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Corporate insolvency processes

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Latest Restructuring & Insolvency News

Co-obligor structure deemed ‘good forum shopping’ as court sanctions restructuring plan (Re gategroup Guarantee)

Co-obligor structure deemed ‘good forum shopping’ as court sanctions restructuring plan (Re gategroup Guarantee)

The following Banking & Finance news provides comprehensive and up to date legal information on Co-obligor structure deemed ‘good forum shopping’ as court sanctions restructuring plan (Re gategroup Guarantee)

Trading to the detriment of creditors with no reasonable prospect of the company paying its creditors or avoiding insolvent liquidation (Re Arise Networks Ltd; Official Receiver v Obaigbena)

Trading to the detriment of creditors with no reasonable prospect of the company paying its creditors or avoiding insolvent liquidation (Re Arise Networks Ltd; Official Receiver v Obaigbena)

Trading to the detriment of creditors with no reasonable prospect of the company paying its creditors or avoiding insolvent liquidation (Re Arise Networks Ltd; Official Receiver v Obaigbena)

Latest edition of Corporate Rescue and Insolvency available (April 2021 edition)

Latest edition of Corporate Rescue and Insolvency available (April 2021 edition)

The following Dispute Resolution news provides comprehensive and up to date legal information on Latest edition of Corporate Rescue and Insolvency available (April 2021 edition)

Administrators’ appointments—void or defective? (Re Zoom UK Distribution v Rubra)

Administrators’ appointments—void or defective? (Re Zoom UK Distribution v Rubra)

The following Banking & Finance news provides comprehensive and up to date legal information on Administrators’ appointments—void or defective? (Re Zoom UK Distribution v Rubra)

Featured Restructuring & Insolvency content

Key elements of a standstill agreement

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...

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

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...

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

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

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...

Practice notes

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...
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9th Nov
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...
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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...
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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...
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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...
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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)...
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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...
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Produced in partnership with Alexander Pelopidas, James Walton and Matthew Brew of Rosling King LLP 12th Jan
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...
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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...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 12th Jan
Practice notes

Court-appointed receivers—when a court will appoint a receiver and who may be appointed

This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 12th Jan
Practice notes

Prohibited names under section 216 of the Insolvency Act 1986

The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act 1986 (IA 1986) is aimed at preventing phoenix companies from...
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9th Nov
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....
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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...
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Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan
tag iconIn-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...
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Produced in partnership with Allan Kelly of RSM 12th Jan
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...
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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...
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9th Nov

Most recent Corporate insolvency processes content

Practice notes

Role, powers, functions and duties of an administrator

The role, powers and duties of an appointed administrator are set out in the Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules...
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12th Apr
Practice notes

MVL versus striking off

Advantages of MVLA members’ voluntary liquidation (MVL) is a much-used, versatile process as the timing and strategy of the liquidation is initially...
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Produced in partnership with Robert Smailes of Leonard Curtis Business Solutions Group & Simon Hunter of ThreeStone 9th Apr
Practice notes

Insolvency in the Further and Higher Education Sector

This Practice Note summarises the insolvency regime introduced by the Technical and Further Education Act 2017 (TAFEA 2017), the Further Education...
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Produced in partnership with Neil Smyth of Mills & Reeve LLP 9th Apr
Practice notes

Effect of court-appointed receivers on property and company

EmployeesThe appointment by the court of a receiver of the company will have the effect of automatically terminating all employee contracts. The...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 9th Apr
Practice notes

In what circumstances can a CVA provide a moratorium?: the position under The Insolvency (England and Wales) Rules 2016 [ARCHIVED]

WARNING:This Practice Note reflects the position maintained up to 25 June 2020 before the coming into force of the Corporate Insolvency and Governance...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes

Preventing strike off and dissolution

This Practice Note considers the striking off of a company from the register of companies and how to deal with this in the context of a receivership...
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Produced in partnership with Katrina Mather of Hardwicke Chambers 9th Apr
Practice notes

Failure of the company voluntary arrangement (CVA)

There is no definition of ‘failure’ of a company voluntary arrangement (CVA) in the Insolvency Act 1986 (IA 1986). It does not explain when failure...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes

When can an office-holder seek directions from the court in insolvency proceedings?

The power to seek directions from the courtOffice-holders in insolvency proceedings have statutory powers to seek directions from the court in...
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9th Apr
Practice notes

The Insolvency (England and Wales) Rules 2016—Part 14: Claims by and distributions to creditors in administration, winding-up and bankruptcy [Archived]

ARCHIVED: This Practice Note has been archived and is not maintained. The Insolvency Rules 2016—coming into force and changesThe Insolvency (England...
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Produced in partnership with Madeleine Jones of South Square 9th Apr
Practice notes

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...
Read More >
Produced in partnership with Robert Smailes of Leonard Curtis Business Solutions Group & Simon Hunter of Three Stone 9th Apr
Practice notes

The Insolvency (England and Wales) Rules 2016—Part 4: Receivership [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...
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Produced in partnership with Emma Knight of Three Stone 9th Apr
Practice notes

CVAs—landlord issues and remedies

What is a CVA?A company voluntary arrangement (CVA) is an arrangement between a company and its creditors, supervised by an IP (who is known as the...
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9th Apr
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...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes

Receivership process in the Isle of Man

This Practice Note covers the procedural aspects following the appointment of a receiver in respect of an Isle of Man company or other corporate...
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Produced in partnership with Dougherty Quinn of Isle of Man Law Firm 9th Apr
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...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes

When can you wind-up a company when the debt is disputed?

It is a long-established principle that winding-up proceedings should not be commenced where the petition debt is genuinely disputed on substantial...
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Produced in partnership with Kate Rogers of St Philips Chambers 9th Apr
Practice notes

Effect of appointment of administrative receiver over directors, company and assets

The appointment of an administrative receiver does not create an automatic statutory moratorium. As such, creditors are not precluded from commencing...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 9th Apr
Practice notes

In what circumstances can a CVA be proposed and by whom?

What is a CVA?A company voluntary arrangement (CVA) is a binding arrangement made between a company and its creditors (IA 1986, Pt I). It is the...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Apr
Practice notes

Creditors’ consideration of CVA proposals—the position under the Insolvency (England and Wales) Rules 2016

GeneralThe Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, provide a scheme for decision-making in all insolvency procedures. The...
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Produced in partnership with William Willson of South Square Chambers 9th Apr
Practice notes

Receivers appointed by statute, including LPA receivers

Receivers—backgroundReceivers have been a recognised in English law as a remedy available to creditors and others wishing to protect their interest in...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 9th Apr

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