Insolvency Update for 2015

30 Nov 2015

  • On 15 September 2015 various provisions of the Small Business, Enterprise and Employment Act 2015 relevant to insolvency were brought into force. They include the introduction of a power for an administrator to bring a claim for fraudulent or wrongful trading and the power for a liquidator or administrator to assign causes of action.
  • The High Court has held that a pre-pack sale must be in the interests of creditors and not just for business continuity purposes (Capital For Enterprise Fund A LP and another v Bibby Financial Services Limited [2015] EWHC 2593 (Ch) 28 September 2015).
  • A revised version of Standard of Insolvency Practice 16 (SIP 16) came into effect on 1 November 2015. It deals with an insolvency practitioner’s duties in relation to a pre-pack. The changes are intended to ensure that a greater level of information is provided to the creditors of a company when the business and assets have been sold by way of a pre-pack.

For more information on insolvency matters please contact:

Further reading

To whom does TUPE apply?

Blog
26/10/2021
An individual’s employment status and the effect that has on their rights and on the rights and obligations of the person who uses their services, is an issue that's likely to remain.
Read more Read

The consumer power shift - CMA reforms on the horizon

Blog
13/10/2021
Incoming reforms are set to increase the CMA's reach. Jay Barnett explains what this means for businesses and consumers
Read more Read

The consumer power shift - CMA reforms on the horizon

Blog
13/10/2021
Incoming reforms are set to increase the CMA's reach. Jay Barnett explains what this means for businesses and consumers
Read more Read

The Rise and Rise of Fixed Costs in Litigation

Blog
12/10/2021
Changes to the way litigation claims are run are on the horizon. Simon Elcock explains the growing significance of fixed costs.
Read more Read
  • Brighton Office

    1 Jubilee Street

    Brighton

    East Sussex

    BN1 1GE

  • Gatwick Office

    Griffin House

    135 High Street

    Crawley

    West Sussex

    RH10 1DQ

  • Guildford Office

    Wonersh House

    The Guildway

    Old Portsmouth Road

    Guildford

    Surrey

    GU3 1LR

  • Horsham Office

    Ridgeland House

    15 Carfax

    Horsham

    West Sussex

    RH12 1DY

  • London Office

    6 New Street Square

    New Fetter Lane

    London

    EC4A 3BF

  • Get in touch