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The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act – Crackdown on “dodgy” company dissolution

Background of Insolvency Service’s powers under Company Directors Disqualification Act 1986 Prior to The Ratings (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 (“the Act”), the Insolvency Service (on behalf of the Secretary of State) only had the power to investigate the conduct of directors of companies that have entered into an insolvency process. TheContinue reading “The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act – Crackdown on “dodgy” company dissolution”

Case Analysis: RE Ipagoo LLP (In Administration) [2022] EWCA Civ 302

A key recent case in insolvency law has been the ongoing saga of Ipagoo LLP. Background and Initial High Court Judgment The facts of the case were as follows: Ipagoo went into administration in 2019. Ipagoo’s principal business was in electronic money, and as such it was under a duty to safeguard relevant funds, whichContinue reading “Case Analysis: RE Ipagoo LLP (In Administration) [2022] EWCA Civ 302”

Schedule 10 – CIGA 2020

Temporary protections were put in place under the Corporate Insolvency and Governance Act 2020 (“CIGA”) at the commencement of the coronavirus pandemic to provide enterprises, that were impacted, room to manoeuvre from the risk of winding up action. Nevertheless, the restrictions will not be lifted wholly. The UK government has introduced new temporary regulations throughContinue reading “Schedule 10 – CIGA 2020”

CIGA 2020 – A Shift to a Debtor-in-Possession Style of Insolvency Law

Insolvency legislation endeavours to manage a range of competing interests within society, making it a political and economic battleground, and the procedure aims to maximise the returns to creditors. However, recent reforms have favoured corporate rescue over creditor sympathy. The coronavirus pandemic created an unsympathetic economic environment for companies and forced the hand of lawmakersContinue reading “CIGA 2020 – A Shift to a Debtor-in-Possession Style of Insolvency Law”

Further Court Insight into the “Coronavirus Test”

Introduction[1]  1.    On 16 August 2021, the High Court handed down a judgment in the case of IN Re A Company and in the matter of the Insolvency Act 1986, which looked at the application of the Coronavirus test, giving insight as to when the test may be met.    Case Summary  2.    The petitioner in this case sought the winding up of “C Limited”. The petition debt arose out of a contract dated 4Continue reading “Further Court Insight into the “Coronavirus Test””

Temporary Insolvency Practice Direction extended until 30 September 2021!

At the end of June, Lord Wolfson approved the extension of the Temporary Insolvency Practice Direction, which replaced the previous TIPD. The bottom line to takeaway is that the procedures that have been followed for insolvency proceedings or for the provisions in relation to administration appointments and statutory declarations throughout the COVID-19 pandemic will remainContinue reading “Temporary Insolvency Practice Direction extended until 30 September 2021!”

Pre-pack Administration – New Regulations

Koomooda V Virasami City, University of London What is a pre-pack?  A pre-pack administration is when a business is sold by an administrator to a management or third-party purchaser either immediately upon or within a few days of their appointment. Upon the administrator’s appointment, the business is sold to existing directors as a going concern. ThisContinue reading “Pre-pack Administration – New Regulations”

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