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Echelon Part 1 - no right of retention for former liquidators

United Kingdom - June 9 2011 In a recent case in relation to the liquidation of Echelon Wealth Management Limited ("E"), Lord Glennie has decided that upon removal as liquidator, a former liquidator may not retain from the assets of the liquidated company any sum as security for costs.

Leon Breakey

Terminating 'unreasonable' termination?

United Kingdom - May 13 2011 In its ministerial statement this week in relation to its consultation on the proposals for a restructuring moratorium, the Government has indicated that it now proposes to consider implementing measures to tackle the unreasonable use of termination clauses in insolvencies.

John Reid

Compromising claims in liquidations without the consent of all creditors

United Kingdom - May 11 2011 In the recent English Court of Appeal case of Rubin v Coote, the court allowed a liquidator to settle litigation without having obtained the agreement of all creditors to the compromise.

Leon Breakey

Administrator challenges Tayplan pay plan

United Kingdom - March 22 2011 The recent Court of Session case of Tayplan Limited (in administration) v Smith is particularly interesting as it is a case where the administrator chose to pursue directors for breach of fiduciary duties rather than using any of the more common statutory remedies.

Leon Breakey

Insolvency Service moots regulatory reform for insolvency practitioners

United Kingdom - February 21 2011 The Insolvency Service ("IS") has published a consultation on proposed reform to the regulation of insolvency practitioners.

John Reid