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Subscribe to this list via RSS Blog posts tagged in Bankruptcy Litigation

An individual who has debts that do not exceed £5,000, cannot pay these debts in full now but will be able to over time, can apply to a court for an administration order. An administration order offers protection to the individual concerned and enables them to make payments of their debts by monthly instalments. An administration order also allows for a postponement of payments (a ‘moratorium’) on the enforcement of the debts by the individual’s creditors. The main benefit of this type of order is that while the order remains in force, and the debtor maintains the agreed monthly payments, no creditor may issue proceedings for (or exercise any other remedy in respect of) any of the debts covered by the order.

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The total number of individuals being formally declared as insolvent has reached its highest level for the past six years, based on data from March to May 2018. There are now a record number of UK citizens proceeding with Individual Voluntary Agreements (IVA’s), an arrangement whereby individual debtors agree to repay their creditors some or all of what they owe.

Tennis legend Boris Becker, who won the first of 3 men’s singles at Wimbledon in 1985 at the tender age of 17 and who earned $25m in a successful 22 year playing career, is taking a somewhat unconventional approach in trying to avoid bankruptcy proceedings in the UK Courts. The popular ex-player turned TV pundit was declared bankrupt in June 2017, owing bankers Arbuthnot Latham & Co an undisclosed sum of money.

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A recent High Court case has made it clear that Litigants in Person (known as LiPS – private individuals who are representing themselves in Court) will not get special treatment when bringing a legal action in the UK.

Insolvency body, R3's Business Distress Index, shows that 24 per cent of businesses are 'distressed' – which is a record low.

The UK Government has unveiled new measures, which if approved, would force large companies across the country to disclose their payment practices twice every year.

Unfair payment practices, can cause creditors financial problems - which may lead to insolvency events.

The UK Government has this week, laid before Parliament, proposals, which if approved, will ensure insolvent businesses continue to be supplied services deemed to be "essential" – such as IT, telecoms and other utilities services, while insolvency practitioners seeks a solution.

The suppliers of such 'essential' services will not be able to simply cut off supply, nor charge premium rates to, any businesses undergoing rescue.

The civil litigation reforms, and the potential damage they could do to businesses once they are implemented, has put the Department for Business, Innovation and Skills (BIS) in direct conflict with the Ministry of Justice (MoJ).

The Legal Aid, Sentencing and Punishment of Offenders Act (LASPO) has placed limits on contingency fee agreements during insolvency proceedings, which trade body for Insolvency Professionals R3 have long argued will be costly to creditors by prohibiting litigants from reclaiming certain legal costs from defendants.

A new EU insolvency regime, hoped to "rescue and recover" viable businesses facing cross-border financial difficulties, has been backed by justice ministers throughout the EU. The Regulation must be formally adopted by, both the European Council and Parliament, before coming into force.

The new Insolvency Regulation is expected to come into force in 2017, and would replace the current regime - which has been in place since May 2002 - with a modern and "rescue orientated" approach. The new rules also aim to reinforce the single market while recovering from the financial crisis.

Despite a warning from the Insolvency Service showing insolvencies are on the rise for the first time since 2010 - a 5.1 per cent increase from the previous year - the Bank of England Governor has announced that he is preparing to increase interest rates.  

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