- Payments into secondary proceedings preserve German order of payments (Karen Millen Deutschland GmbH—in administration)
- What are the practical implications of this case?
- What was the background?
- What did the court decide?
- Case details
Restructuring & Insolvency analysis: This article discusses a recent High Court decision which directed that the English administrators in the main proceedings of the German subsidiary of the Karen Millen Group may make a payment to the German administrators in the secondary proceedings to enable the German administrators to make a distribution to the remaining creditors—all of whom were based in Germany—under para 66 of Schedule B1 to the Insolvency Act 1986 (IA 1986), in order to achieve the purpose of the administration, and to honour the local preferential status of the German employee creditors. Written by Robert Paterson, partner, and Kate Herbert, solicitor, at Moon Beever LLP.
Sign in or take a trial to read the full analysis.
To continue reading this news article, as well as thousands of others like it, sign in to LexisPSL or register for a free trial