Sealy & Milman: Annotated Guide to the Insolvency Legislation 2014 Volume 1

The new 17th edition of Sealy & Milman: Annotated Guide to the Insolvency Legislation 2014 gives you full coverage, concise analysis and annotated interpretation of corporate and personal insolvency, written by leading expert authors. Widely regarded as the key work for those advising in insolvency, this established legislation handbook provides expert annotated commentary and clarification on the legal and practical implications of the insolvency legislation.

Sealy & Milman includes additional comprehensive commentary on the very latest case law and considers the consequences of these decisions for both corporate and personal insolvency.

New Legislation

- Financial Services Act 2012 - includes all the detailed changes to Acts and statutory instruments consequential upon the 2012 Act. This has involved updating not only the Insolvency Act and Rules and the Companies Acts, but in the legislation on director disqualification, cross-border insolvency, co-operatives, friendly societies, credit unions, building societies, banks and credit institutions, insurance companies, limited liability partnerships and settlement finality, as well as to the Scottish rules of procedure.
- The Capital Requirements Regulations 2013 have made changes to the finality regulation, the financial collateral regulations and the credit institutions (reorganisation) regulations. In addition, there have been substantial amendments to the TUPE regulations, the new regime for the registration of charges has been extended to limited liability partnerships, a financial threshold has been introduced for the enforcement of charging orders and the new regime for co-operatives is being introduced in stages.
- Other legislative changes, which have not yet been brought into force, or which are at the drafting stage or are merely proposals, (such as the out-of-court regime for uncontentious bankruptcy applications, the deregulation measures following recommendations from the Red Tape challenge, and the consolidation of the Insolvency Rules) are explained and discussed at appropriate places in the commentary.

New Cases

The Supreme Court has delivered leading judgments in a number of cases.

- Re Nortel, Bloom v Pensions Regulator: on definition of "provable debt", and more specifically whether a financial support direction under the Pensions Act gave rise to an administration expense or a provable debt.
- Rubin v Eurofinance SA: limit imposed on scope of enforcement of foreign judgment in cross-border insolvency cases.
- BNY Corporate Trustee Services v Eurosail: revised definition of "insolvency" on a balance-sheet basis.

In the Court of appeal (inter alia):

- Re Portsmouth City Football Club, Neumans v Andrinikou: solicitors' fees as an administration or liquidation expense.
- Jetivia v Bilta: extra-territorial reach of fraudulent trading legislation.

In the Scottish Inner House:

- Scottish Coal case: neither disclaimer nor abandonment of property recognised in Scots law.