Insolvency partner Wayne Parker joined LCF Law from Gordons and, prior to that, he worked at Pinsent Masons.
Wayne specialises in company turnarounds, corporate restructures and administrations, advising financial institutions, administrators, liquidators and receivers in relation to companies and individuals facing financial difficulties.
Wayne assist businesses to be proactive and address potential problems and is on hand with timely advice and solutions.
He is a member of R3, the UK trade association for insolvency and restructuring professionals.
Matters in which Wayne has been involved:
- In McLean and another v Trustees of the Bankruptcy Estate of Dent and others [2016] EWHC 2650 (Ch), the High Court considered the application of the doctrine of marshalling in relation to an agricultural charge under the Agricultural Credits Act 1928 in respect of an individual where the legislation only applied to Bank’s.
- In Re Peter Jones (China) Limited [2021] EWHC 215 (Ch), the High Court ordered that the Registrar remove from the register readily separable unnecessary material that had been lodged in error and held that the Registrar's refusal to exercise his discretion to remove the materials was unlawful and irrational and he was wrong to insist upon a court order.
- The High Court's original decision in County Durham Environmental Trust Ltd v Twizell & Anor [2009] EWHC 2173 (Ch), on 26 August 2009 was followed by the Court of Appeal's decision in Twizell and another v Entrust and others [2009] EWCA Civ 1192, made on 12 November 2009 in which the Court of Appeal dismissed the appeal relating to a landfill tax insolvency case. The appeal centred on the ownership of all assets belonging to the company, in administration, being claimed by the Environmental Trust which failed.
- Bournston Property Limited involved the Administrators converting the company into a solvent liquidation where the shareholders of the company ultimately received over £500,000 following a sale of the company’s property. Originally there was going to be a shortfall to the mortgagee however the company’s property was sold for nearly £2m in excess of what was due to the lender. Thereafter all the creditors were paid in full with statutory interests after all the costs and taxes had been paid.
- In a further matter a company was put into a solvent liquidation having been advised to make various adjustments and book entries to remove assets prior to liquidation and its eventual strike off. Unfortunately the adjustments were not effected prior to liquidation and this gave rise to a tax charge of over £300,000 that would not have been the case if the book entries had been done before hand. The only solution was to stay the liquidation, which is a very rare occurrence, but the effect is as though the liquidation has never taken place. The relevant the entries were then made following the stay and the company made the adjustments to avoid the tax.
- A Bankrupt was the proprietor of 15 freehold and 5 leasehold pubs in Yorkshire and Lancashire. He employed 22 managerial staff, and in addition each of the pubs employed its own staff. As a result of a bankruptcy order made against him his business was closed down. He had the ability to pay the petition debt, but had been advised not to do so as there would be a refund due to him, and he assumed that as the petition was disputed it would eventually be dismissed.
This was an extraordinary case and it was in everyone’s interests including HMRC, as petitioning creditor, who wished to be paid, and the employees of the Bankrupt that needed their jobs and of the Bankrupt whose business was being devastated as a result of the order. We managed to annul the order within three days to avoid the devastation of his business, in circumstances where was willing and able to pay the debt with the court being satisfied on the evidence that the Bankrupt was entitled to an annulment.
Chambers & Partners (2024 Edition)
Wayne Parker of LCF Law is a popular choice for insolvency practitioners and financial institutions to advise on all matters pertaining to distressed companies and individuals.