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Featured Restructuring & Insolvency content

Compulsory winding up of a company—the process and procedure

STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose...

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For...

Debt for equity swaps

A popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or...

US ipso facto clauses

Ipso facto clauses definedContracts often contain provisions to the effect that the contracts will terminate upon the bankruptcy or insolvency of one...

Practice notes

The deemed consent procedure, decision-making procedure, and meetings—the position under the Insolvency (England and Wales) Rules 2016

The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide for a revised scheme for decision making in insolvency from 6 April...

Produced in partnership with Richard Bowles 9th Nov

Practice notes

Winding-up and administration searches for companies at the Central Registry

STOP PRESS: This Practice Note is being updated for the Corporate Insolvency and Governance Act 2020 (CIGA 2020), which introduces a new insolvency...

Produced in partnership with Stephen Allinson 9th Nov

Practice notes

Cashflow and balance sheet tests for insolvency

IntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and balance sheet insolvency under section 123 of the...

Produced in partnership with South Square 9th Nov

Practice notes

What is considered onerous property or contracts?

DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim...

9th Nov

Practice notes

Covenant waivers and resets

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...

9th Nov

Practice notes

Role, powers, functions and duties of a liquidator

Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...

9th Nov

Practice notes

Practice Direction on Insolvency Proceedings

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

9th Nov

Practice notes

Loan to value covenants

This Practice Note looks at:•the key features of loan to value (LTV) covenants•possible issues with calling an event of default based on a LTV...

Produced in partnership with Alexander Pelopidas, James Walton and Matthew Brew of Rosling King LLP 9th Nov

Practice notes

Proprietary claims

Creditors are often keen to establish proprietary claims as they create rights in rem (which attach to the property itself) rather than personal...

9th Nov

Practice notes

Effect of a moratorium in a company voluntary arrangement (CVA) on creditors and the company [ARCHIVED]

The Court of Appeal has made it clear in JCAM that a moratorium cannot be obtained through the back door by filing a notice of intention to appoint an...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Nov

Precedents

Certificate of urgency for applications in insolvency proceedings

Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...

9th Nov

Practice notes

US bankruptcy financing—debtor-in-possession (DIP) financing

DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...

Produced in partnership with Julie Lanz of Skadden Arps Slate Meagher & Flom LLP 9th Nov

In-house

Practice notes

Misfeasance claims under section 212 of the Insolvency Act 1986

What is a misfeasance claim under section 212 of the Insolvency Act 1986?Claims commenced under section 212 of the Insolvency Act 1986 (IA 1986) are...

9th Nov

In-house

Practice notes

A guide to independent business reviews

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...

Produced in partnership with Allan Kelly of RSM 9th Nov

Practice notes

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

9th Nov

Practice notes

Out-of-court administration appointments by a QFCH—the procedure

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

9th Nov

Most recent Clause bank for restructuring and insolvency lawyers content

Q&As

Can a deed be witnessed electronically using an e-signing platform?

Formalities for a deedThe following are the necessary requirements for a deed:•it must be in writing•it must make it clear that it is intended to be a...

Produced in partnership with Lynne Counsell of 9 Stone Buildings 4th Dec

Precedents

Dispute resolution clause

1Dispute resolution—short form1.1If any dispute arises between the parties out of, or in connection with, this Agreement, the matter shall be referred...

3rd Dec

In-house

Q&As

If I can’t meet the people I am contracting with to sign a contract, how do I execute a contract by virtual means?

Many businesses are closing their offices or recommending their staff work from home in an attempt to slow the spread of coronavirus (COVID-19). This...

3rd Dec

COVID-19

Q&As

My company needs to enter into a document as a deed but everyone is working from home. Is it possible to execute a deed by virtual means?

Many businesses are closing their offices or recommending their staff work from home in an attempt to slow the spread of coronavirus (COVID-19). This...

3rd Dec

COVID-19

Q&As

Can an agreement be terminated for frustration due to coronavirus (COVID-19)?

What is the doctrine of frustration?If the contract does not include a force majeure clause or it does but the applicable force majeure event is not...

3rd Dec

COVID-19

Practice notes

Governing law, jurisdiction and arbitration clauses in finance documents

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...

1st Dec

In-house

Precedents

Executing documents—training materials

These Training Materials provide an introduction to execution and cover the principal areas of executing simple contracts and deeds and the key...

30th Nov

Practice notes

Electronic signatures

Coronavirus (COVID-19): This Practice Note contains guidance on subjects potentially impacted by procedural changes in response to the coronavirus...

30th Nov

COVID-19

In-house

Practice notes

Executing deeds and documents in property transactions—charities

Incorporated v unincorporated charitiesThere are currently a number of incorporated or unincorporated structures that are adopted by...

29th Nov

Practice notes

Execution formalities—companies in insolvency

When considering the methods for signature of a deed or contractual agreement, different execution blocks must be used depending on:•the type of...

29th Nov

Q&As

I've just noticed that an executed document has the wrong date on it. What should I do?

The first thing you need to do is insert the correct date in the document which has been incorrectly dated. It is important that the date on the...

28th Nov

Q&As

I've just noticed that a transaction document which has already been executed contains an error. What can I do to correct this?

For the purposes of this Q&A, we have assumed that the 'error' which is referred to is agreed by both (or all) parties to the document to be an error,...

28th Nov

Q&As

One of the documents in my transaction has not been witnessed. What should I do?

If a document has not been witnessed, check first whether it was necessary given the legal nature of the relevant document and the type of entity...

28th Nov

Q&As

Does a guarantee have to be executed as a deed?

No, a guarantee does not have to be executed as a deed. A guarantee can be executed as a deed or as an agreement in English law.A guarantee does have...

28th Nov

Q&As

Is it correct that a lender can execute a debenture under hand only, and not as a deed, in order to create a valid disposition of land under section 1(2) Law of Property (Miscellaneous Provisions) Act 1989?

It is necessary for a debenture to take the form of a deed in order to ensure that the lender has an legal or equitable mortgage, see the commentary...

28th Nov

Q&As

When might it be necessary to register a retention of title clause at Companies House?

What is a retention of title clause?At its simplest, a retention of title clause allows the seller to retain title to goods which it has delivered to...

28th Nov

Q&As

Is there any use in practice of a charge that is registrable at Companies House but has not been registered, ie does it confer any benefit at all on a chargee?

Registration of charge with Companies HouseCompanies Act 2006, s 859A (CA 2006) requires that any charge created by a company be registered with...

Produced in partnership with Peter Susman of Henderson Chambers 28th Nov

Q&As

If a company enters into a second debenture without obtaining the consent of the first debenture holder is the second debenture invalid?

What is a negative pledge?A negative pledge is a contractual undertaking which prohibits or restricts the borrower from creating further encumbrances...

28th Nov

Q&As

My finance document has been executed, but one of the required signatories has signed in the wrong place. What should I do?

A properly drafted finance document will include appropriate execution clauses for each party signing the document. It should, therefore, be obvious...

28th Nov

Q&As

I have just heard that not all required signatories can be physically present at the signing meeting. How can I get my documentation signed?

From a logistical perspective it is preferable for all parties to be physically present in the same place at a signing meeting. However, this is often...

28th Nov