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:

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