Jessica Powers
Jessica specialises in insolvency, commercial and company law. She appears as sole counsel regularly in the High Court, and was successful in the Court of Appeal in the important case of Bell v Ide. She is well accustomed to conducting cases from pre-action advice through to trial, whilst throughout maintaining a pragmatic and commercial approach.
Jessica is currently ranked in Legal 500 UK Bar in Insolvency, Commercial Litiation and Company, and is noted as being an “excellent technical lawyer and advocate” and “very bright and hard-working”. She is also ranked in Chambers and Partners UK Bar in Insolvency, and has been described as “strong on her feet” and “a pleasure to work with”.
During her appointment to the Attorney-General’s C Panel of Junior Counsel to the Crown (2017-2022), Jessica was frequently instructed by HMRC and the Official Receiver in insolvency matters, and by the Secretary of State for Business, Energy and Industrial Strategy in director’s disqualification proceedings.
In addition to domestic work, Jessica is developing a thriving offshore practice, with instructions from the Channel Islands, the Isle of Man, the UAE and Gibraltar.
Alongside her busy practice, Jessica is passionately committed to improving social mobility at the Bar. In addition to being integral to Chambers’ various initiatives in this area, Jessica is a former holder of the Chambers D&I: Future Leader award, and the Inspirational Women in Law “Barrister of the Year” award.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2012
Experience
- Five Paper (2012 - 2018)
Membership
- Commercial Bar Association (COMBAR)
- Chancery Bar Association (ChBA)
- Insolvency Lawyers Association (ILA)
- R3
- INSOL International
Qualifications
- BPTC (2011-2012)
- GDL (2010-2011)
- LLB (Hons) (2007-2010)
Education
- Kaplan Law School (2010-2012)
- University of York (2007-2010)
3 Contributions by Jessica Powers
PRACTICE NOTES
Anti-deprivation and pari passu principles: scope, defences, overlap and leading cases in insolvency
This Practice Note explores the anti-deprivation principle (ADP), the pari passu principle (PPP) and how these principles diverge.
The anti-deprivation principle
The ADP is a rule designed to stop parties contracting out of the statutory framework for the collection, realisation and distribution of an insolvent estate. It bars the removal of assets that ought to sit within that estate. In this way, it safeguards the estate’s value against attempts to bypass insolvency laws and works to ensure an insolvent estate is not deprived of property that would otherwise be available for its creditors.
History
The ADP has its origins in the old common law rules of bankruptcy. Although it was once labelled a fraud on the bankruptcy laws, it is now known as the ‘anti-deprivation principle’.
Case law
Having fallen into relative obscurity, the ADP re-emerged in a number of significant judgments. It has been examined and applied in disputes concerning:
the interpretation of security notes issued by special purpose vehicles
the construction of interest rate swaps and forward freight agreements governed by the 1992 ISDA...
Restructuring & Insolvency
PRACTICE NOTES
Distribution priorities in administrative receivership (England and Wales): free assets, floating charge realisations, costs, receiver remuneration, preferential debts (including HMRC), prescribed part and secured creditors
The priority for distributions in administrative receivership is not clearly laid down in the Insolvency Act 1986 (IA 1986) or, from 6 April 2017, the Insolvency (England and Wales) Rules 2016, SI 2016/1024, and instead rests on case law. The typical order of distribution in administrative receivership is outlined below.
Realisation of free assets (those not subject to a floating change)
These are assets not subject to a floating change.
Higher ranking security
Realisations in an administrative receivership (excluding proceeds from assets caught by a floating charge) must first be used to satisfy any security that ranks ahead of the charge pursuant to which the administrative receiver was appointed.
Costs of preserving and realising the assets
The administrative receiver must next meet the costs of preserving and realising the assets, whether incurred by the receiver or, where the company is in liquidation, by the liquidator for the chargee’s benefit.
Administrative receiver’s costs, remuneration and expenses
After that, the administrative receiver’s own costs, remuneration and expenses are payable. No provision deals with administrative receivership in terms equivalent to Insolvency Rules 1986, SI 1986/1925, r 4.218 or r 2.67. Under IA 1986, s 44, administrative receivers are...
Restructuring & Insolvency
PRACTICE NOTES
Insolvency Dividends and Distributions: Timing, Notices and Proofs in Liquidation, Bankruptcy and Administration (England and Wales)
Liquidation and bankruptcy
The overarching rule for both liquidation and bankruptcy is that, once expenses and preferential debts are settled, the company’s or bankrupt’s property is applied to meet their debts. Those debts are to be paid in full; if the estate is insufficient, they abate proportionately between themselves.
For further detail on the order of payments, see Practice Notes:
Waterfall of payments—a comparative guide
Waterfall of payments in liquidation
Waterfall of payments in bankruptcy
Whenever the liquidator or trustee in bankruptcy (the trustee) holds sufficient funds in the insolvent estate, and subject to retaining sums needed for the expenses of the liquidation or bankruptcy, they must declare and distribute dividends to creditors for the debts they have proved.
This reflects that, if the liquidator or trustee waited until all assets of the company or bankrupt were realised and all enforceable debts and liabilities proved, the process would be unduly prolonged. Instead, the statutory framework allows interim payments. The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 contain detailed provisions describing the procedure that must...
Restructuring & Insolvency
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