(i) Council Regulation (EC) 1346/2000 on insolvency proceedings (‘EU Insolvency Regulation’) was based on the model of modified universalism, but its current practice militates towards pure universalism. (ii) Universalism coupled with the policy of ensuring the proper functioning of the EU...

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...

The Scottish decision in Morris (Liquidator of Bank of Credit amp; Commerce International), Re Petition of The Bank of England is correct that an ancillary winding-up makes good sense and may disapply local procedural rules that do not serve any practical purpose. Owing to a misunderstanding of...

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...

Lifland J's decision in Re Bear Stearns High-Grade Structured Credit Strategies Master Fund (Bankr.S.D.N.Y. September 5, 2007) clearly comports with the intent and structure of chapter 15 that the determination of the existence of a foreign main or non-main proceeding is a definitional matter,...

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...