There were a number of footballing upsets last night including defeats for Chelsea, Liverpool and Manchester City, but none can be more surprising than the defeat suffered by our gallant five-a-side team in deepest darkest Shepherds Bush.
The result did not make the morning papers due to the fact that the Match of the Day reporter is still trying to find his way back from the Sports Centre to White City Underground Station.
Under the inspired leadership of Bharat Nahar with his Churchillian team talk at the start of the match (which unfortunately was missed by many of the team who were still trying to find the location), how could we lose.
After sustained pressure led to early strikes for Monsoon, team Royds began to get into its stride and with deadly strikes which trickled over the line, our superiority was beginning to tell.
The turning point appeared to come when Patrick Hart came on as a substitute for the opposition.
Appropriate representations may be made to the FA bearing in mind the fact that the transfer window ended some weeks ago since the rejuvenated Monsoon side began to pressurise our goal resulting in their dominance for much of the remainder of the game.
All this despite crunching tackles on the female members of the opposition by our omnipresent Captain and some deft footwork from other members of the team.
Tensions were getting high towards the end, but were appropriately dealt with by Frank Davey from our Morden Office who refereed the game superbly, so much so that when everybody was completely shattered after the sixty minutes, Frank refused to blow the whistle and insisted that a further twelve minutes should be added on.
Rumours that we threw the game are being investigated by the SRA for match fixing allegations are simply not true, honest!
Thursday, 23 September 2010
Wednesday, 15 September 2010
Bankruptcy and personal insolvency explained by Louise Engel, Corporate Department
A person is insolvent if they have insufficient assets to pay their debts and financial liabilities.
What are the formal options for an insolvent individual?
1. Bankruptcy
• Bankruptcy is a process, started by a court order, to realise and distribute an insolvent individual’s assets among their creditors.
• An insolvent individual can petition the court for their own bankruptcy. Alternatively, a creditor can issue a bankruptcy petition against an insolvent individual.
• After an individual is made bankrupt, a trustee in bankruptcy (either the Official Receiver or an insolvency practitioner) is appointed. The trustee in bankruptcy takes control of all the insolvent individual’s assets. Their main duties are to sell these assets and share the money out among the creditors. The ability of a bankrupt individual to trade and take credit will be restricted during this period.
• An individual’s bankruptcy usually lasts for one year, although it may take the trustee in bankruptcy longer to sell the assets and share the money among the creditors.
2. Individual voluntary arrangement
• An individual voluntary arrangement (IVA) is an agreement between an insolvent individual and their creditors that either compromises their debts, or creates a framework to settle them.
• Any insolvent individual can propose an IVA to their creditors. If necessary, they can seek a court order to prevent their creditors taking action to recover the debts owed to them until they have voted on the IVA proposal.
• Creditors vote on the IVA proposal at a creditors’ meeting. Each creditor receives one vote for each pound the debtor owes to it. If more than 75% of the votes cast at the meeting approve the IVA, it will come into effect.
• When an IVA comes into effect, it binds ALL unsecured creditors of the insolvent individual to its terms. An IVA binds creditors that did not attend or vote at the creditor’s meeting and even creditors that voted against the proposal.
• A number of firms exist to advise debtors on the options available to them to manage or compromise their debts. These firms can undertake most of the work of drafting an IVA proposal. The supervisor named in an IVA proposal will typically be employed by the firm that has advised on the IVA. An insolvency practitioner can charge for their work as a supervisor of an IVA.
3. What is the Straightforward Consumer IVA Protocol?
• The Straightforward Consumer IVA Protocol contains standard terms for a typical IVA for consumer debts. It also gives guidance on:
o how a debtor should present their IVA;
o what constitutes an appropriate level of return to creditors; and
o how insolvency practitioners should calculate their fees in relation to such IVAs.
IVA proposals that follow the Protocol guidelines are referred to as “Protocol-compliant”.
• The Protocol has the support of the British Bankers’ Association and the professional bodies that regulate the conduct of insolvency practitioners.
• However, a recent High Court decision has held that the Protocol does not create any binding obligations and does not restrict a creditor’s right to vote against an IVA proposal, even if the IVA proposal is fully compliant with the terms of the Protocol. This may lead to creditors seeking more modifications to proposals as the “price” of supporting an IVA.
4. Other debt management procedures
Debt relief order
A debt relief order (DRO) will prevent creditors from enforcing their debts against an insolvent individual for a year, after which they will be discharged from liability for those debts.
Debt management plan
A debt management plan (DMP) is an informal, unregulated agreement between an individual and some or all of their creditors, under which they agree to repay what they owe (or an agreed lesser sum) over time.
More information
The information in this guide is provided as a general review and does not constitute legal advice. Detailed specialist advice should always be taken before taking or refraining from taking any legal action. For further information please contact:
Louise Engel lxe@royds.com 020 7842 1493
David Bowman dab@royds.com 020 7842 1407
What are the formal options for an insolvent individual?
1. Bankruptcy
• Bankruptcy is a process, started by a court order, to realise and distribute an insolvent individual’s assets among their creditors.
• An insolvent individual can petition the court for their own bankruptcy. Alternatively, a creditor can issue a bankruptcy petition against an insolvent individual.
