Tag Archives: Bankruptcy

Tax abuse and insolvency – an HMRC consultation

HM Revenue & Customs (“HMRC”) has issued a consultation entitled “Tax Abuse and Insolvency: A Discussion Document” on how it proposes to confront those who misuse insolvency law as a means of avoiding or evading their tax liabilities. HMRC often describes itself as an “involuntary creditor” because it does not choose to trade with debtors. … Continue Reading

Is the UK insolvency regime equipped for the current political and economic climate?

An effective and well-equipped insolvency and restructuring regime gives confidence to investors and financiers, enabling credit to flow through to businesses and boost economic activity, growth and innovation. In 1999, following the Asian financial crisis, the World Bank carried out a review of the international regimes to establish a set of key principles for effective … Continue Reading

Stricter and personal liability for executives under Slovak insolvency law

As of 1 January 2018, those who are obliged to file a petition for declaration of bankruptcy of a company will face stricter liability in Slovakia. This could result in them being required to pay a fine/damages and can even result in their disqualification from sitting on boards of Slovak companies. In addition to an obligation to pay a … Continue Reading

EU Proposals for Harmonisation of Insolvency Practitioners and Judges

Much has already been written about the proposal for the “Second Chance” directive (“Proposal“) published in November 2016 which is still being debated by the EU bodies – and rightly so. Harmonisation of insolvency law across the EU is needed as one in four insolvency proceedings is a cross-border insolvency and creditors need to know what to … Continue Reading

Reporting the misconduct of companies, directors and bankrupts

There are various ways misconduct can be reported in respect of companies and individuals. Establishing which authority has the power to conduct investigations of wrongdoing depends to a certain extent on the status of the companies and individuals. The Insolvency Service is empowered by law as the proper authority to investigate transgressions such as serious corporate abuse and the conduct of … Continue Reading

We’ve heard it all before: re-running arguments in bankruptcy proceedings

The Court of Appeal in Harvey v Dunbar Assets plc [2017] EWCA Civ 60 has confirmed that parties cannot re-litigate failed arguments that have previously been presented in bankruptcy proceedings. This will be welcome news for creditors in situations where debtors rehearse the same arguments at several stages of the bankruptcy process in an attempt … Continue Reading

India’s Insolvency and Bankruptcy Code 2015

What is this all about? India is proposing a new insolvency and bankruptcy code. It’s all part of the “Make In India” campaign by Narendra Modi’s government who are trying to attract businesses to India. Current law It does not appear that there has been a single separate law for bankruptcy legislation in the country’s … Continue Reading

One Click Bankruptcy

From 6 April 2016, debtors in England and Wales who wish to enter bankruptcy will need to apply online and will no longer be able to petition the Court. The final form statutory instruments to introduce the necessary changes were published on 22 February 2016. It will cost £130 for a debtor to apply for his own bankruptcy … Continue Reading

Exercising Discretion- when does a Debtor run out of time?

When will the Court exercise its discretion to adjourn a bankruptcy petition or make an immediate bankruptcy order? The recent Bankruptcy Court decision of Aabar Block Sarl v Maud provided clarification on the matters that the Court will take into consideration. John Alderton (Partner) and Jon Chesman (Associate) represented the Debtor, Glenn Maud, who successfully applied for … Continue Reading
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