Restructuring and Insolvency in a crisis — Is keeping calm & carrying on enough?

Restructuring and Insolvency in a crisis — Is keeping calm & carrying on enough?

 

As part of our sector-focused series, we have curated the key resources and points you need to know from this quarter’s legal updates. Understand the key news stories, practice notes, precedents and other content specific to the restructuring and insolvency sector.

 

Corporate Insolvency and Governance Act 2020

 

Corporate Insolvency and Governance Bill—a view from the restructuring and insolvency profession

The new Corporate Insolvency and Governance Bill was published on 20 May 2020. Frances Coulson, head of insolvency and litigation at Moon Beever LLP considers the Bill from a restructuring and insolvency perspective. Read more…

 

Corporate Insolvency and Governance Bill—moratorium

On 20 May 2020, the government released details of the Corporate Insolvency and Governance Bill. We look at the provisions relating to the new standalone moratorium process, including how the process may be commenced, extended and challenged. Read more…

 

Corporate Insolvency and Governance Bill—restructuring plan provisions

On 20 May 2020, the Government released details of the Corporate Insolvency and Governance Bill. We look in particular at the provisions relating to the new restructuring plan, including which companies are eligible, cross-cram down and other voting provisions as well as the court’s involvement. Read more…

 

Corporate Insolvency and Governance Bill—temporary changes to the wrongful trading regime

This News Analysis looks at the proposed changes to the wrongful trading regime introduced by the Corporate Insolvency and Governance Bill. Read more…

 

Corporate Insolvency and Governance Bill—restrictions on ipso facto clauses

On 20 May 2020, the government published the Corporate Insolvency and Governance Bill. This News Analysis looks at the proposed changes to ensure the continuity of essential supplies to companies subject to an insolvency or restructuring event and to restrict contractual termination provisions on insolvency (ipso facto clauses). Read more…

 

Corporate Insolvency and Governance Bill—temporary changes to winding-up petition

This News Analysis looks at the proposed temporary changes to winding-up petitions introduced by the Corporate Insolvency and Governance Bill. Read more…

 

Corporate Insolvency and Governance Act 2020

Having received its first reading in the House of Commons on 20 May 2020, the Corporate Insolvency and Governance Bill has today been published (having received Royal Assent yesterday), resulting in the Corporate Insolvency and Governance Act 2020 (CIGA 2020). Read more…

 

Coronavirus (COVID-19)—impact on the restructuring and insolvency profession

 

Coronavirus (COVID-19) crisis—Is keeping calm & carrying on enough?

Peter JM Declercq of DCQ Legal looks at what the coronavirus (COVID-19) crisis means for those working in the restructuring & insolvency (R&I) sector. Read more…

 

Mitigating the impact of COVID-19 on viable businesses

Mark Craggs and Grace Carpenter of Norton Rose Fulbright LLP look at the impact of Coronavirus (COVID-19) on companies and directors’ duties. They also consider what potential reforms could be made to existing insolvency legislation to assist companies facing challenges arising from coronavirus. Read more…

 

‘Rescue administration’ can help save British businesses

The Ashurst RSSG team is joining together with other insolvency professionals to help repurpose administration to save coronavirus (COVID–19) stricken businesses. Written by Giles Boothman, Olga Galazoula, Lynn Dunne, Drew Sainsbury, Ru-Woei Foong and Inga West of Ashurst LLP. Read more…

 

Coronavirus (COVID-19)—Challenges for insolvency practitioners

There are, very likely, a huge number of cases of coronavirus (COVID-19) which have not yet been identified. Businesses have started to close and thousands are in isolation. On top of that, the cost to the global economy of the coronavirus pandemic is estimated in the trillions. Marco Piacquadio, director ​at BTG Global Advisory, considers what this means for insolvency practitioners (IPs). Read more…

 

New protocol for making and administering statutory declarations in insolvency proceedings by video conference

LexisPSL Restructuring & Insolvency have worked in partnership with Phillip Patterson of Hardwicke to create a new protocol for making and administering statutory declarations in insolvency proceedings by video conference. The protocol takes into account the Temporary Insolvency Practice Direction (TIPD) and assists practitioners with remote statutory declarations during the coronavirus (COVID-19) pandemic. Read more…

 

New core content in LexisPSL Restructuring & Insolvency

 

We have published the new core content in relation to the Corporate Insolvency and Governance Act 2020, including the following (subscription required):

Moratorium—overview

Corporate Insolvency and Governance Act 2020—moratorium

Corporate Insolvency and Governance Act 2020—moratorium extension and termination

