Phillip Patterson
Phillip has a wide-ranging commercial and insolvency practice with experience of high-value and complex disputes.
He has particular expertise in technical company law issues, which makes him a popular choice for claims involving allegations of mismanagement and breach of duty as well as shareholder disputes. Phillip handles a wide variety of banking and financial services disputes where his postgraduate qualification in banking law gives him a decided edge. A significant proportion of Phillip's current and recent work concerns corporate and personal insolvency, a field in which Phillip is fast becoming a go-to junior for a range of matters.
Phillip also has experience of consumer contract issues, professional negligence claims and a variety of private client disputes.
Phillip regularly contributes to a number of academic and professional publications, providing topical insights into matters across his areas of practice. He is also current an editor of the volume of Atkin's Court Forms on Corporate Insolvency.
Practice Areas
Panels
- Case Analysis Panel
- Q&A Panel
Qualified Year
- 2008
Membership
- COMBAR, ChBA, LCLCBA
Education
- BA (Jurisprudence), Lady Margaret Hall, Oxford
- LLM, University College London
4 Contributions by Phillip Patterson
PRACTICE NOTES
Enforcing Security over Trusts of Land and Partnership Assets: Overreaching, Two-Trustee Rule, HM Land Registry Restrictions, Receivers and Insolvency (England and Wales)
This Practice Note explores certain matters that can arise when enforcing security by appointing a receiver over property held on trust. It also addresses trust considerations in the setting of security granted by a partnership. Several banks have experienced issues when relying on standard-form security documents where their client is a partnership and the secured property is either used by the partnership or constitutes a partnership asset. Commonly, enforcement pitfalls have not been anticipated when the security is taken, and the standard documentation has not been modified to accommodate this.
Trusts of land
HM Land Registry’s Land Register records ownership of the legal estate in land—the ‘paper title’—that is, the rights of the registered proprietors to execute a valid transfer passing ownership to another person. The Land Register does not record the beneficial (equitable) interest and, as a result, the Land Registrar is not fixed with notice of a trust. The beneficial interest represents the economic interest in the property, giving the owner (beneficiary) an entitlement to the eventual receipt from the registered proprietors (trustees) of net rent as and when realised under that equitable interest. Accordingly, the register concerns legal title and formal transfer rights, not beneficial ownership alone...
Restructuring & Insolvency
PRACTICE NOTES
Partnership Voluntary Arrangements (PVAs) for Insolvent General Partnerships: Legislation, Moratorium, Proposal and Approval, Challenges, FCA Guidance and Supervision
Alongside the more familiar company voluntary arrangements (CVAs) and individual voluntary arrangements (IVAs), insolvency law allows insolvent general partnerships to propose compromise terms to their creditors. Such arrangements are called partnership voluntary arrangements (PVAs). When considering any proposal of this kind, partners should remember that they remain fully and personally responsible for all partnership liabilities. Accordingly, in the vast majority of cases it is prudent for each partner to put forward an IVA as well, in order to ensure their own position is comprehensively safeguarded.
Applicable legislation
Part II of the Insolvent Partnership Order 1994 (SI 1994/2421) (IPO 1994), as modified by the Insolvent Partnership (Amendment) (No 2) Order 2002 (SI 2002/2708), applies the CVA regime in Part I of the Insolvency Act 1986 (IA 1986) to insolvent partnerships via a PVA (IA 1986, s 420). The IPO 1994, SI 1994/2421, also extended the then IA 1986, Sch A1 to partnerships, with adjustments, so that the moratorium procedure could be used. IA 1986, Sch A1, together with IA 1986, s 1A, was later repealed by paragraphs 2 and 30 of Schedule 3 to the Corporate Insolvency and Governance Act 2020 (CIGA) 2020...
Restructuring & Insolvency
PRACTICE NOTES
Personal injury litigation with bankrupt or insolvent parties: claimant vesting, hybrid damages, moratoria, proofs of debt, direct actions against insurers, protocols and limitation (England and Wales)
Practice Note
This Practice Note aims to draw attention to the variety of issues that emerge in personal injury claims when either the claimant or the defendant becomes insolvent. At the outset, it is crucial to separate two connected but different concepts. A company is insolvent if it cannot meet its debts as they fall due, or if the value of its assets is lower than its liabilities. Although the Insolvency Act 1986 (IA 1986) is less explicit for individuals, the same tests would generally determine whether a person is insolvent. The state of insolvency should be distinguished from the factual question of whether an individual or a company is subject to an insolvency process. For a company, the principal processes are liquidation and administration. For an individual, the principal process is bankruptcy. The consequences of a party to a personal injury claim entering an insolvency process are often significant, and the primary focus of this Practice Note is on those consequences...
PI & Clinical Negligence
CHECKLISTS
Remote statutory declarations in insolvency: video conference procedure for administration appointments and MVLs, MIPD 2021 compliance and fees (England and Wales)
Background
Statutory declarations form an essential component of insolvency processes, arising most frequently when a company proceeds by members’ voluntary liquidation (MVL) under section 89 of the Insolvency Act 1986 (IA 1986), and also when administration is commenced by an out-of-court appointment in accordance with the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, r 3.17. Section 20 of the Statutory Declarations Act 1835 (SDA 1835) sets out the required form of the declaration, as contained in the Schedule to that Act. Under SDA 1835, s 19, a fee is payable, the amount of which is fixed by the Commissioners for Oaths (Fees) Order 1993, SI 1993/2297. The fee is £5 for taking an affidavit, declaration, or affirmation, together with an additional £2 for each exhibit referred to therein that must be marked, or for every schedule that is required to be marked. Save for prescribing the template of the statutory declaration and making provision for the relevant fees, no further formal requirements are stipulated. Accordingly, the approach adopted in practice is, to a significant extent, founded on custom...
Restructuring & Insolvency
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