Insolvency Debt in UK Law

Leading Cases
  • Re Nortel GmbH
    • Chancery Division
    • 10 Diciembre 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.

  • Cambridge Gas Transport Corporation v Official Committee of Unsecured Creditors of Navigator Holdings Plc and Others
    • Privy Council
    • 16 Mayo 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.

  • Re Nortel GmbH ((in Administration)) and related companies
    • Supreme Court
    • 24 Julio 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.

  • Richard Dale Agnew and Another v The Commissioner of Inland Revenue and Another
    • Privy Council
    • 05 Junio 2001

    Once these have been ascertained, the Court can then embark on the second stage of the process, which is one of categorisation. If their intention, properly gathered from the language of the instrument, is to grant the company rights in respect of the charged assets which are inconsistent with the nature of a fixed charge, then the charge cannot be a fixed charge however they may have chosen to describe it.

  • Re Kaupthing Singer & Friedlander Ltd (No 2)
    • Supreme Court
    • 19 Octubre 2011

    The rule prevents a double proof of what is in substance the same debt being made against the same estate, leading to the payment of a double dividend out of one estate. It is for that reason sometimes called the rule against double dividend. In the simplest case of suretyship (where the surety has neither given nor been provided with security, and has an unlimited liability) there is a triangle of rights and liabilities between the principal debtor (PD), the surety (S) and the creditor (C).

  • Doorbar v Alltime Securities Ltd (No 1)
    • Court of Appeal (Civil Division)
    • 30 Noviembre 1995

    The context of the crucial words in r.5.17(3) is that there is a general prohibition on voting by the creditor with an unliquidated or unascertained claim, to which prohibition there is an exception if the chairman agrees. It is not an agreement on the value (that, in the voluntary arrangement, is for the supervisor who might arrive at a significantly higher value): the chairman only agrees to put on the debt an estimated minimum value.

  • Re T &N Ltd
    • Chancery Division
    • 17 Noviembre 2006

    This suggests that as wide a meaning as possible should be given to "creditors" in the section. Having said that, it is important to bear in mind that section 425 is designed as a mechanism whereby an arrangement may be imposed on dissenting or non-participating members of the class and such a power is not to be construed as extending so as to bind persons who cannot properly be described as "creditors".

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Legislation
  • The Insolvency (England and Wales) Rules 2016
    • UK Non-devolved
    • 1 de Enero de 2016
    ...... “CVA” means a voluntary arrangement in relation to a company under Part 1 of the Act; . “debt” is defined in rule 14.1(3) for the purposes of administration and winding up and “small debt” is also defined in rule 14.1(3) for ......
  • Bankrupt and Insolvent Act 1857
    • UK Non-devolved
    • 1 de Enero de 1857
    ...... to consolidate and amend the Laws relating to Bankruptcy and Insolvency in Ireland . . (20 & 21 Vict.) C A P. LX. . [25th August 1857] . . ... this Act upon any Trading, Act of Bankruptcy, Petitioning Creditor's Debt, Commission, or other Proceeding in Bankruptcy before the Commencement of ......
  • Corporate Insolvency and Governance Act 2020
    • UK Non-devolved
    • 1 de Enero de 2020
    ....... (4) In this section “pre-moratorium creditor” means a creditor in respect of a pre-moratorium debt— . (a) (a) for which the company has a payment holiday during the moratorium (see section A18), and . (b) (b) which has not been paid or ......
  • Small Business, Enterprise and Employment Act 2015
    • UK Non-devolved
    • 1 de Enero de 2015
    ...... appointments relating to companies; to make provision about insolvency; to make provision about the law relating to employment; and for connected ...(b) arranges or facilitates the provision of debt or equity finance in the course of a business, or. (c) provides, arranges ......
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Books & Journal Articles
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Law Firm Commentaries
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Forms
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