Special administration

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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...

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...

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...

Practice notes

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...

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

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

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

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

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...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 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

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...

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....

9th Nov

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

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 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 Special administration content

Practice notes

Special Administration for financial institutions

Brexit impactAs of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

Produced in partnership with Dominic McCahill of Skadden 29th Nov

Practice notes

Social housing administration

Insolvency of private not-for-profit registered providers of social housingThe social housing sector in England is commonly described as a ‘no...

Produced in partnership with Eleanor James of Trowers & Hamlins LLP 29th Nov

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...

Produced in partnership with Neil Smyth of Mills & Reeve LLP 29th Nov

Precedents

Special Administrators’ proposals

[Investment Bank name](in Special Administration)Special Administrators’ Proposals for achieving the purpose of the Special AdministrationNotice:...

Produced in partnership with Charlotte Møller of Brown Rudnick LLP 29th Nov

Precedents

Special administration—letter to all known clients: notice of appointment of special administrators

[TO BE TYPED ON THE HEADED NOTEPAPER OF THE SPECIAL ADMINISTRATORS’ FIRM]TO ALL KNOWN CLIENTS[ENTER DATE]Dear Sirs[name of Investment Bank]—in special...

29th Nov

Precedents

Special administration—special administrators’ progress report

[investment bank name] (in special administration)[Joint] Special Administrators’ Progress Reportfor the six-month period [date] to [date]Notice:...

Produced in partnership with Charlotte Møller of Brown Rudnick LLP 29th Nov

Precedents

Special administration—Client asset statement of claim

------------------------------------------------------------------------------------------------------------------------------------------[company...

29th Nov

Precedents

Special administration—witness statement in support of application for special administration

Applicant[NAME OF WITNESS]First Witness StatementDate: []Exhibit [XX1]Court Reference No:[ INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICE...

Produced in partnership with Charlotte Møller of Brown Rudnick LLP 29th Nov

Precedents

Special administration—letter to all known creditors: notice of appointment of special administrators

[TO BE TYPED ON THE HEADED NOTEPAPER OF THE SPECIAL ADMINISTRATORS’ FIRM]TO ALL KNOWN CREDITORS[ENTER DATE]Dear Sirs[name of Investment Bank]—in...

29th Nov

Precedents

Special administration—company board minutes

[INSERT NAME OF INVESTMENT BANK]Minutes of a meeting of the board of directors of [insert name of investment bank] (the ‘Company’) held at [insert...

29th Nov

Precedents

Special administration—distribution order

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

Produced in partnership with Charlotte Møller of Brown Rudnick LLP 29th Nov

Precedents

Special administration—Creditor’s statement of claim

[company name]Date of special administration [date]Creditor’s name and address [name, address and registered number]Gross amount due to creditor at...

29th Nov

Precedents

Special administration—frequently asked questions (FAQs) for clients or investors and trade creditors

Frequently Asked Questions—clients, investors or trade creditorsThese FAQs are intended as guidance only in relation to the Special Administration of...

Produced in partnership with Charlotte Møller of Brown Rudnick LLP 29th Nov

Q&As

Does the Third Parties (Rights Against Insurers) Act 1930 apply to special administrations?

STOP PRESS: From 6 April 2017, the Insolvency Rules 1986, SI 1986/1925 were revoked and replaced by the Insolvency (England and Wales) Rules 2016 (IR...

29th Nov