Click here to learn more about our revolutionary app or download directly from one of the sources below.
Bankrupt’s share. Most likely, the court will offer the other Tenants in Common the opportunity to purchase the debtor’s share prior to selling the home.
[See ‘Joint Tenants’, ‘Survivorship’, ‘Trustee in Bankruptcy’ and ‘Bankrupt’.]
This is a clause written into a contract that states if one of the parties enters into an ‘insolvency event’ (such as Liquidation or Administration) the contract is automatically terminated.
However, following the Corporate Insolvency and Governance Act 2020 (CIGA) UK suppliers can now no longer rely on an ‘ipso facto’ termination clause to stop supplies to a corporate customer by reason of that company’s insolvency.
Suppliers now need to continue to supply insolvent corporate clients on an ongoing basis, as the right to terminate on an insolvency event is effectively void. This will have a major impact on commercial contracts and supply chains.
In a difficult and challenging economic environment, this will have a particularly significant impact on sectors such as manufacturing and aerospace where supply chains are often critical to the ongoing operations of a business.
[See ‘Ipso Facto’ Clauses’, ‘Corporate Insolvency and Governance Act 2020’, ‘CIGA’, ‘Liquidation’ and ‘Administration’.]
Litigation funders provide insolvency and restructuring professionals with the finance to pay the litigation and other costs of taking an action (for example for misfeasance or wrongful trading).
Third Party Funding, also known as litigation funding or litigation finance, is where a third party (with no prior connection to the litigation) agrees to finance all or part of the legal costs of the litigation, in return for a fee payable from the proceeds recovered by the funded litigant. This is; if the action is won, they receive an agreed percentage of the damages ordered by the court in the case.
The greatest cost for an Insolvency Practitioner is in preparation for and taking of litigation proceedings against misfeasant parties (such as directors or delinquent
