TP Insolvency Team Assist Creditors Following Closure of Co-op Stores

The Food Retailer Operations Ltd was formerly part of the Co-op Group and operated over 500 Co-op stores. In October 2015 497 stores were transferred to another Co-op Group company for £497million. The Co-op used £15million to repay a debt to another Co-op Company and paid £446million to itself to reduce its investment in the Company. As a result the Company cannot now pay its creditors and is…

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A timely reminder for directors: when insolvency rears its head…

In a relatively recent wrongful trading claim brought by liquidators, the directors in question were not ordered to make any contribution to the company, as the company was found to have suffered no loss. This was a lucky escape for the directors on the facts. (Re Ralls Builders Ltd (in liquidation) [2016] EWHC 243 (Ch)). Other directors have not been, and may not in the future be, so lucky.

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A Purle of a judgment: creditors think twice when applying for administration orders…

The judiciary has traditionally refrained from exercising commercial assessments in a business context. However, a recent High Court case has demonstrated that the court is willing to use independent commercial judgment when deciding whether to make an administration order.

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Stevensdrake – there was no cake, so what could they take?

Seasoned IPs will be familiar with conditional fee agreements. They have for some time been the primary tool that allows officeholders to bring court proceedings on behalf of an insolvent estate.

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