Hartmann Capital Ltd (in special administration) v the Investment Bank Special Administration Regulations 2011 and Others
| Jurisdiction | England & Wales |
| Judge | Mr. Justice Newey |
| Judgment Date | 13 May 2015 |
| Neutral Citation | [2015] EWHC 1514 (Ch) |
| Court | Chancery Division |
[2015] EWHC 1514 (Ch)
IN THE HIGH COURT OF JUSTICE
CHANCERY DIVISION
COMPANIES COURT
No. 72 of 2014
Rolls Building, Royal Courts of Justice
7 Rolls Buildings, Fetter Lane
London EC4A 1NL
Mr. Justice Newey
Mr. A. Al-Attar (instructed by Bird & Bird LLP) appeared on behalf of the Applicants
I have before me an application by the joint administrators of Hartmann Capital Limited for a declaration which would establish in substance that they are entitled to take advantage of the funding regime which applies in relation to insolvency proceedings generally.
The Government has in recent years taken steps to reform the operation of no win no fee conditional fee agreements, but it has made an exception in relation to insolvency proceedings. The Government's thinking in that respect can be seen from a written statement made by the relevant Minister on 26 th February of this year, to which I was taken by Mr. Adam Al-Attar, who appears for the applicants. That statement confirms that the Government has made reforms in respect of no win no fee conditional fee agreements, but goes on to say this:
"The Government will therefore delay commencing sections 44 and 46 of the LASPO Act 2012 [i.e. the Legal Aid, Sentencing and Punishment of Offenders Act 2012] for insolvency proceedings for the time being. Accordingly, no win no fee agreements in insolvency proceedings will continue for the time being to operate on the pre-LASPO Act basis with any conditional fee agreement success fees and after the event insurance premiums remaining recoverable from the losing party."
The Minister thus spoke in terms of conditional fee agreement arrangements continuing to be available in respect of insolvency proceedings.
The relevant statutory instrument, which is the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Commencement No 5 and Saving Provisions) Order 2013, is, however, expressed in more specific terms. Article of that order states that earlier articles are not to apply to, among other things, "proceedings brought by a person acting in the capacity of an administrator appointed pursuant to the provisions of Part II of the 1986 Act", or "proceedings brought by a company which has...
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