Lexis®PSL Restructuring and insolvency monthly highlights—April 2016

Lexis®PSL Restructuring and insolvency monthly highlights—April 2016

This month’s highlights include a look at how insolvency practitioners (IPs) should commence or defend proceedings following the abolition of the need to obtain sanction, the latest Lehmans case, plus a round up of other interesting cases and developments.

In this issue:

  • Feature article Office-holders commencing claims in the sanctionless era
  • Feature article Challenging the validity of a floating-charge following an administrator appointment
  • Feature article Lehmans and subordinated loan agreements
  • Headlines (News updates & analysis)
  • Cases
  • Dates for your diary

Office-holders commencing claims in the sanctionless era

Re Longmeade Ltd (In liquidation) [2016] EWHC 356 (Ch), [2016] All ER (D) 259 (Feb)

Has the removal of the need for liquidators to obtain sanction before causing a company to commence or defend legal proceedings signalled a change in the way the courts approach a liquidator’s power to bring proceedings? Faith Julian, barrister at 9 Stone Buildings, reviews the decision in Re Longmeade Ltd (in liquidation), in which liquidators sought directions in respect of commencing proceedings contrary to the wishes of creditors.

For further details, see News Analysis: Office-holders commencing claims in the sanctionless era.

Challenging the validity of a floating-charge following an administrator appointment

Re Property Edge Lettings Ltd Saw (SW) 2010 Ltd and another v Wilson and others [2015] EWHC 4069 (Ch), [2016] All ER (D) 118 (Mar)

Did the grant of a floating charge result in the crystallisation of an earlier floating charge pursuant to the terms of a negative pledge? What is the impact on appointment of administrators appointed under the floating charge? Natalie Brown, barrister at Radcliffe Chambers, offers practical advice to lenders and administrators.

For further details, see News Analysis: Challenging the validity of a floating charge following an administrator appointment (Re Property Edge Lettings Ltd).

Lehmans and subordinated loan agreements

Lehman Brothers Luxembourg Investments S.à.r.l v Lehman Brothers UK Holdings Ltd (in administration) [2016] EWHC 617 (Ch), [2016] All ER

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About the author:
Kathy specialises in restructuring and cross-border insolvency. She qualified as a solicitor in 1995 and has since worked for Weil Gotshal & Manges and Freshfields. Kathy has worked on some of the largest restructuring cases in the last decade, including Worldcom, Parmalat, Enron and Eurotunnel.