Update on insolvency law cases

United Kingdom
26/05/1999
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Court makes clear decision on liquidators' costs ------------------------------------------------

In a decision given on Monday 24th May the Court cleared up any remaining doubts about whether a liquidator can recover his costs of bringing proceedings for wrongful trading or under the preference provisions of the Insolvency Act - as an expense of the winding up (and therefore in priority to preferential creditors) - which remained following Re M C Bacon Ltd (No 2) and Katz v McNally.

http://www.cmck.com/cgi-bin/item.cgi?id=1086&d=5&dateformat=%o-%B-%Y

Sale of assets in administration --------------------------------

In the case of Re Osmosis Group Ltd, on Tuesday 25th May, the court made a decision on whether an administrator needs the Court's leave to sell the company's assets before convening a creditors' meeting under section 23 of the Insolvency Act. Rimer J held that leave was required, and granted leave on the basis that there was a real sense of urgency.

http://www.cmck.com/cgi-bin/item.cgi?id=1087&d=5&dateformat=%o-%B-%Y

For a summary of these cases, go to LawNow on our website, and conduct a pre-selected topic search on corporate recovery or insolvency in the information archive, or access the story via the links above.

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