News and Resources

Successful Insolvency Judgments at Forum Chambers

18 / 1 / 2022

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Successful judgment for Philip Currie:

7 / 12 / 2021

Acting on behalf of the Claimant in a claim for the repayment of unlawful dividends and transactions at an undervalue, Philip Currie secured judgment against the Respondents in an oral judgment delivered at the end of trial. The unlawful dividends were declared by the Respondents as directors without interim accounts by which they could be justified, while the transaction at an undervalue claim concerned the receipt of funds from the Company which ought to have been paid by the Buyers under a share purchase agreement.

Of particular interest, the court agreed that the interpretation of the shareholders’ knowledge requirement for the repayment of unlawful dividends in s.847 of the Companies Act 2006 (as explained by reference to EU law in It’s a Wrap (UK) Ltd (In Liquidation) v Gula [2006] EWCA Civ 544) was not altered by Brexit or the European Union (Withdrawal) Act 2018.

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Successful Judgement for David McIlroy

6 / 12 / 2021

Acting on behalf of the respondent to a claim under section 423 Insolvency Act, David McIlroy was successful in a contribution claim against the main shareholders of accountancy practice. The judge found that the transaction had been designed by the principal director to leave the creditors of the company high and dry, whilst lining his own pocket. The judge held that the shareholders were liable to contribute for the full value of the goodwill which was sold for £1, a sum yet to be quantified but expected to be in excess of £2 million.

Please feel free to contact us if you would like to discuss this judgement further.

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Darragh Connell – Chambers and Partners – Band 1 – Cryptocurrency

1 / 12 / 2021

We are delighted to announce that Darragh Connell has been ranked Band 1 in Cryptocurrency disputes for Chambers and Partners 2022 edition.

https://chambers.com/lawyer/darragh-connell-uk-bar-14:25494900

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Setting Aside Statutory Demands

5 / 10 / 2021

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New Digital Dispute Resolution Rules make UK a hub for Cryptoasset Disputes

27 / 4 / 2021

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Authorised Push Payment Fraud

30 / 3 / 2021

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Business Interruption – Pre Trigger Losses and Trends Clauses

15 / 1 / 2021

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Successful Insolvency Judgement

2 / 11 / 2020

Insolvency Update – In the Matter of Wow Internet Limited

 

Forum Chambers’ Darragh Connell represented the successful applicant in the case of Hunt (as Liquidator for Wow Internet Limited) v Majid [2020] EWHC 2890 Ch following a remote trial that took place in July 2020.

 

Judgment was handed down earlier this week. It has already received considerable attention from insolvency practitioners faced with the common situation of a director failing to adduce contemporaneous records to substantiate the legitimacy of payments made from a company’s bank account prior to its liquidation with Deputy ICC Judge Frith finding as follows:

 

“22. In short, if the directors of a company conduct the business informally and take a lackadaisical approach to the supply of contemporaneous documentary evidence, they do so at their own risk.”

 

A full copy of the judgment is available here:

https://www.bailii.org/ew/cases/EWHC/Ch/2020/2890.html

 

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Business Interrupted? The High Court delivers its judgment in the FCA Test Case

15 / 9 / 2020

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