Restructuring

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Restructuring guidance:

This note aims to: • provide practical guidance to creditors owed money by a distressed/insolvent company • explain the position of creditors in most types of corporate...

Practice Note

This Practice Note looks at independent business reviews (IBRs) and aims to: • provide high level guidance around an IBR • identify when an IBR may be requested •...

Practice Note

This Practice Note has been archived and is not maintained. Introduction The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 were published and laid...

Practice Note

This Practice Note sets out certain key cases and associated relevant content in relation to acceleration of debt and enforcement of security. The cases are divided by...

Practice Note

Administration is a procedure designed to give an entity breathing space, with a view to either a rescue or a restructure or to allow for a better outcome for all...

Practice Note

During the term of a facility, the borrower's financial position is likely to fluctuate. Sometimes, its circumstances change to such an extent that it wants the terms of...

Practice Note

Reasons for amending security documents and key risks Reasons for amending a security document There are situations where parties may consider amending security...

Practice Note

This Agreement is made on [insert date] Parties 1 [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number]...

Precedents

[To be printed on the headed paper of the lender] [insert date] To: [insert name and address of borrower] [and] [[insert name and address of guarantor, if applicable]]...

Precedents

This Agreement is made on [date] Parties 1 [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose...

Precedents

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a...

Practice Note

General duty of liquidators and administrators where there has been an unlawful transaction If, during the course of a liquidator's or administrator's investigations into...

Practice Note

. Avoiding floating charges—the conditions required Under section 245 of the Insolvency Act 1986 (IA 1986), there are provisions for liquidators and administrators to set...

Practice Note

Bankruptcy searches at the Land Charges Department When a bankruptcy petition is presented by a creditor, the court shall as soon as reasonably practicable send to the...

Practice Note

Coronavirus (COVID-19) This content is affected by the proposed changes to UK insolvency laws as a result of the coronavirus (COVID-19) pandemic. For further details, see...

Practice Note

It's important to consider the underlying finance documents to determine the requisite majorities of creditors which can block certain actions necessary to maintain an...

Practice Note

Introduction This Practice Note will give a basic overview of the applicable tests for cashflow and balance sheet insolvency under section 123 of the Insolvency Act 1986...

Practice Note

What is subrogation? Subrogation is an equitable mechanism aimed at preventing unjust enrichment by permitting one party to ‘step into the shoes’ of another and to bring...

Practice Note

In December 2015, Newey J sanctioned a scheme of arrangement for part of the Spanish Codere group, in an interesting case of good forum shopping. Brexit impact As of exit...

Practice Note

Comfort letters are encountered in finance transactions relatively often. They take different forms and it is important from both the lender's perspective and the...

Practice Note

This Practice Note explains certain common financial covenants used in commercial finance transactions including: • minimum net worth test • gearing ratio • leverage...

Practice Note

On 6 April 2017 the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 replaced the Insolvency Rules 1986 (IR 1986), SI 1986/1925. For a summary of the...

Practice Note

The UK and US secondary (private) debt trading markets are very similar when transacted on the suite of documents issued by the Loan Market Association (LMA) in the UK...

Practice Note

On 6 April 2017 the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 replaced the Insolvency Rules 1986 (IR 1986), SI 1986/1925. For a summary of the...

Practice Note

[To be printed on the headed paper of the Guarantor] [insert date] To: [insert name and address of the lender] Dear [insert full name of lender] 1 We refer to the...

Precedents

One of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver, which cures a temporary blip in the company's...

Practice Note
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