A debt subordination may in general take two forms, viz., contractual subordination and turnover subordination. A contractual subordination occurs where, by agreement between a debtor and a creditor, debts owed to the creditor are to rank below other debts of the debtor. A turnover subordination...

Can a payment in satisfaction of an antecedent debt be both a preference under section 239 of the UK Insolvency Act 1986 and therefore a transaction at an undervalue pursuant to section 238 of the UK Insolvency Act 1986?Describing it as an interesting question of law on which there was no direct...

The court in Re Ballast [2006] EWHC 3189 (Ch) rejected the proposition that an insurer via subrogation has a proprietary interest in the insured's cause of action, but its reasoning is strewn with confusion and fails to appreciate the impact of insolvency set-off on the principle of...

This paper explains the operation of English set-off rules, especially in an insolvency scenario, including cross-border insolvency. In addition to serving as a concise exposition of the law of set-off, this paper discusses case-law and highlight points not mentioned in other set-off texts

A company voluntary arrangement ('CVA') under Part I of the Insolvency Act 1986 ('IA') is a statutory contract into which terms may be implied on ordinary contractual principles. Although some cases proclaim that the court has no power to vary the terms of a CVA or authorise a breach of the CVA...

The proliferation of rules aimed at the management of cross-border insolvencies has not been coupled with sufficient attention to the choice of law rules relating to the avoidance of antecedent transactions as legal acts detrimental to all the creditors. This article is the first of its kind in...

This article seeks to show that the English Court of Appeal’s refusal to recognize the US receivership in Re Stanford International Bank is not faithful to the Cross-Border Insolvency Regulations 2006 and the decision’s precedential value is seriously questionable. The Court of Appeal’s...

While English schemes of arrangement have proved to be a popular restructuring tool for non-English companies, their jurisdiction basis has been controversial. Recent cases (the latest being Re Rodenstock [2011] EWHC 1104 (Ch)) show that the position is far from stable. This article maps out the...