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Currently the European Insolvency Regulation regulates European cross-border insolvencies by prescribing the jurisdiction in which to commence insolvency proceedings and for their automatic recognition across other Member States once opened. This system streamlines the administration of insolvent estates throughout Europe and does so by relying upon mutual application by Member States.
We have bolstered our Southeast Asia operation with the hire of partner Akramjeet Khaira and his team in Singapore and the promotion of Ian Johnston to partner in Bangkok.
A summary of recent developments and commercially impactful court decisions, raising issues in relation to the new disclosure pilot scheme for commercial disputes, the HMRCs reinstatement as a secondary preferential creditor, a voluntary capped costs pilot, vicarious liability of employers, a Scottish consultation on success fee costs in employment and commercial disputes, and the latest video hearings pilot scheme.
Tackling corporate insolvency was also on the agenda of the Autumn Budget 2017 and the Spring Budget 2018. We are on the cusp of significant changes to insolvency procedures and on 26 August 2018, we got an indication from the government as to what reforms are likely to be introduced.
Nestled amongst a raft of incentives to tackle tax evasion in Philip Hammond’s third Budget Report, was the announcement that Her Majesty’s Revenue and Customs will once more become a secondary preferential creditor in businesses insolvencies from 2020.
Retentions are a controversial issue within the construction industry. It is common for a sum of money – often around 5% of the total value of a contract – to be retained by employers against their suppliers until the end of the project.
Case review 19/09/2018
This recent decision held that a company in liquidation cannot commence adjudication proceedings when there is a dispute for further sums believed to be due from the responding party to the referring party.
Case review 17/08/2018
This decision is a useful summary of the principles and procedure that should be applied when administrators are considering assigning a claim of the insolvent company.
Infrastructure companies are key to a country’s economy. They provide essential services to industries by assisting economic development and connecting people. The importance of their role is recognised by the recently updated FMI Rules which came into force on 4 August 2018.
Case review 16/07/2018
Following a lengthy 21-day hearing, the NSW Supreme Court has dismissed proceedings brought against former directors, officers and employees of Forge Group Limited by its surety providers.