Fw: Insolvency update : 21/06/2010

Andrew Cawkwell
Partner
Direct Dial: 0191 2444338
Mobile: 07973 502809

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From: Steven Petrie
To: Andrew Cawkwell; Kelly Jordan; Imran Malik
Sent: Mon Jun 21 09:17:04 2010
Subject: Insolvency update : 21/06/2010

IN THE MATTER OF METROCAB LTD sub nom (1) METROCAB LTD (2) KAMAL SIDDIQI v (1) OFFICIAL RECEIVER (2) REVENUE & CUSTOMS COMMISSIONERS (3) M L COWLISHAW (LIQUIDATOR OF METROCAB LTD) (4) C J FARRINGTON (LIQUIDATOR OF METROCAB LTD) : IN THE MATTER OF FRAZER NASH TECHNOLOGY LTD sub nom (1) FRAZER NASH TECHNOLOGY LTD (2) KAMAL SIDDIQI v (1) OFFICIAL RECEIVER (2) REVENUE & CUSTOMS COMMISSIONERS (3) M L COWLISHAW (LIQUIDATOR OF FRAZER NASH TECHNOLOGY LTD) (4) C J FARRINGTON (LIQUIDATOR OF FRAZER NASH TECHNOLOGY LTD) (2010)
The court refused to exercise its discretion to rescind winding-up orders made against two companies where the circumstances were not significantly different from those at the time the orders were made, and the court was not satisfied that it had been provided with all the material facts.
INSOLVENCY
Ch D (Companies Ct) (Philip Marshall QC) 11/6/2010
References: LTL 14/6/2010
Document No.: Case Law - AC0125040

ANDREW FELDMAN v SIMON NISSIM (2010)
There were no substantial grounds on which a statutory demand, arising out of the debtor's agreement to indemnify the creditor for losses arising from online spread bets placed by him on behalf of the debtor, could be set aside. Whilst it was at least arguable that a duty of care was owed by the creditor to the debtor in the way the bets were placed, there was no evidence of any breach of such a duty or consequential losses.
INSOLVENCY - HOSPITALITY AND LEISURE - NEGLIGENCE
Ch D (Bankruptcy Ct) (Richard Snowden QC) 10/6/2010
References: LTL 11/6/2010
Document No.: Case Law - AC0125004

SCOTTISH & NEWCASTLE LTD v ZELJKO STEPHEN RAGUZ (2010)
There was no merit in an appeal or review under the Insolvency Act 1986 s.375 of a bankruptcy order, and no basis on which to allow fresh evidence to be adduced. The judge had correctly decided that the security offered by the debtor was inadequate, and that there was no credible evidence to justify an adjournment.
INSOLVENCY - CIVIL EVIDENCE
Ch D (Proudman J) 10/6/2010
References: LTL 11/6/2010 : (2010) NPC 68
Document No.: Case Law - AC0125010

Refugee charity to shut after bills paid "too late"
INSOLVENCY - LEGAL ADVICE AND FUNDING
Peel, Michael; Boxell, James
Financial Times, June 16, 2010, 4
Jun 16, 2010
Document No.: News and Press - AR0120960

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