claim has been initiated before insolvency proceedings are opened, it is entirely appropriate that the lex concursus should determine how any subsequent litigation or arbitration should proceed. But if litigation or arbitration has begun before insolvency occurs the natural expectation of businesses would be that it should be that law that should determine whether the proceedings should continue or come to a shuddering halt.

  • Hsbc Bank v Tambrook Jersey Ltd
    • Chancery Division
    • 12 April 2013

    The problem in the present case lies in the fact that it is not possible to see how the Royal Court is "assisted" for these purposes. The English court is not empowered to act merely because a foreign court invites it to do so. The foreign court has to be an insolvency court (which I accept the Jersey court is) and the English court has to be invited to "assist" that court.

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Books & Journal Articles
  • The Recasting of Insolvency Law
    • Nbr. 68-5, September 2005
    • The Modern Law Review
    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...
  • Asset Location in Corporate Insolvency
    • Nbr. 1-1, January 1993
    • Journal of Financial Crime
    • 20-30
    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...
  • Are you an Unwitting Victim of Insolvency?
    • Nbr. 1-2, February 1993
    • Journal of Financial Crime
    • 117-121
    Victims of insolvency are not just those provided for in the legislation. This paper explores just who are the victims of insolvency and what their statutory remedies are.
    • Nbr. 4-1, January 1996
    • Journal of Financial Regulation and Compliance
    • 47-66
    This paper first generally discusses United States bank liquidations under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), and addresses the purposes and impact up...
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