Wills & Trusts Law Reports | Summer 2019 #175The Claimants were a group of companies (“Angel Group”) comprising a holding company (“AGL”) and three wholly owned subsidiaries which were in the business of property development and commercial and residential lettings. Its business was substantially dependent on contracts with the UK Border Agency to provide accommodation for asylum seekers. The Defendant, who was the sole Director of the Angel Group, held (directly or indirectly) all of the shares in AGL. The Defendant, and one of the subsidiaries, purchased a number of real properties located in Israel, Northern Cyprus and California...
Christopher Hitchins and Sara Thomas Arano explore the employment law issues that arise when the administrators are called in to try and rescue a business ‘TUPE’s information and consultation obligations still apply on a pre-pack sale, so the in-house employment lawyer will need to advise on the risks associated with a TUPE transfer in such …
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Wills & Trusts Law Reports | Summer 2017 #168This was a trial of the preliminary issue of whether claims made by the joint liquidators of two Jersey-incorporated companies against the respondents were time-barred as a matter of Jersey law.
In the proceedings, the applicants claimed that between 10 April 2007 and 10 June 2008 payments were made of €16m and €18m from ‘Level One’ and ‘Special Opportunity’ respectively, to or for the benefit of the first respondent or companies owned beneficially by him. Those payments were claimed not to have been made in good faith for a legitimate commercial purpose of the companies, and the ...
Ellen Walker sets out the principles applied where a party seeks to protect their interest against a trustee in bankruptcy using equitable principles ‘The particular facts of each case need careful consideration to determine whether the equity applies.’The equity of exoneration arises where property is jointly owned by parties A and B, and B incurs …
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Kathryn Maclennan takes a view on the impact of a recent decision on trusts created by IVAs ‘The insolvency legislation is relatively light when it comes to IVAs and this is for good reason. An IVA is a contract and effect must be given to its terms.’ The Court of Appeal (CoA) decision in Green …
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Rebecca Stone looks at the implications of bankruptcy both prior to and following a financial agreement or order ‘A property adjustment order may not be made once a spouse has been declared bankrupt because the court has no jurisdiction to make an order in relation to assets that have vested in the trustee.’ The ramifications …
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Wills & Trusts Law Reports | October 2016 #163The claimant brought proceedings against (amongst others) Mr Berezovsky’s estate. An application was issued on 9 December 2015 by the trustees of the insolvent estate of the late Mr Berezovsky in the run up to the first CMC. The trustees were Mr Wood, Mr Hellard and Mr Leeds, and they sought a stay of the proceedings against Mr Berezovsky’s estate under s285(1) of the Insolvency Act 1986 as amended by the Administration of Insolvent Estates of Deceased Persons Order 1986 (SI 1986/1999). The trustees’ principal argument was that if a stay was n...
Wills & Trusts Law Reports | March 2016 #157The first and second defendants are a married couple. The defendants purchased 17 Blackmore Crescent, Woking, Surrey (the property) in 1997. The purchase was financed in part using a loan secured on the property.
By declaration of trust dated 14 January 1998 (the trust deed), the first defendant transferred his beneficial interest in the property to the second defendant. Under the terms of the trust deed, the property was to be held upon trust for the second defendant, who was to have sole use and occupation of the property and was to indemnify the first defendant in respect of th...
Wills & Trusts Law Reports | October 2015 # 153MFGUK was part of the MF Global group which carried on business as broker-dealers in financial markets throughout the world. The group’s principal operations in London were carried on by MFGUK. It and other companies in the group entered insolvency proceedings in the United States and England on 31 October 2011. Administrators were appointed under the Investment Bank Special Administration Regulations 2011. MFGUM held funds in two different capacities – money for clients as trustee of the client money trust, and money beneficially on its own account. On their appointment, ...
Rebecca Andrews-Walker and Alex Fox investigate the strained relationship between insolvency and pension assets ‘The Raithatha decision may be argued to discriminate against a different class of bankrupts – those members of society who have reached pensionable age.’ In a challenging economy, bankruptcy increasingly stands accused of constituting a mechanism for debtors to escape their …
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