Restructuring & Insolvency analysis: The Commercial Court dismissed a claim under section 423 of the Insolvency Act 1986 (IA 1986) that the first defendant (Mr El-Husseini) had transferred valuable assets to eight transferee defendants, being his family members, companies under their control and a discretionary trust, with the purpose of putting the assets beyond reach of the claimant (Invest Bank) as a potential creditor. The court held that the allegations advanced at trial were of serious wrongdoing amounting to dishonest behaviour or disreputable conduct which accordingly required a clear pleading of a sufficiently cogent case. Invest Bank had not properly pleaded in its particulars of claim the primary facts on which it sought to rely at trial in raising its case based on inference against the defendants. A positive case as to the financial difficulties of one of the key companies was only raised in a reply to...
To continue reading this news article, as well as thousands of others like it, sign in with ÀÏ˾»úÎçÒ¹¸£Àû or register for a free trial
EXISTING USER? SIGN IN CONTINUE READING GET A QUOTE
To read the full news article, register for a free Lexis+ trial
**Trials are provided to all ÀÏ˾»úÎçÒ¹¸£Àû content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these ÀÏ˾»úÎçÒ¹¸£Àû services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
* denotes a required field
What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a
Fraudulent trading claims under sections 213 and 246ZA of the Insolvency Act 1986A fraudulent trading claim arises under two separate statutory routes. Firstly, fraudulent trading is a criminal offence under section 993 of the Companies Act 2006 (CA 2006). Secondly, a civil remedy arises under
Limitation periods applicable to insolvency claimsLimitation periods refer to the time during which a claim may be brought.The law on limitation periods is set out in the Limitation Act 1980 (LA 1980) which makes provisions in respect of different causes of action.In an insolvency context, claims
Rule 1.35(2)(b) of the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 states that an application notice must state the section of the Insolvency Act 1986 (IA 1986) or paragraph of a Schedule to the IA 1986 or the number of the IR 2016 rule under which it is made. What are the
0330 161 1234