Coronavirus: Court extend the remit in respect of the automatic 90-day stay on possession proceedings but raise questions relating to jurisdiction in the process

In response to the coronavirus pandemic the Government introduced emergency legislation which included CPR PD 51Z, the effect of which is to impose automatic 90-day stay on possession proceedings brought under CPR Part 55. The automatic stay came into force on 27 March 2020.

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2 min read

2 JULY 2020

Insight

Corporate Insolvency and Governance Act 2020

The Corporate Insolvency and Governance Act 2020 came into force on 26 June 2020. As well as bringing in temporary measures deigned to cushion businesses from the impact of the pandemic it introduces a new standalone moratorium, a completely new restructuring tool known as a restructuring plan and restrictions on supplier termination rights.

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3 min read

2 JULY 2020

Insight

Administrators appointed in breach of section 362A of the Financial Services and Markets Act 2000 (“FSMA”) renders the appointment a nullity

This is a notable case as it includes a review of over 30 previous cases on defective administration appointments.

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2 min read

2 JULY 2020

Insight

Court declines to order repayment of a preference

Within the two years prior to his bankruptcy, the bankrupt (“F”) had paid £47,000 to his stepdaughter (“W”) for forensic accounting services. The Joint Trustees in bankruptcy had established a preference claim and sought repayment with interest and costs. However, relief may be declined in exceptional circumstances if justice requires.

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2 min read

2 JULY 2020

Insight

You cannot appoint an administrator as a qualifying floating charge holder if you do not have security

Executors of a deceased individual appointed administrators pursuant to security that they claimed was assigned to the individual. The company and a second charge holder challenged the appointment of the administrator and sought to have him removed. The security was granted in 1998 to a lender. The borrower was struck off in 1999 and the security was assigned to a BVII incorporated entity in 2007.

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2 min read

2 JULY 2020

Insight

Future Fund popularity continues to rise

The UK Government has extended its Future Fund to support high growth companies during the COVID-19 pandemic.

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2 min read

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