Blog

Protecting creditors from Pre-Packs: when a company must disclose its secret plans

Pre-Pack administrations can allow an insolvent company to sell off its business and assets free of debt without notice to its creditors. Sometimes the sale is to the same people who ran the company into the ground. Creditors often feel short changed. If the company has to apply to Court to enter administration, there is a protection from Pre-Packs, but creditors have to be alert. When a creditor petitions to wind up a company that owes an undisputed debt, the ideal result is that the startled company pays up immediately. When that doesn’t happen however, the creditor faces vying with the other unsecured creditors for the insolvent company’s assets as they are realised and distributed. They

PARKING CHARGES & PENALTY CLAUSES – TIME TO RE-WRITE CONTRACTS?

The Supreme Court in dismissing the appeal in Parking Eye Ltd v Beavis, has found that an £85 charge for overstaying in a car park is enforceable. The decision considers and updates the law on penalty clauses. On 4th November 2015, the Supreme Court handed down judgment in the matter of Parking Eye Ltd v Barry Beavis [2015] UKSC 67. The case received much media attention as Mr Beavis, a chip shop owner from Essex, challenged a parking fine of £85 which he received for overstaying the free two hour period at the Riverside Retail Park in Chelmsford, Essex. The issue is one which many motorists feel strongly about and the case was of huge significance to the private parking industry. The argume

Recent Posts
Archive
Search By Tags