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Latest Restructuring & Insolvency News

Claims arising from a fraudulent investment scheme resulting in corporate insolvency (Biscoe (as joint liquidators of Equitable Law Capital Ltd) v Milner)

The following Dispute Resolution news provides comprehensive and up to date legal information on Claims arising from a fraudulent investment scheme resulting in corporate insolvency (Biscoe (as joint liquidators of Equitable Law Capital Ltd) v Milner)

Restructuring & Insolvency weekly highlights—15 April 2021

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency weekly highlights—15 April 2021

Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

The following Banking & Finance news provides comprehensive and up to date legal information on Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

Changes to SIP 13 and SIP 16 and withdrawal of SIP 4

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Changes to SIP 13 and SIP 16 and withdrawal of SIP 4

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...

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

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

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

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 12th Jan

Practice notes

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986

It is possible for a claim to be brought under section 423 of the Insolvency Act 1986 (IA 1986) against a company or individual following a...

9th Nov

In-house

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

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

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

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 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...

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

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 Credit institutions content

Q&As

If an insured company against which an adjudication award has been obtained is dissolved, must that company be restored to the register to pursue the action even though it is subject to an enforced award and liability has therefore crystallised? If so, should proceedings be brought in the client's name or the name of the dissolved company?

The Third Parties (Rights Against Insurers) Act 1930 (TP(RAI)A 1930) was introduced to allow a third party to step into the shoes of the insolvent...

14th Apr

Practice notes

Special resolution regime for banks and building societies—rationale, scope, application and interpretation

The economic and legal backdropGeneral corporate insolvency law was inappropriate for distressed banks. In particular:•the insolvency practitioners...

Produced in partnership with Dominic McCahill of Skadden 14th Apr

Practice notes

Ring-fencing—one minute guide [Archived]

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

14th Apr

Practice notes

The Credit Institutions (Reorganisation and Winding Up) Directive and implementing Regulations

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

8th Apr

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...

8th Apr

Practice notes

Corporate Insolvency and Governance Act 2020 moratorium and restrictions on ipso facto clauses—financial services exemptions map

This Practice Note provides a map of the financial services exemptions from the provisions for moratorium and restrictions on ipso facto clauses which...

8th Apr

Practice notes

Impact of Brexit: BRRD—quick guide

This Brexit Bank Recovery and Resolution Directive 2014/59/EU quick guide details UK legislation and retained EU legislation that was amended and/or...

8th Apr

Brexit

In-house

Practice notes

Bank Recovery and Resolution Directive (BRRD)—essentials

This Practice Note gives a general overview of the Bank Recovery and Resolution Directive 2014/59/EU (EU BRRD) which established a minimum harmonised...

8th Apr

Practice notes

Quick Look Brexit Financial Services Legislation Status Guide—BRRD and BRRD II

This Quick Look Brexit Financial Services Legislation Status Guide provides high-level information on the status of the Bank Recovery and Resolution...

8th Apr

Brexit

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...

6th Apr

Practice notes

The EU banking package—CRD V, CRR II, BRRD II and SRMR II

A package of legislation intended to reduce risks in the EU banking sector, known as the ‘banking package’, was published in the Official Journal of...

30th Mar

Practice notes

Financial Services (Banking Reform) Act 2013—essentials

This Practice Note outlines the key changes to UK banking reform adopted through the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013 or the...

29th Mar

Precedents

Special Administrators’ proposals

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

24th Mar

Practice notes

Safeguards for shareholders, creditors and counterparties under the special resolution regime

The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1394 have an impact. For further details...

Produced in partnership with Dominic McCahill of Skadden 24th Mar

Practice notes

Powers of the authorities under the special resolution regime

Powers of the authoritiesEach of the five stabilisation options under the special resolution regime (SRR) is achieved through the exercise of one or...

Produced in partnership with Dominic McCahill of Skadden 24th Mar

Practice notes

Special resolution regime options

Special resolution regime toolkitWhen using the special resolution regime (SRR), the appropriate tool for the resolution or termination (or...

Produced in partnership with Dominic McCahill of Skadden 24th Mar

Practice notes

Brexit—impact on insolvent credit institutions

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

23rd Mar

Brexit

Practice notes

Lehman RASCALS litigation [Archived]

BackgroundOne of the many issues adding to the complexity of the Lehman Brothers failure was the dispute over the beneficial ownership of certain...

23rd Mar

Practice notes

Lehmans waterfall I case [Archived]

How did the problem arise?Lehman Brothers International Europe (in administration) (LBIE) was (rather unusually) a private unlimited company and was...

23rd Mar

Practice notes

Lehmans—timeline of events and key dates [Archived]

IntroductionThe collapse of Lehmans on 15 September 2008 was marked by the following key events:DateEvent5 to 12 September 2008The share price of the...

23rd Mar