The following Restructuring & Insolvency practice note Produced in partnership with South Square and BDO LLP provides comprehensive and up to date legal information covering:
The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide a revised scheme for decision-making in all insolvency procedures. The detailed provisions for decision-making are set out in Part 15 of the IR 2016, SI 2016/1024. For details of changes in this area, see Practice Notes: The Insolvency (England and Wales) Rules 2016—Part 3: Administration and The Insolvency (England and Wales) Rules 2016—Part 15 and 16: Creditors meetings and proxies [Archived].
This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19) toolkit. For related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview.
The purpose of an administration is to rescue a company primarily, but not exclusively, as a going concern. The administrator is subject to a set of objectives which they are bound by statute to seek to achieve. Overall however, they must act expeditiously and efficiently in the interests of the creditors as a whole to achieve one or more of the objectives set out by statute, without undue expense or unnecessary application to court.
An administrator is under a duty to seek a decision from the company’s creditors if requested to do so by the creditors whose debts amount to at least 10% of the company’s
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an arrangement constitutes a contract of insurance and the possible consequences of carrying on activities relating to a contract of insurance without the requisite regulatory permissionsThe
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
This Precedent letter covers disclosure obligations under CPR 31. It does not apply to proceedings subject to the disclosure pilot scheme under CPR PD 51U. For guidance on the disclosure pilot scheme, see Practice Note: Business and Property Courts—the disclosure pilot scheme. For a client letter on
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