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On the 18 December 2017 Cavendish IP Solutions Ltd were successful in its application against an insolvent estate. After nearly 2 years of pursuing th...

BANKRUPTCY PETITION OBTAINED AGAINST INSOLVENT ESTATE

December 18, 2017

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Dealing with Assigned Preferences

February 9, 2017

 

Cavendish IP Solutions has taken on its first case under the Small Business Enterprise and employment Act 2015. 

 

The Act enables Insolvency Practitioners to assign causes of action that arise under the Insolvency Act. 

 

The Act applies to Liquidations and Administrations that commenced after November 2015 and following an approach from a national firm of Insolvency Practitioners.  Cavendish IP Solutions were asked to take assignment of a preference from the Insolvency practitioner. 

 

The practical effect of the assignment is that the IP can focus on more profitable fee generating areas and no longer has to worry about expending time and resources on pursuing the claim.  Furthermore, with the regulators’ focus on time costs, a percentage of realisations basis can be used by the office holder to enable a reasonable fee recovery.

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