GLOBAL CORPORATE LIMITED V Hale; re Powerstation UK Ltd Facts: The Company operated a vehicle tuning business. There were two directors and shareholders. They worked long hours. The directors received a salary of £456 each per month. They also each received an additional £1,383 each per month. The directors signed tax vouches each month which[…]
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BTI 2014 LLC v Sequana SA 2019 This case addresses the thorny issue of when a director’s duty to have regard to the interests of creditors is triggered. The Sequana SA caused its subsidiary to declare it a dividend, which it set off against the inter company account. At the time the subsidiary was not[…]
LF2 Limited v Supperstone & another (joint liquidators of Pennyfeathers Limited) A creditor of the Company sought to persuade the administrators to bring a claim against a firm of solicitors for advice given to the Company in relation to a claim under a CFA. The creditor also offered to purchase the claim for £10,000. The[…]
In the recent case of Bevan v Walker 2018 EWHC 265 CH in the High Court His Honour Judge Purle QC upheld the appointment of liquidators in an MVL despite the failure to notify HSBC. The Company passed a special resolution in accordance with section 84(1) that it be wound up voluntarily. However, under section[…]
Grant & Another v Baker [2016] EWHC 1782 (Ch) The trustee had applied for the sale of the bankrupt’s home which he jointly owned with his wife. They had a disabled adult daughter (aged 30) living with them, who had global developmental delay, dyspraxia and obsessive compulsive disorder, and the mental age of an 8/9[…]
Directors of owner managed businesses often feel immune from personal liability for claims made against their companies. However as well as the obvious personal liability arising from personal guarantees and recovery actions upon insolvency the potential generally for personal liability is very real. The Supreme Court has recently reviewed when the corporate veil of limited[…]
Traditionally if you had a dispute with another person or company you went to see a solicitor and paid him his fees up front, and if you won the dispute you could recover some of the costs and damages. If you lost you had to pay the other sides costs. There have been numerous attempts[…]
The Deregulation Act 2015 received Royal Assent on 26 March 2015. The Act dealt with a number of diverse and unconnected issues. However at Part 2 Schedule 6 there is a significant reform to the appointment of administrators using the notice procedure by the company or its directors. This provision has yet to be enacted[…]
Shareholder disputes are often categorised as David and Goliath battles with the oppressed minority in the role of David. However I have come across a number of scenarios recently where the majority shareholders have been desperate to rid themselves of a disruptive minority. The best protection is normally a well drafted Shareholders Agreement, or some[…]
I am very pleased to inform my valued clients and referrers that the latest Legal 500 and Chambers directories have recognised the service and expertise provided my me in my niche Recovery and Insolvency practice. A big thank you to all of you for your support. I was ranked by both Chambers and the Legal[…]
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