Insolvency and bankruptcy News

3PB barrister Cheryl Jones writes about wrongful trading and provides an update on what's changing in the light of the current COVID-19 pandemic. Read the full article here - 'Suspension of wrongful trading provisions' by Cheryl Jones. What is wrongful trading and what are its consequences? Wrongful trading takes place when one or more Directors knows or ought to have known that the Company had no reasonable prospect of avoiding going into administration or insolvent...

Mariya Peykova, a pupil barrister at 3PB, authors this practical guide for businesses and insolvency practitioners and looks at the proposed and existing measures introduced by the government to help businesses during the coronavirus crisis. The guide also looks at the key provisions of the Temporary Insolvency Practice Direction (“TIPD”), introduced in April 2020. It outlines the impact of the new provisions and measures on the listing of hearings, including remote hearings, and offers businesses...

3PB Barristers' Property & Estates team has issued a new guide, authored by 3PB property barristers Charles Irvine and Rebecca Farrell, on the rights of commercial landlords and their tenants, both prior to the 2020 Act and now and offer practical solutions in these very challenging times for retailers and the commercial property sector. In particular, the guide deals with the existing position for commercial landlords and their tenants, such as the rights of re-entry...

3PB has issued an urgent briefing to its insolvency clients and contacts about a new Temporary Insolvency Practice Direction (TIPD) which has been introduced to provide sensible solutions for court users during the current COVID-19 pandemic. This means continued absence of court appearances in person.

The Court of Appeal has handed down its landmark judgment in Sequana, in the Insolvency sphere (BTI 2014 LLC v Sequana S.A. [2019] EWCA Civ 112). How likely does insolvency need to be, before a director must consider the interests of creditors when deciding what is in the company’s best interests? Is a dividend payment capable of amounting to a transaction defrauding creditors? John Jessup analyses the decision and considers how it changes the law....

3PB’s Commercial and Property barrister Rebecca Farrell, instructed by Ian Baker of London solicitors PGB Gitlin Baker, acted for the Petitioning Creditor Darius Khakshouri in successfully obtaining the bankruptcy of former property tycoon Kevin Cash who owed the businessman in excess of £3 million. The bankruptcy was obtained at Oxford County Court last week. The bankruptcy of Kevin Cash has attracted widespread publicity – alongside the planned sale of his £28m Oxfordshire home. Coverage includes...

When will solicitor’s working papers (as opposed to advice) attract privilege? And what is the scope of legal advice privilege (“LAP”) and litigation privilege (“LP”)? Charles Irvine (call 2010) analyses the recent case of Director of the Serious Fraud Office v. Eurasian Natural Resources Corporation Ltd [2017] EWHC 1017 (QB), its impact on its impact for civil litigation. Charles is a Commercial Law barrister who specialises in Insolvency and commercial matters. View his profile here....