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Administration (UK Law)
Administration in United Kingdom law is the main kind of procedure in UK insolvency law when a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner whose statutory duty is to rescue the company, save the business, or get the best result possible. While creditors with a security interest over all a company's assets could control the procedure previously through receivership, the Enterprise Act 2002 made administration the main procedure. History The Insolvency Act 1986, Schedule B1 contains the procedure for a company entering administration, as updated by the Enterprise Act 2002. It was first introduced following the Cork Report's priorities for transparency, accountability and collectivity and, crucially, fostering a rescue culture for business. Appointment In general the conditions for a court to grant an administration order are first, whether the company is insolvent, or 'is or is likely to become unable to pay i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Insolvency Law
United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While Bankruptcy in the United Kingdom, UK bankruptcy law concerns the rules for natural persons, the term ''insolvency'' is generally used for companies formed under the Companies Act 2006. ''Insolvency'' means being unable to pay debts. Since the Cork Report of 1982, the modern policy of UK insolvency law has been to attempt to rescue a company that is in difficulty, to minimise losses and fairly distribute the burdens between the community, employees, creditors and other stakeholders that result from enterprise failure. If a company cannot be saved it is liquidated, meaning that the assets are sold off to repay creditors according to their priority. The main sources of law include the Insolvency Act 1986, the Insolvency Rules 1986 (SI 1986/1925, replaced in England and Wales from 6 April 2017 by the Insolvency Rules (England and Wales) 2016 (SI 2016/1024) – see #Cha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Environmental Agency V Clark
''Environment Agency v Clark'' 001Ch 57 (also, ''Re Rhondda Waste Disposal Ltd'') is a UK insolvency law case concerning the right of creditors to bring proceedings against insolvent companies in administration. It concerned s.10, Insolvency Act 1986, now Schedule B1, para. 43(6) whereby a moratorium on legal proceedings is effected after an administration order takes place. Facts Rhondda Waste Disposal Ltd, a company wholly owned by Rhondda Cynon Taf County Borough Council ran a landfill site under a waste management licence in Nant-y-Gwyddon, Rhondda Valley. The Environment Agency served an enforcement notice against Rhondda, telling it to comply with its licence terms, under s.33(6), Environmental Protection Act 1990. It then got an injunction. Rhondda failed to change in the next six months. So Rhondda petitioned for an administration order. The administrator asked the court to clarify whether the Environment Agency needed leave under the Insolvency Act 1986, s.10(1)(c) and s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royal Trust Bank V Buchler
''Royal Trust Bank v Buchler'' 989BCLC 130 is a UK insolvency law case, which decided that before a creditor may enforce security, it must show it is appropriate to do so. Facts Mr Buchler's company borrowed £500,000 from Royal Trust Bank. It purchased and refurbished some property to let it out again. The loan was secured by a charge entitling the bank to appoint a receiver. When an administrator was appointed, he decided it would be best to go ahead letting the property and then sell. Letting failed. The administrator decided to sell. The property got £850,000, and the bank sought leave under the Insolvency Act 1986 s.11(3) (see now, Schedule B) to enforce its security. Judgment Peter Gibson J refused the bank leave. He held the bank failed to discharge its burden of showing a proper case to enforce security. The decision to delay the property's sale was a sound one, and if it was sold the bank could be paid in full. If the bank was allowed to appoint a receiver, costs would ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re T&D Industries Plc
''Re T&D Industries plc'' 000BCC 956 is a UK insolvency law case, concerning the policy of administration of a company in financial distress. It held that administrators have the clear power to deal with the company's property as is necessary if under the pressure of time before there is a creditors' meeting. Facts The two administrators of T&D Industries plc (from PWC) wished to dispose of the company's assets before a creditors' meeting had taken place as required by the Insolvency Act 1986 s 24 (now Schedule B1, para 51). Section 17(2)(a) (now updated in schedule B1, para 1) contained the ambiguously worded provision that an administrator can manage the affairs, business and property of the company, Counsel for the administrators argued that this should be taken, on a first interpretation, to mean that the administrator could do anything, unless it was prohibited under the administration order for their appointment. Failing that, a second interpretation was that any disposa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Neuberger, Baron Neuberger Of Abbotsbury
David Edmond Neuberger, Baron Neuberger of Abbotsbury (; born 10 January 1948) is an English judge. He served as President of the Supreme Court of the United Kingdom from 2012 to 2017. He was a Lord of Appeal in Ordinary until the House of Lords' judicial functions were transferred to the new Supreme Court in 2009, at which point he became Master of the Rolls, the second most senior judge in England and Wales. Neuberger was appointed to the Supreme Court, as its President, in 2012. He now serves as a Non-Permanent Judge of the Hong Kong Court of Final Appeal and formerly served as the Chair of the High Level Panel of Legal Experts on Media Freedom. He was appointed to the Singapore International Commercial Court in 2018. Early life Neuberger was born on 10 January 1948, the son of Albert Neuberger, Professor of Chemical Pathology at St Mary's Hospital, University of London, and his wife, Lilian. He was born Jewish originating from Germany. His uncle was the noted rabbi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Transbus International Ltd
