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Articles and Bulletins

Removing Assets On Insolvency - the Anti Deprivation Principle

The Supreme Court has spoken in Belmont Park Investments PTY Limited -v- BNY Corporate Trustees Limited and Lehman Brothers Special Financing Inc [2011] UKSC 38 ("Belmont") and has given the anti-deprivation principle the judicial clarification which it deserves. The anti-deprivation principle is a common law principle of insolvency law which has featured heavily in corporate insolvency proceedings in England in recent years.

Transfer of Multiple Appointments

In this article, Robert Dobie and Sarah Skea discuss the recent sheriff court decision in Menzies and Anderson Petitioners, a case in which Tods Murray acted for the Petitioners.

Proposed New Charge Registration Regime - Bis Responds to Consultation

After a summer of cogitation last week saw the publication by BIS of the Government Response to their consultation earlier this year on the Registration of Charges created by Companies and Limited Liability Partnerships. Having discussed the consultation in a previous bulletin (BIS Consult on Registration of Charges Regime) we revisit the topic to highlight some of the areas to be reformed.

Insolvency Law In The Electronic World

Recent developments in the law of insolvency have shown a marked shift from a commercial outlook that was dominated by the use of pen and paper to one that now welcomes the use of electronics for communicating and holding information. The result is a more cost efficient system for creditors. However differences between the law in Scotland and England should be considered with care.

Rent in Trading Administrations

The insolvency of a tenant raises a number of issues for Landlords, not least of which is the Landlord’s rights against an administrator of the tenant, and what is to happen if the administrator continues to occupy the leased premises.

Agreeing Rescues with Creditors

In this article, as published in the October 2009 edition of the Journal of the Law Society of Scotland, Alistair Burrow and Hamish Patrick, members of Tods Murray's Recovery and Insolvency team discuss how recent cases on company voluntary arrangements show them often to have advantages in insolvencies over schemes of arrangement.

Packed and Ready

This article which appeared in The Journal of the Law Society of Scotland regarding Pre-packs”, meaning sales out of an insolvency process which have largely been agreed (at least in principle) before a formal insolvency appointment, are loaded with controversy.

Process Queries

This article which appeared in The Journal of the Law Society of Scotland discusses recent changes to Bankruptcy of individuals in Scotland which same into effect on 1 April 2008. This appeared in The Journal in October 2008.

Wrongful Trading

During these difficult economic times, directors must heighten their awareness of their duties and also ensure that they keep themselves appraised of the company's financial state and performance. Failure to do so could potentially lead to the company wrongfully trading.

More Equal than Others?

This article which appeared in The Journal of the Law Society of Scotland illustrates how two English cases appear to settle the question of which creditors are entitled to share under the new "prescribed part" provisions.

Testing Insolvency

This article which appeared in The Journal of the Law Society of Scotland is a discussion of the Cheyne Finance decision in England on when a company is to be treated as unable to pay its debts, which may have served only to muddy the waters.

Preferential treatment?

This article which appeared in The Journal of the Law Society of Scotland illustrates how the English courts have been grappling with the question whether a financial award on divorce amounts to an unfair preference in bankruptcy.

Goal to Leeds

This article which appeared in The Journal of the Law Society of Scotland illustrates how an insolvent football club has helped clarify the rules on administrators' liability for payments under contracts of employment.