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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 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) 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…
We have published the new core content in relation to the Corporate Insolvency and Governance Act 2020, including the following (subscription required):
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
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
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.
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.
Restructuring & Insolvency—new starter guide
Restructuring & Insolvency Forms and Precedents
Lexis®PSL Restructuring & Insolvency blog
Restructuring & Insolvency: meet the experts
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.
Free trials are only available to individuals based in the UK
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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.
0330 161 1234