Corporate insolvency processes

View Restructuring & Insolvency by content type:

Practice notes

Precedents

Q&As

News

Latest Restructuring & Insolvency News

When unlawful distributions and insolvency collide (SSF Realisations Ltd (In Liquidation) v Loch Fyne Oysters Ltd)

The following Corporate news provides comprehensive and up to date legal information on When unlawful distributions and insolvency collide (SSF Realisations Ltd (In Liquidation) v Loch Fyne Oysters Ltd)

Retained EU law—a guide for the perplexed

The following Banking & Finance news provides comprehensive and up to date legal information on Retained EU law—a guide for the perplexed

DeepOcean—Part 26A restructuring plans approved

The following Banking & Finance news provides comprehensive and up to date legal information on DeepOcean—Part 26A restructuring plans approved

Alert: Business and Property Courts—official start date

The following Construction news provides comprehensive and up to date legal information on Alert: Business and Property Courts—official start date

Featured Restructuring & Insolvency content

Key elements of a standstill agreement

When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the...

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to...

Effect of equitable, contractual and structural subordination

Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...

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...

Practice notes

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...

Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan

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 12th Jan

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 12th Jan

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

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 12th Jan

Practice notes

Equitable accounting—how it works in practice

This Practice Note looks at equitable accounting, what it is, how and when it applies. It does not look at how the trustee in bankruptcy (trustee)...

9th Nov

Practice notes

How to serve a demand for payment

A demand for payment is a formal demand made in accordance with the contractual requirements underpinning the liability which the party issuing the...

Produced in partnership with James Hannant of Guildhall Chambers 12th Jan

Practice notes

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016

IntroductionSet-off refers to claims that may be set-off against other claims. A set-off is the right of one party, Party A, who is owed money by...

Produced in partnership with South Square and BDO LLP 12th Jan

In-house

Practice notes

Key features of securitisation and asset based lending

BrexitBREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note....

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 Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan

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

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

Interim receivers

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

Produced in partnership with South Square and BDO LLP 12th Jan

Most recent Corporate insolvency processes content

Practice notes

Corporate Insolvency and Governance Act 2020—temporary changes to corporate statutory demands and winding-up petitions

What is the background to the changes?The coronavirus (COVID-19) pandemic and the resulting lockdown and social distancing measures introduced by the...

15th Jan

COVID-19

Practice notes

The Insolvency (England and Wales) Rules 2016—Part 5: Members’ voluntary winding-up [Archived]

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

Produced in partnership with James Davies of New Square Chambers 15th Jan

Practice notes

Procedure relating to appointment of LPA or fixed charge receiver(s)

The Law of Property Act 1925 (LPA 1925) enables a mortgagee of a legal mortgage to appoint an LPA receiver. This right may alternatively (and more...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 15th Jan

Practice notes

Reviews of insolvency orders

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

15th Jan

Practice notes

Secured creditors under a CVA—including effect on guarantees

Neither the company nor its creditors may approve a company voluntary arrangement (CVA) proposal or modification which affects the right of a secured...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 15th Jan

Practice notes

Power to modify the proposal before creditors’ approval

There is very little statutory guidance on modifications to company voluntary arrangements (CVAs) and how to deal with them. Some guidance is given by...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 15th Jan

Practice notes

Key tax consequences of an insolvent liquidation

STOP PRESS relating to insolvency and tax: Finance Act 2020 introduced provisions where:•with effect for business insolvencies that commence on or...

Produced in partnership with Julia Fox of Deloitte LLP and Anthony Davis 15th Jan

In-house

Practice notes

Key tax considerations relevant to appointment of a fixed charge receiver

This Practice Note:•outlines the main UK tax provisions that apply where a fixed charge receiver sells assets owned by a company, and•answers the...

Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 15th Jan

Practice notes

Key tax consequences of an administration

This Practice Note outlines:•the main corporation tax consequences when a UK incorporated company goes into an administration process in the UK,...

Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 15th Jan

Practice notes

Taxation in corporate insolvency—the principal issues in outline

Taxation and insolvencyThere are relatively few specific rules governing the UK taxation of companies that are subject to insolvency procedures. The...

Produced in partnership with David L. Irvine, Nathan Langford of Kirkland & Ellis International LLP and Philip Ridgway of Temple Tax Chambers 15th Jan

Practice notes

Key tax considerations relevant to company voluntary arrangements (CVAs) with creditors

This Practice Note outlines the main tax implications where a company implements a company voluntary arrangement (CVA) under Part I of the Insolvency...

Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 15th Jan

Practice notes

Out-of-court administration appointments—time and date of appointment

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

15th Jan

Practice notes

What is a special manager and when are they appointed?

What is a special manager?Origin of the role of the special managerBefore the Insolvency Act 1986 (IA 1986) came into force, the official receiver...

15th Jan

Practice notes

How can an administrator apply to extend the period of automatic termination of administration?

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

15th Jan

Practice notes

Removal and replacement of an administrator

This Practice Note focuses on the forced removal of an administrator from office, although other reasons for vacation of office by an administrator...

15th Jan

Practice notes

Varying the CVA after creditors’ approval

Power to vary a CVAA power to vary a company voluntary arrangement (CVA) is normally included so that, if circumstances change or minor amendments...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 15th Jan

Practice notes

Effect of administrative receivers’ appointment on property and the company

Statutory moratoriumThe appointment of an administrative receiver does not create an automatic statutory moratorium. As such, a company’s creditors...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 15th Jan

Practice notes

Conflicts in restructuring and insolvency

In any insolvency situation, there are a number of parties involved that require legal advice and, in certain circumstances, parties with common...

15th Jan

Practice notes

Receivership—an introductory guide

The appointment of a receiver is a remedy for creditors and certain third parties to protect their interest in assets of a company. The creditor will...

15th Jan

Practice notes

The effect of a company voluntary winding-up—the position under The Insolvency (England and Wales) Rules 2016

This Practice Note sets out the position from 6 April 2017.The effect of CVL on the companyThe process of liquidation will lead to the dissolution of...

Produced in partnership with Karl Anderson of 4 Stone Buildings 15th Jan