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Insolvency – Bankruptcy – Balancing of accounts in bankruptcy. Sheriff Court: In a commercial action in which the pursuer sued for payment of three liquid sums the defender had agreed to pay in settlement of three payment protection insurance (PPI) claims by the pursuer against it, and which the defender now refused to pay, arguing it was entitled to withhold payment of the liquid sums and to set them off against greater alleged indebtedness said to be due by the pursuer to it under loan contracts entered into many years earlier—in the period between the dates of the loan contracts and related PPI sales (in 1997 and 2003) and the dates of the PPI agreements (in 2014) the pursuer having become insolvent and granted a trust deed in favour of her creditors, the defender having submitted claims in the trust deed for payment of roughly the same aggregate indebtedness now founded upon by way of set‑off, the pursuer's trustee having adjudicated on those claims, the defender having received payment of dividends on the claims and, in 2012, the pursuer having been discharged from the trust deed—the court held that the defender was entitled to plead set-off by application of the principle of balancing of accounts in bankruptcy.
Insolvency – Bankruptcy – Balancing of accounts in bankruptcy. Sheriff Court: In a commercial action in which the pursuer sued for payment of three liquid sums the defender had agreed to pay in settlement of three payment protection insurance (PPI) claims by the pursuer against it, and which the defender now refused to pay, arguing it was entitled to withhold payment of the liquid sums and to set them off against greater alleged indebtedness said to be due by the pursuer to it under loan contracts entered into many years earlier—in the period between the dates of the loan contracts and related PPI sales (in 1997 and 2003) and the dates of the PPI agreements (in 2014) the pursuer having become insolvent and granted a trust deed in favour of her creditors, the defender having submitted claims in the trust deed for payment of roughly the same aggregate indebtedness now founded upon by way of set‑off, the pursuer's trustee having adjudicated on those claims, the defender having received payment of dividends on the claims and, in 2012, the pursuer having been discharged from the trust deed—the court held that the defender was entitled to plead set-off by application of the principle of balancing of accounts in bankruptcy.
Sam Townend KC explains the Bar Council’s efforts towards ensuring a bright future for the profession
Giovanni D’Avola explores the issue of over-citation of unreported cases and the ‘added value’ elements of a law report
Louise Crush explores the key points and opportunities for tax efficiency
Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
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Most of us like to think we would risk our career in order to meet our ethical obligations, so why have so many lawyers failed to hold the line? asks Flora Page
If your current practice environment is bringing you down, seek a new one. However daunting the change, it will be worth it, says Anon Barrister
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Sam Townend KC explains the Bar Council’s efforts towards ensuring a bright future for the profession
National courts are now running the bulk of the world’s war crimes cases and corporate prosecutions are part of this growing trend, reports Chris Stephen