• After an individual is made bankrupt, a trustee in bankruptcy (either the Official Receiver or an insolvency practitioner) is appointed. The trustee in bankruptcy takes control of all the insolvent individual’s assets. Their main duties are to sell these assets and share the money out among the creditors. The ability of a bankrupt individual to trade and take credit will be restricted during this period.
• An individual’s bankruptcy usually lasts for one year, although it may take the trustee in bankruptcy longer to sell the assets and share the money among the creditors.
2. Individual voluntary arrangement
• An individual voluntary arrangement (IVA) is an agreement between an insolvent individual and their creditors that either compromises their debts, or creates a framework to settle them.
• Any insolvent individual can propose an IVA to their creditors. If necessary, they can seek a court order to prevent their creditors taking action to recover the debts owed to them until they have voted on the IVA proposal.
• Creditors vote on the IVA proposal at a creditors’ meeting. Each creditor receives one vote for each pound the debtor owes to it. If more than 75% of the votes cast at the meeting approve the IVA, it will come into effect.
• When an IVA comes into effect, it binds ALL unsecured creditors of the insolvent individual to its terms. An IVA binds creditors that did not attend or vote at the creditor’s meeting and even creditors that voted against the proposal.
• A number of firms exist to advise debtors on the options available to them to manage or compromise their debts. These firms can undertake most of the work of drafting an IVA proposal. The supervisor named in an IVA proposal will typically be employed by the firm that has advised on the IVA. An insolvency practitioner can charge for their work as a supervisor of an IVA.
3. What is the Straightforward Consumer IVA Protocol?
• The Straightforward Consumer IVA Protocol contains standard terms for a typical IVA for consumer debts. It also gives guidance on:
o how a debtor should present their IVA;
o what constitutes an appropriate level of return to creditors; and
o how insolvency practitioners should calculate their fees in relation to such IVAs.
IVA proposals that follow the Protocol guidelines are referred to as “Protocol-compliant”.
• The Protocol has the support of the British Bankers’ Association and the professional bodies that regulate the conduct of insolvency practitioners.
• However, a recent High Court decision has held that the Protocol does not create any binding obligations and does not restrict a creditor’s right to vote against an IVA proposal, even if the IVA proposal is fully compliant with the terms of the Protocol. This may lead to creditors seeking more modifications to proposals as the “price” of supporting an IVA.
4. Other debt management procedures
Debt relief order
A debt relief order (DRO) will prevent creditors from enforcing their debts against an insolvent individual for a year, after which they will be discharged from liability for those debts.
Debt management plan
A debt management plan (DMP) is an informal, unregulated agreement between an individual and some or all of their creditors, under which they agree to repay what they owe (or an agreed lesser sum) over time.
More information
The information in this guide is provided as a general review and does not constitute legal advice. Detailed specialist advice should always be taken before taking or refraining from taking any legal action. For further information please contact:
Louise Engel lxe@royds.com 020 7842 1493
David Bowman dab@royds.com 020 7842 1407
Monday, 6 September 2010
ROYDS CLIENTS PROMINENT AT INTERNATIONAL JEWELLERY SHOW IJL - BY STEPHEN WELFARE
The IJL kicked off at Earls Court yesterday showcasing some of the best in British jewellery design. IJL is the biggest tradeshow in the UK and is very important for suppliers and retailers wishing to meet and do business. I attended yesterday and lawyers from Royds IP unit will be at the show everyday through to Wednesday.
This year’s show had a real buzz to it with visitor numbers appearing to be on the increase from last year’s opening day. With a full program of free seminars in addition to over 500 exhibitors there is much for visitors to experience. Royds clients Gecko Trading have a prominent position by the entrance and is showing its full range of brands this year. Bright and colourful is prominent at IJL this year with charms and beads widely featured. Soft feminine shape and form remains on trend and few do it better than long standing Royds client Sarah Jordan. Seemingly swamped with interested buyers was award winning high fashion jewellery designer Shaun Lean.
Yesterday saw the launch of the Royds and Reed exhibitions rights in design initiative, pipr. Increasing awareness in intellectual property rights in original creations is a priority for the continued growth of the UK industry. Royds are working with IJL to do just that.
On the social scene the talk was of who had made it to the professional jewellers hot 100 list, and the party at Kensington Roof Gardens. The British Jewellery Association’s members reception takes place on Tuesday and I look forward to meeting clients and colleagues there.
Cheers!
Stephen Welfare
Partner
Intellectual Property Royds
This year’s show had a real buzz to it with visitor numbers appearing to be on the increase from last year’s opening day. With a full program of free seminars in addition to over 500 exhibitors there is much for visitors to experience. Royds clients Gecko Trading have a prominent position by the entrance and is showing its full range of brands this year. Bright and colourful is prominent at IJL this year with charms and beads widely featured. Soft feminine shape and form remains on trend and few do it better than long standing Royds client Sarah Jordan. Seemingly swamped with interested buyers was award winning high fashion jewellery designer Shaun Lean.
Yesterday saw the launch of the Royds and Reed exhibitions rights in design initiative, pipr. Increasing awareness in intellectual property rights in original creations is a priority for the continued growth of the UK industry. Royds are working with IJL to do just that.
On the social scene the talk was of who had made it to the professional jewellers hot 100 list, and the party at Kensington Roof Gardens. The British Jewellery Association’s members reception takes place on Tuesday and I look forward to meeting clients and colleagues there.
Cheers!
Stephen Welfare
Partner
Intellectual Property Royds
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