Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
Check out our straightforward definitions of common legal terms.
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Access our unrivalled global news content, business information and analytics solutions
Insurance, risk and compliance intelligence using big data, proprietary linking and advanced analytics.
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
The regional airline fell into administration in the early hours of 5 March 2020 as crunch talks with the government for a rescue deal failed, putting as many as 2,400 jobs at risk. These failed talks combined with the broader effect of coronavirus on the aviation industry finally caused the engines to cut out.
The regional airline was initially taken private by a consortium of Virgin Atlantic, Stobart Aviation and Cyprus Capital when it ran into trouble last year. Owing to difficult trading conditions over the last decade and having fallen behind on payments of an airline tax known as the Air Passenger Duty (APD), the company entered negotiations with the government on the terms of a possible rescue (see more here).
The government agreed that as part of the rescue it would review APD, although it could not grant a tax break to the airline as this could have breached EU state aid rules and existing UK tax policy. An agreement had been reached to partially defer some of Flybe’s tax liabilities and to provide some sort of loan in exchange for the consortium owning the airline to inject tens of millions of pounds. At the time, this announcement prompted fury from competitors such as Ryanair, Easyjet and British Airways.
However, negotiations over the terms of the loan failed as the government was unable to lend to Flybe on commercial terms since most of Flybe’s assets had mortgages. The government would not have had any collateral for the loan and an unsecured loan was out of the question. Finally, with coronavirus already leading to a fall in bookings as well as increased cancellations the airline was finally put into administration.
The effect of the collapse is not just limited to those who will likely lose their jobs, but also to those regions dependant on Flybe. Some airports in Belfast receive the majority of their domestic flights from the airline, and other regions such as Cornwall depend heavily on the airline. Moreover, Flybe provides 40% of UK domestic flights.
There are also political implications because the government had pledged to do more for companies vital to ‘regional connectivity’ in the 2019 election, and some saw Flybe as a test to that commitment.
Free trials are only available to individuals based in the UK
* denotes a required field
Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
0330 161 1234