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Islandsbanki HF v Kevin Stanford (2019)

Islandsbanki HF v Kevin Stanford (2019)

Islandsbanki HF (“the Bank”) issued a Bankruptcy petition against Mr Stanford back in April 2017. Mr Stanford is a successful businessman, who founded the Karen Millen brand with his ex-wife, and All Saints.

This was based on an unpaid debt in Iceland of c£1.3m, which represented an outstanding loan made to Mr Stanford by the Bank’s predecessor, Kaupthing.

The Bank’s petition was adjourned several times, and was eventually set to be heard on 22 February 2019.

During this time, separate second and third petitions were issued by HMRC and another creditor, in August and September 2017 respectively.

There was some debate as to whether the Bank’s petition should be heard first.

It was decided after an appeal by the Bank, that their petition would be heard first.

This is a very unusual situation, as often, additional petitioning creditors will simply support an initial petition, rather than present a separate Bankruptcy petition. There is also very little legislative guidance in this area, so this case creates some welcome precedent.

This case was discussed in more detail in our recent CPD Tap webcast.

Posted: 26.03.2019
Tags:  newsletter

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