The following Restructuring & Insolvency practice note Produced in partnership with Andy Taylor of Isadore Goldman Limited, and Emma Knight and Michael Smith of Three Stone provides comprehensive and up to date legal information covering:
This note explains how a Limited Liability Partnership (LLP) can be placed into administration, and what powers the administrator has. This Practice Note does not apply to Limited Partnerships (see Practice Note: Limited partnership insolvency).
This content is affected by the coronavirus (COVID-19) pandemic and the Corporate Insolvency and Governance Act 2020 (CIGA 2020), including temporary changes to winding-up petitions and filing requirements. For further details on the impact of coronavirus on restructuring, see our Coronavirus (COVID-19) toolkit and for related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview.
CIGA 2020 received royal Assent on 25 June 2020 and makes a number of significant changes to insolvency law as it related to LLPs, including introducing two new procedures: the moratorium and the restructuring plan. For further details, see: Corporate Insolvency and Governance Act 2020—overview. For further details on the moratorium procedure see Practice Note: Corporate Insolvency and Governance Act 2020—moratorium and for further details on the restructuring plan, see Practice Note: Corporate Insolvency and Governance Act 2020—restructuring plan provisions.
As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be
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This Practice Note considers proprietary estoppel from a generic standpoint.For industry specific guidance on proprietary estoppel, see Practice Notes:•Estoppel and property law•Mortgages by estoppelProprietary estoppel—what is it?Unlike the other forms of estoppel (see Practice Note: Estoppel—what,
An ad hoc arbitration is any arbitration in which the parties have not selected an institution to administer the arbitration. This offers parties flexibility as to the conduct of the arbitration, but less external support for the process. It can be quicker than institutional arbitration but not if
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
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