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Articles by Tim Symes
Corporate Enforcement Reform: Faster Sanctions, But Will Creditors Recover More?
What happens when a company is wound up in the public interest, but those responsible remain free to manage another business? Or when value has been transferred before insolvency, but the officeholder struggles to recover it? Tim Symes and Jamie Seed explore these questions in the context of the new reforms on the horizon. The Insolvency Service’s Corporate Civil Enforcement Reforms consultation seeks to address both problems.
Corporate enforcement reform
What happens when a company is wound up in the public interest, but those responsible remain free to manage another business? Or when value has been transferred before insolvency, but the officeholder struggles to recover it? The Insolvency Service’s Corporate Civil Enforcement Reforms consultation seeks to address both problems. The Insolvency Service investigates corporate misconduct, seeks director disqualification and asks the court to wind up companies in the public interest.
Distress in the construction and water industries and what it means for the wider economy
Corporate distress in construction and water supply has been dominating the insolvency headlines over the past few months. When a large business in one of these essential sectors comes under threat of insolvency, the ripple effects for other companies and the public sector can cause widespread damage.
AI and insolvency: a game-changer for investigations and asset recovery claims?
ChatGPT was launched less than 18 months ago. This relatively brief period feels like a lifetime, considering the seismic changes to date which are likely only the start. The rapid expansion of artificial intelligence (AI) capabilities is not just transforming industries, but will reshape almost every corner of society. Tim Symes and Aleks Valkov examine the potential impact of AI specifically on insolvency and insolvency professionals.
What does an ‘insolvent trust’ mean for its creditors, and how can they be protected?
The concept of an ‘insolvent trust’ is somewhat of a paradox. A trust is not a separate legal entity in the way that companies are and, as such, cannot be insolvent in the technical sense. Trustees legally own assets in a trust for the benefit of beneficiaries. In this article, partner Tim Symes and trainee solicitor James Boissier explain what creditors need to know about insolvent trusts and how they can best manage them. What is an ‘insolvent trust’?
How does litigation arise from insolvent estate recoveries?
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On 26 September 2023, our Insolvency and Asset Recovery team hosted a seminar explaining the emerging and developing types of disputes focussed on insolvent estate recoveries. The session, chaired by Head of Department Alex Jay, outlined the various kinds of claims emerging in the disputes landscape, and provided an update on some of the most important contentious insolvency cases of recent years.
By Alex Jay, Tim Symes, Natalie Osafo, Aaron Le Marquer, Alejandro Garcia Verified, Alejandro García Verified, Julian Chamberlayne, Alice Glendenning, Jack Barlow Verified, Aleks Valkov, Harry Spendlove
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Lexology
Verified
How can creditors recover assets put out of reach by debtors under section 423 of the Insolvency Act?
Section 423 of the Insolvency Act 1986 (s423) provides for the avoidance of transactions intended to put assets out of the reach of creditors or otherwise prejudice their interests. It is one of the most effective weapons in global asset recovery scenarios and is widely used.
Distress in big business - a sign of the times?
Recent economic challenges have triggered significant developments for household name companies in 2023. Insolvency and Asset Recovery partners Alex Jay and Tim Symes respond to news stories on serious distress felt by some of these companies, as well as slower-burn effects of Covid which are now coming home to roost.
Shields, but no swords - government keeps lid on compulsory liquidations | Lexology
United Kingdom
September 25 2020 New regulations deriving from the Corporate Insolvency and Governance Act 2020 have extended the effective prohibition on statutory demands and winding up petitions until 31 December 2020. Tim Symes, a partner in our Insolvency and Commercial Litigation teams, looks at the implications of this for debtors and creditors. The prohibition on statutory demands is not terribly significant.
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