On 1st November 2022 the Official Receiver deposit, payable on the issue of bankruptcy or winding up proceedings will be increased.
For our asset finance client, Greenhalgh Kerr successfully defended a Part 8 claim and Issued a claim for damages in response. We were able to agree a resolution before the Contested Hearing – with an agreement for the debtor to pay the full balance on the finance agreement, plus interest and costs.
Covid related restrictions on the use of insolvency against companies are being updated on 1st October 2021. The new regime will provide that the following conditions have to be met for a creditor to present a winding up petition: 1. The debt which the petition relates to must be a liquidated sum and cannot be excluded. …
A frustrating element of the standard procedure is that only fixed costs are recoverable under the Civil Procedure Rules. The rules state that the claimant is only able to recover a fixed fee of £110.00 towards it solicitor’s costs (CPR Part 45.6). It has long been argued that this sum is simply not sufficient to account for the work involved in making a charging order application, particularly bearing in mind the requirements of service on unsecured creditors, of which there can be many.
Q. We are a finance house who entered into a commercial hire agreement with a new company who needed to acquire plant and equipment. It was a condition of the agreement that both directors gave their personal guarantees. Now the company has collapsed and one of the directors has already gone bankrupt. The other one is saying that he never saw the form and it is not his signature. We thought we had security but now we are contemplating a huge write-off. Could we have done anything more to protect ourselves?
Q. I have recently chased a number of debtors by bringing county court claims against them. In a couple of these claims the cases have been stopped because the court agree with the defendant that I have sued the wrong person. I have even had to pay court costs to people who owe me money for unpaid invoices. How can this be?