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.

  • 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 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).

  • Re Lehman Brothers International (Europe) ((in Administration))
    • Chancery Division
    • 14 Marzo 2014

    There are, as I see it, a number of serious difficulties with this submission. First, on a natural reading of 2.88(7) it applies to a surplus in the hands of the administrator rather than in the hands of a subsequent liquidator. Read in its context, it seems to direct the administrator as to the application of the surplus which he holds.

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Legislation
  • The Insolvency (England and Wales) Rules 2016
    • UK Non-devolved
    • 1 de Enero de 2016
    ...... [Note: “bankrupt's estate” is defined in section 283]; . “bankruptcy application” means the bankruptcy application submitted by the debtor to the adjudicator requesting the making of a bankruptcy order against the debtor; . “bankruptcy file” means the file opened by the adjudicator ......
  • Corporate Insolvency and Governance Act 2020
    • UK Non-devolved
    • 1 de Enero de 2020
    ...... (d) (d) a statement from the directors that, in their view, the company is, or is likely to become, unable to pay its debts, and . (e) (e) a statement from the proposed monitor that, in the proposed monitor’s view, it is likely that a moratorium for the company would ......
  • 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 ......
  • Bankruptcy (Scotland) Act 2016
    • Scotland
    • 1 de Enero de 2016
    ......(Scotland) Act 2007, Part 2 of the Home Owner and Debtor Protection (Scotland) Act 2010, the Bankruptcy and Debt Advice (Scotland) ... qualified creditor or qualified creditors only if the apparent insolvency founded on in the petition was constituted within 4 months before the date ......
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Books & Journal Articles
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Law Firm Commentaries
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