 Main Features:
- Incorporates major changes to primary and secondary legislation: Enterprise and Regulatory Reform Act 2013; Deregulation Act 2015; Small Business, Enterprise and Employment Act 2015; Insolvency Rules (England and Wales) 2016, plus Practice Directions issued in 2014.
Includes commentary on the EU Insolvency Regulation, both in the original (2000) and recast (2015) versions.
- Significant changes to insolvency procedures, including the replacement of debtors’ bankruptcy petitions to the court by online applications to an adjudicator; the abolition in virtually all cases of physical meetings of creditors, and also of company members, during the course of insolvency proceedings; various alternative procedures for an office holder to obtain creditors’ and members’ consent, including by the deemed consent procedure; removal of the requirement for liquidators to obtain sanction for the exercise of certain powers; extension of liability for wrongful or fraudulent trading to cases of company administration.
- More than 300 new cases included in the new edition, including judgments by the Supreme Court in Jetivia v. Bilta (extraterritorial application of ss.213 and 238 of the Insolvency Act 1986); Olympic Airlines SA (jurisdiction under art.3(2) of the EU Insolvency Regulation); Eurosail (test for balance sheet insolvency); Belmont Park Investments (the anti-deprivation rule); Paycheck Services (meaning of “de facto director”); the Nortel and Lehman Companies Pensions Cases (“provable debts” in administration); Rubin v. Eurofinance (limits to common law assistance for foreign insolvency proceedings).
- Judgments by the Privy Council in cases relating to cross-border insolvency, including Saad Investments; Singularis Holdings; and Stichting Shell Pensioenfonds v.Krys. |
