Lexis®PSL Restructuring and insolvency monthly highlights—May 2016

Lexis®PSL Restructuring and insolvency monthly highlights—May 2016

This month’s highlights include a discussion on the decline of BHS, Brexit, government proposals to boost the insolvency regime and more, plus a round up of other interesting cases and developments

The decline and fall of British Home Stores

Why has BHS recently fallen into administration? Mark Smith and Nick Moser, partners with Taylor Wessing LLP, examine the causes and effects of BHS’s recent decline. For further details, see News Analysis: The decline and fall of British Home Stores.

Third Parties (Rights against Insurers) Act 2010 (Commencement) Order 2016

SI 2016/550: The remaining provisions of the Third Parties (Rights against Insurers) Act 2010 (TP(RAI)A 2010), which are not already in force, will be commenced on 1 August 2016.

R3 proposes moratorium for businesses facing insolvency

R3 is recommending a 21-day moratorium, during which creditors will be prevented from taking any action to recover their debts to allow directors of struggling companies time to make considered decisions about their company’s future when facing insolvency.

For further details, see News Analysis: R3 proposals moratorium.

Bankruptcy (Scotland) Act 2016

The Bankruptcy (Scotland) Bill (Session 2015-16) received royal assent on 28 April 2016 as the Bankruptcy (Scotland) Act 2016 (asp 21). The Bill was introduced for an Act of the Scottish Parliament to consolidate the Bankruptcy (Scotland) Act 1985, the Bankruptcy (Scotland) Act 1993, Part 1 of the Bankruptcy and Diligence etc. (Scotland) Act 2007, Part 2 of the Home Owner and Debtor Protection (Scotland) Act 2010, the Bankruptcy and Debt Advice (Scotland) Act 2014, the Protected Trust Deeds (Scotland) Regulations 2013 and related enactments.

Paying the forfeit—the importance of mitigating losses

LSREF III Wight Ltd v Gateley LLP [2016] EWCA Civ 359, [2016] All ER (D) 145 (Apr)

The Court of Appeal has handed down judgment in LSREF III Wight Ltd v Gateley LLP, a case which concerned a forfeiture clause

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About the author:
Eleanor qualified in 1998 into the insolvency team at ASB law. She became a partner in 2005, and went on to head up the Recovery & Insolvency team. Whilst traditionally specialising mainly in contentious corporate insolvency matters, in recent years she has moved into the non contentious arena, in particular specialising in company administrations.