Corporate Insolvency and Governance Act 2020—moratorium forms

Restructuring plan—overview

Corporate Insolvency and Governance Act 2020—restructuring plan provisions

Corporate Insolvency and Governance Act 2020—frequently asked questions (FAQs) on the restructuring plan

Corporate Insolvency and Governance Act 2020—differences between restructuring plans, schemes of arrangement, and CVAs

Corporate Insolvency and Governance Act 2020—claim form (CPR Part 8) in respect of an application for a restructuring plan

Corporate Insolvency and Governance Act 2020—witness statement in support of an application for a restructuring plan

Corporate Insolvency and Governance Act 2020—restructuring plan

Corporate Insolvency and Governance Act 2020—explanatory statement for a restructuring plan

Corporate Insolvency and Governance Act 2020—order to convene creditors’/members’ meetings for a restructuring plan

Corporate Insolvency and Governance Act 2020—form of proxy: creditors/members

Corporate Insolvency and Governance Act 2020—notice of meeting(s) to consider a restructuring plan

Corporate Insolvency and Governance Act 2020—advertisement of restructuring plan meeting

Corporate Insolvency and Governance Act 2020—chairperson’s report on restructuring plan meeting(s)

Corporate Insolvency and Governance Act 2020—script for meeting(s) of creditors/members for restructuring plan

Corporate Insolvency and Governance Act 2020—witness statement attaching report and meeting summary for restructuring plan

Corporate Insolvency and Governance Act 2020—Witness statement to support application to sanction Restructuring Plan

Corporate Insolvency and Governance Act 2020—Sanctioning order for restructuring plan

 

Covid-19 toolkit & blog

 

Organisations, irrespective of their business type, sector or size, have found themselves in uncharted water with the onset of coronavirus (COVID-19).

There are many common areas of concern for organisations at this challenging time. This Covid-19 toolkit has been created to provide in-house lawyers or legal advisers with easy access to news, practical guidance and Q&As from across a number of Lexis®PSL Practice Areas (subject to subscription) that relate to these key areas of concern.

In addition to coronavirus-specific content, this toolkit also highlights additional guidance and support materials of general relevance to each of these areas.

Restructuring and insolvency professionals may find the following resources particularly helpful:

Coronavirus (COVID-19)—summary of government support

Coronavirus (COVID-19)—Changes to the court process in insolvency proceedings

Coronavirus (COVID-19) Tracker of insolvency reforms globally

Not a subscriber to Lexis®PSL? See the free resources and information on our Covid-19 blog. For a free trial of our Lexis®PSL product, click here.

 

Brexit focus - Commercial and practical help

 

To help you cut through the noise, here are a couple of resources giving you the need-to-know information:

 

1. Brexit toolkit

Our Brexit toolkit draws together Brexit content for the practice areas that are relevant for you.

Brexit toolkit (current subscribers)

Brexit toolkit (click to take a free trial)

 

2. Brexit SI tracker for R&I practitioners

This tracker lists all Brexit-related restructuring and insolvency statutory instruments (SIs), together with explanatory memoranda and other information for each SI, as well as links to primary sources.

Brexit SI tracker for R&I practitioners                   

 

3. Brexit—implications for Restructuring & Insolvency

The following Practice Notes discuss the implications for restructuring and insolvency professionals, particularly in the event of no deal.

Brexit—impact of the implementation period for R&I lawyers

Brexit—worst case scenarios for R&I lawyers

Brexit—impact on Recast Regulation on Insolvency

 

Click here for a free trial of our Brexit Toolkit.

 

Useful resources

 

Restructuring & Insolvency—new starter guide

Restructuring & Insolvency Forms and Precedents

Lexis®PSL Restructuring & Insolvency blog

Restructuring & Insolvency: meet the experts

 

Get connected…

 

LexTalk®Restructuring and Involvency: a Lexis®PSL community

LexTalk® is an online community forum which gives Lexis®PSL subscribers the opportunity to post questions, hold conversations, participate in discussions and share best practice. It has been designed to provide a secure place for legal professionals to discuss legal developments, offer and receive peer support, and gain a sense of up to date market practice and advances in real-time. You can access and post questions on all of the dedicated practice area forums, including a dedicated community for Lexis®PSL Restructuring and Insolvency.

Click here to sign up and meet like-minded community members, create a profile, connect, share, and start participating today! Alternatively, you can access LexTalk® on the key resources tab on your Practice Area home page.

 

To access a free trial to our Lexis®PSL Restructuring and Insolvency content, fill in the form below.

 

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About the author:

Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.

Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.