Administration in United Kingdom law is the main kind of procedure in UK insolvency law when a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner whose statutory duty is to rescue the company, save the business, or get the best result possible. While creditors with a security interest over all a company's assets could control the procedure previously through receivership, the Enterprise Act 2002 made administration the main procedure. History The Insolvency Act 1986, Schedule B1 contains the procedure for a company entering administration, as updated by the Enterprise Act 2002. It was first introduced following the Cork Report's priorities for transparency, accountability and collectivity and, crucially, fostering a rescue culture for business. Appointment In general the conditions for a court to grant an administration order are first, whether the company is insolvent, or 'is or is likely to become unable to pay i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rescue
Rescue comprises responsive operations that usually involve the saving of life, removal from danger, liberation from restraint, or the urgent treatment of injury, injuries after an incident. It may be facilitated by a range of tools and equipment necessary to deal with the specific circumstances. Rescues may be necessary in a wide range of circumstances and environments, and specialised procedures have been developed for many of these. A rescue may also be performed on an ad hoc basis by the people who are available on site, using equipment available on site or assembled from available materials, particularly when the rescue is urgent or it is unlikely that specialist assistance will be available within a reasonable time. First aid medical attention is often closely associated with rescue, and may be a necessary part of a rescue. Equipment used might include search and rescue dogs, mounted search and rescue horses, helicopters, the "Hydraulic rescue tools, jaws of life", and o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Burger King
Burger King Corporation (BK, stylized in all caps) is an American multinational chain store, chain of hamburger fast food restaurants. Headquartered in Miami-Dade County, Florida, the company was founded in 1953 as Insta-Burger King, a Jacksonville, Florida–based restaurant chain. After Insta-Burger King ran into financial difficulties, its two Miami-based franchisees David Edgerton (1927–2018) and James McLamore (1926–1996) purchased the company in 1959. Over the next half-century, the company changed hands four times and its third set of owners, a partnership between TPG Capital, Bain Capital, and Goldman Sachs Capital Partners, took it public in 2002. In late 2010, 3G Capital of Brazil acquired a majority stake in the company in a deal valued at US$3.26 billion. The new owners promptly initiated a restructuring of the company to reverse its fortunes. 3G, along with its partner Berkshire Hathaway, eventually merged the company with the Canadian-based coffeehouse chain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Percival V Wright
''Percival v Wright'' 9022 Ch 401 is a UK company law case concerning directors' duties, holding that directors only owe duties of loyalty to the company, and not to individual shareholders. This is now codified in the United Kingdom's Companies Act 2006, section 170. Facts Shareholders in Nixon's Navigation Co. wanted to sell their shares, and requested that the company's secretary find purchasers. Some directors of the company purchased the shares at £12.10s per share, which price was based upon independent valuation. After the sale, the shareholders discovered that before and during the negotiations for that sale, the board of directors had been involved in other negotiations to sell the entire company, which would have made those shares substantially more valuable had they come to fruition. The plaintiff sued, claiming breach of fiduciary duty, in that the shareholders should have been told of these negotiations. Judgment Swinfen Eady J held the directors owed duties to th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peskin V Anderson
''Peskin v Anderson'' directors' duties under English law. Facts Former members of the Royal Automobile Club (RAC) sued the directors for failing to disclose that they had plans to demutualise. They claimed that they could have received £35,000 had they stayed in the club, but had given up their membership. They claimed that the directors had breached a duty owed to them as shareholders to inform them of the upcoming demutualisation plan. The RAC applied to have the claims struck out as having no prospect of success as directors did not owe a duty to individual shareholders. The RAC succeeded in having the claims struck out at first instance before Neuberger J, and the claimants appealed to the Court of Appeal. Judgment The Court of Appeal dismissed the appeal. The only judgment was given by Mummery LJ. Although there were several grounds in the appeal, the main proposition for which the judgment is traditionally cited is that directors do not owe a general duty to shar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oldham V Kyrris
is a UK insolvency law case concerning the administration procedure when a company is unable to repay its debts. Facts Mr Michael Oldham was appointed by the court as administrator of Mr Jack Kyrris’ partnership. Kyrris had operated 13 Burger King restaurants, including two on Angel Row and Upper Parliament Street, Nottingham. Mr Mario Royle was an employee who sought a secured equitable charge, granted by Kyrris, for work he had done, but had not yet been paid. This amounted to £270,000. A summary judgment was given to Mr Oldham, and Mr Royle cross appealed that Mr Oldham was in breach of a duty of care, and there was sufficient proximity to him were he an unsecured creditor. He said the failure to ensure sums were paid to him was a breach of duty. Behrens J said the equitable charge point was good enough to go to trial, and gave summary judgment for Oldham on the duty of care point. Judgment Jonathan Parker LJ said that any equitable charge was a matter for trial and ther ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Company Law
British company law regulates corporations formed under the Companies Act 2006. Also governed by the Insolvency Act 1986, the UK Corporate Governance Code, European Union Directive (European Union), Directives and court cases, the company is the primary legal vehicle to organise and run business. Tracing their modern history to the late Industrial Revolution, public companies now employ more people and generate more of wealth in the United Kingdom economy than any other form of organisation. The United Kingdom was the first country to draft modern corporation statutes, where through a simple registration procedure any investors could incorporate, limit liability to their commercial creditors in the event of business insolvency, and where management was delegated to a centralised board of directors. An influential model within Europe, the Commonwealth of Nations, Commonwealth and as an international standard setter, British law has always given people broad freedom to design the i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
