Validation order meaning

Obtain necessary information to draft statement in support of application for validation order: a search of the company’s records a duplicate of the winding-up petition particulars of the debt and, if contested, particulars of the dispute current accounts and forecasts, with bank account statements information on the intended dispositions (including continuing trading where relevant) and/or transfers, together with supporting documentation if the asset is a property, identification of the property, including title numbers valuation evidence where any asset is to be disposed of See Practice Note: Validation orders—dispositions of property after commencement of winding up. Draft: a supporting witness statement from a director or officer of the company who is closely acquainted with the company’s affairs and financial position. Where appropriate, corroborating evidence from the company’s accountant should also be provided...

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Bourne (as liquidator of MM Apartment Letting Ltd) and another company v Manukyan and another [2024] EWHC 832 (Ch) What are the practical implications of this case? The judgment acts as a helpful illustration of the principles the court will apply and consistently enforce in situations of this nature where numerous unexplained transfers have been made from a company’s bank account ahead of its liquidation, and the sole director fails to provide an adequate justification. What was the background? The applicant liquidator sought relief against Mr Manuk Manukyan, the sole director of MM Apartment Letting Ltd (the ‘Company’), under IA 1986, ss 212, 238 or 239 in respect of: a dividend declared and paid in June 2018 after the deemed commencement of the winding up petition, where the payment was effected without a validation order; and various payments between 14 August 2017 and 13 April 2018 made by the Company out of its bank account before its winding up, for which no...

In this issue: Disputes and regulatory enforcement Medical devices Intellectual property Research and development Pharmaceuticals—regulatory framework Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Disputes and regulatory enforcement A Merck-y saga—partial declaratory relief to be granted to pharmaceutical giant Merck KGaA following Merck, Sharpe & Dohme’s use of MERCK marks in the UK (Merck v Merck) In an exacting judgment stretching to 514 paragraphs, Mr Justice Edwin Jones reviewed 55 occasions on which the claimant, Merck KGaA, said five defendants, among them Merck, Sharpe & Dohme LLC (collectively MSD), deployed the word ‘Merck’ contrary to the parties’ 1970 Agreement, infringed Merck KGaA’s UK trade marks, and ultimately defied an injunction made in July 2020. Eschewing contempt proceedings, Merck KGaA instead pursued declaratory relief. Although MSD objected, Jones J considered that course appropriate and, having concluded that three defendants were responsible for numerous breaches of the...

This Practice Note sets out, in broad terms, the route for petitioning the court to obtain a winding-up order on the just and equitable ground. Depending on the court handling the matter, you may need to observe additional requirements—see the section below: Court specific guidance. For definitions and key expressions used in relation to a just and equitable winding-up petition, see Practice Note: Just and equitable winding-up—what it is and when to use it—Key terms encountered when applying for a winding-up on the just and equitable ground. Preliminary considerations The focus here is chiefly on procedure where a just and equitable winding-up petition is issued as a stand-alone claim. As this is comparatively uncommon, variations in approach between, and indeed within, courts may arise, for example when listing a petition for initial directions. A request to wind up a company on the just and equitable ground is sometimes pursued as an alternative claim within a section 994 petition (Alternative Claim), as discussed in Practice Note: Just and equitable...

Court of Appeal—professional negligence ARCHIVED : This Practice Note has been archived and is not maintained. The Court of Appeal upheld an appeal in a claim against solicitors, holding that the loss of a chance head of damage was too remote. At first instance, the judge concluded that Lewis Silkin LLP had fallen below the required standard by not advising their client to include a jurisdiction provision in his employment agreement with a franchisee involved in the Indian Premier League’s Twenty20 competition. Because no jurisdiction clause appeared in the contract, when the client later issued proceedings against the franchisee over a severance entitlement, he faced jurisdictional challenges (ultimately dismissed) brought by the franchisee, which postponed his obtaining judgment for £10 million in severance. The client’s case was that, with proper advice on jurisdiction, the contract would have contained an exclusive jurisdiction clause. On that footing, he said, he would have secured judgment for the severance sum sooner (as there would have been no hold‑ups arising from jurisdiction objections) and...

This glossary sets out numerous expressions frequently encountered in the restructuring arena. Words appearing in the definitions in bold are explained in other entries in this glossary. For further banking terminology, see the principal Banking & Finance Glossary. Restructuring glossary—A Acceleration: Acceleration means the agent, acting on directions from the majority lenders after an event of default, takes formal action, for example calling for early repayment of the facility. Ad-hoc committee: A temporary creditors’ group (often contrasted with a formal committee) that lacks any entitlement to official recognition. Administration: A process under the IA 1986 in which a financially distressed company is operated by an administrator as a going concern before longer-term outcomes, such as break-up and sale, are pursued. Administrator: An Insolvency Practitioner named by the court, a Qualifying floating charge holder, the directors or the company, to take control and fulfil one of the purposes in IA 1986, Sch B1. Administrative receivership: Arises when a company breaches the terms of...

Note: Use this precedent together with an application notice template that accords with and complies with the Insolvency (England and Wales) Rules 2016, SI 2016/1024—see also: (Form IAA) IR 2016, r1.35 VAR Insolvency Act Application Notice Application notice in insolvency proceedings (corporate) In the matter of the insolvency act 1986 Application Notice Company name Company number [ Insert company number ] [ Insert name of court ] For court use only Court case number: Between Applicant [ Name of Applicant (usually the company ] and Respondent Petitioning Creditor Is this application in insolvency proceedings already before the court? [ Yes OR no ] [ ....................... ...