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Cryptocurrency and the future issues facing the insolvency profession

Christopher Ahearne
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How do you trace digital currency as an asset when it is designed to avoid tracking? How do you ensure the full and ongoing cooperation of pursued individuals in order to identify and liquidate digital currency? Do creditors always have a proprietary claim to digital assets?

Directors' fiduciary duties, the removal of assets and limitation: Burnden Holdings v Fielding and another

Christopher Ahearne
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The Supreme Court has handed down an important decision on the proper construction of Section 21(1) (b) of the Limitation Act 1980 (“the Act”), which waives the six-year limitation for claims brought in respect of any claim for trust property. ...

Carillion liquidation: insolvency and where does my business go?

Stephen Downie
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Following the liquidation of Carillion and its five associated companies (although more may yet fold) there are undoubtedly similar insolvency risks for SMEs with large debts outstanding and unpaid, and individuals in similar circumstances. The prospect...

Carillion liquidation and pension concerns

Stephen Downie
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The Carillion pension scheme is a final salary/defined benefit scheme which provides a final salary to employees dependent on their period of service and contributions.  This is a type of scheme which was traditionally used by large companies in the UK...

Carillion liquidation: recovery of your debts and losses

Stephen Downie
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The recent and well-publicised liquidation of Carillion Plc (and a number of connected companies) has left everyone surprised, including public commentators concerned as to why projects were given to Carillion, political commentators on the future of PFI, ...

Carillion liquidation: what does this mean?

Stephen Downie
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Carillion Plc and five associated companies have been placed into liquidation following a petition presented to Court.  This is often referred to as a “compulsory liquidation” where a creditor forces the liquidation of a company, as opposed...

Can a charge-holder appoint an administrator after a company has been wound up?

Tim Francis
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Ordinarily, once a company is wound up there is a ban on the appointment of an administrator. However, there is a rarely used exception in the Insolvency Act 1986, Paragraph 37 of Schedule B1, which allows a qualifying charge-holder to apply to the court...

Why are fixed and floating charges necessary?

Tim Francis
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Francis Wilks & Jones is regularly instructed to advise lenders in the alternative finance market. This includes Asset Based Lenders (ABLs), platform finance providers and private lenders. The most important thing to any lender is ensuring that risk is...

Offer to Insolvency Practitioners (Before its too late)

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The ability to recover premiums due on After the Event Insurance in insolvency claims, and the ability to recover the uplifted "success fee" under a Conditional Fee Agreement with a solicitor in insolvency claims, will no longer...

Compensation Orders/Undertakings can they be changed?

Stephen Downie
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The Small Business, Enterprise and Employment Act 2015 incorporates a new Section 15C into the Company Directors Disqualification Act 1986 which allows an application to court to vary the compensation payable under a Compensation Undertaking and even to seek...

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