Accountant of Court meaning

Banking & Finance—July 2025 case round-up Ciddy Ltd v Natalia [2025] EWHC 1616 (Ch) Loan agreement—unenforceable penalty clause The Chancery Division dismissed the bankruptcy petition presented by the petitioner, Anjana Natalia, against the debtor, Ms Ella Vacani. The petitioner sought to recover £657,516.32 said to arise from a loan contract, asserting that the debtor, a professional accountant, had taken legal advice before signing. The debtor, by contrast, maintained that the parties’ relationship was unfair because of unequal understanding, coercive control exerted by her husband, and an excessive default interest rate that, she said, constituted an unenforceable penalty clause. The court identified substantial grounds to challenge the petition, grounded in the debtor’s allegations of an unfair relationship under the Consumer Credit Act 1974 and a penalty default term within the agreement. It held that the issues concerning default interest and unfairness were not fanciful and ought to be determined by the County Court. Accordingly, any sums due to the petitioner, if any, remain to be established in separate...

In this issue: Repairing obligations and dilapidations Enforcing security and property insolvency Residential tenancies Enforcing security and property insolvency Disputes and remedies Residential tenancies Property disputes in Scotland Additional Property disputes updates Daily and weekly news alerts Dates for your diary Trackers Latest Q&A Repairing obligations and dilapidations RICS updates RICS updates Cladding External Wall Systems (EWS) FAQs The Royal Institute of Chartered Surveyors (RICS) has revised its frequently asked questions (FAQs) on cladding external wall systems (EWS) to align with how the Leasehold and Freehold Reform Act 2024 (LFRA 2024) impacts the Building Safety Act 2022 (BSA 2022). Part 8 of LFRA 2024 changes Part 5 of BSA 2022. These revisions affect the operation of cost recovery, remediation orders and remediation contribution orders for defects. They also touch on notifications by insolvency practitioners concerning ‘accountable persons’, and the recovery of legal costs via service charges. The amendments to...

In this issue: Key R&I law developments Personal insolvency Restructuring Directors and insolvency Insolvency litigation The office-holder Financial institutions Daily and weekly news alerts Key dates for restructuring and insolvency professionals New content Key R&I law developments Government consults on proposed reforms to the NSI Act 2021 mandatory notification regime The UK government has opened a consultation on amendments to the National Security and Investment Act 2021 (Notifiable Acquisition) (Specification of Qualifying Entities) Regulations 2021, which set the boundaries of the NSI Act’s mandatory notification regime. Headline proposals are: (i) creating two discrete categories for semiconductors and critical minerals, (ii) introducing a mandatory notification area for the water sector, and (iii) refining several existing sectors to enhance certainty and reflect technological and market change. The consultation runs until 14 October 2025. See: LNB News 24/07/2025 72. Scotland’s AiB publishes insolvency statistics for Q1 2025–26 The Accountant in Bankruptcy (AiB) has released...

What is a Bankruptcy Restriction Order? When a person is made bankrupt (sequestrated), they are bound by restrictions under the Bankruptcy (Scotland) Act 2016 (Ba(S)A 2016) and other related legislation. Ordinarily, twelve months from the start of sequestration, the debtor is discharged and the limitations that apply to undischarged bankrupts no longer apply. A Bankruptcy Restriction Order (BRO) can be imposed on a debtor following an application to the Accountant in Bankruptcy (AiB) (see Practice Note: Scotland: the Accountant in Bankruptcy) or to the Sheriff, and it maintains restrictions after discharge from sequestration. For commonly used Scottish insolvency terminology, see Practice Note: Glossary of Scottish insolvency words and expressions. Effects of a BRO A BRO places ongoing restrictions on the debtor for the period stipulated in the order. The Ba(S)A 2016 does not provide a comprehensive list of all restrictions that apply where a BRO is in force. Instead, reference must be made to other legislation, which specifies that an individual subject to a BRO is disqualified...

This is a glossary of common words and expressions used in Scottish insolvency law with the nearest England and Wales insolvency law equivalent (where relevant) Absolute insolvency Meaning: When a person’s liabilities are greater than the overall worth of their assets. Nearest English equivalent: Balance sheet insolvency. Accountant in Bankruptcy (AiB) Meaning: A Scottish Government agency overseeing the regulation of personal bankruptcy (sequestration and Protected Trust Deeds) in Scotland, and able to serve as trustee in sequestrations where no insolvency practitioner is appointed. It also maintains records of corporate insolvencies in Scotland (receivership and liquidations only) but does not perform the role of Official Receiver. See Practice Note: Scotland: the Accountant in Bankruptcy. Nearest English equivalent: N/A. Accountant of Court Meaning: A court-appointed officer within Scottish Courts and Tribunals who administers funds consigned to the Accountant of Court pursuant to a Court of Session interlocutor or during liquidation proceedings. They oversee Judicial Factors or Administrators appointed by the Court to manage estates...

Definition In this Practice Note, the term ‘conflict administrator’ denotes an insolvency practitioner (IP) appointed as administrator specifically to manage defined matters where a prior administrator is unable to act owing to a conflict of interest. Although this Practice Note adopts the label ‘conflict administrator’, the same legal principles apply to a conflict liquidator or any other individual appointed as an office-holder in an insolvency process to resolve conflict situations encountered by a previously appointed office-holder. Situations when a conflict might arise The work undertaken by insolvency office-holders is arguably exposed to more conflict concerns than that of an accountant or lawyer. Such conflicts are especially prone to arise in larger cases where the debtor has, in the ordinary course of business, engaged multiple major accounting firms, which together constitute a significant share of the insolvency profession capable of managing substantial insolvencies. Indeed, in Sisu Capital Fund Ltd v Tucker (at para [96]), Warren J, referring to Morritt VC’s judgment in Re Barings plc (No 6), observed...

Applicant: [ initials and surname ], [ insert number of witness statement eg 1st ] Exhibits: [ 1–4 ] Date: [ insert date of witness statement ] Court Reference No: [ insert case number ] [ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [ insert location ]] IN THE COUNTY COURT AT [ insert location ] INSOLVENCY AND COMPANIES LIST (ChD) BUSINESS AND PROPERTY COURTS LIST OR IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION [ insert location ] DISTRICT REGISTRY ] IN THE MATTER OF [ insert company name ] IN THE MATTER OF THE INSOLVENCY ACT 1986 [ Insert name of the administrator ], Administrator of [ insert name of company in administration ] — Applicant And [ Insert name(s) of company in administration ] in administration — [ Respondent OR Respondents ] Witness statement of [ INSERT NAME OF THE ADMINISTRATOR ], ADMINISTRATOR OF [ INSERT...