This Practice Note will give a basic overview of what amounts to an administration expense and some of the case law on this topic. Expenses of an administration are...
This Practice Note provides an overview of the role and operation of the Financial Services Compensation Scheme (FSCS) and the ranking of deposits protected by it in the...
From 6 April 2017, the Insolvency Rules 1986 (IR 1986), SI 1986/1925 were revoked and replaced by the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024....
Insolvency (England and Wales) Rules 2016 The rules applicable to proving a debt under the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 are found in...
The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide a revised scheme for decision-making in all insolvency procedures. The detailed provisions...
The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide a revised scheme for decision-making in all insolvency procedures. The detailed provisions...
Creditors’ decision procedure General It is the creditors who decided whether, and if so to what extent, the individual or corporate debtor’s proposal should be accepted....
This Agreement is made [insert day and month] 20[insert year] Parties 1 [insert name of lender] a company incorporated in [England and Wales] under number [insert...
The Insolvency (England and Wales) Rules 2016 (IR 2016) provide a revised scheme for decision-making in all insolvency procedures. The detailed provisions for...
The Insolvency (England and Wales) Rules 2016 (IR 2016) provide a revised scheme for decision-making in all insolvency procedures. The detailed provisions for...
The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 came into effect on 6 April 2017. With that saw the introduction of a deemed consent procedure and...
The Insolvency (England and Wales) Rules 2016 (IR 2016) provide a revised scheme for decision-making in all insolvency procedures. The detailed provisions for...
Although suppliers are generally unsecured creditors (unless they establish a valid retention of title (ROT) claim) they may be key to a successful turnaround or pre-pack...
Brexit impact—cross-border insolvency (Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146) As of exit day (31 January 2020) the UK is no longer an EU Member...
In many restructurings, the early creation of a creditors' committee (or steering committee) will greatly assist negotiations between the debtor company and its...
Coronavirus (COVID-19) This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19) toolkit. For...
The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 came into effect on 6 April 2017. This Practice Note sets out the position from 6 April 2017 and...
Provable debts The general rule as to what constitutes a provable debt in administration, winding-up and bankruptcy is set out in the IR 2016, SI 2016/1024, r 14.2(1)...
Produced in partnership with Nick O’Reilly of Moorfields Introduction The time is now [insert the exact time] and I am opening the meeting of creditors of [insert name of...
This Brexit Deposit Guarantee Schemes Directive 2014/49/EU (DGSD) quick guide details current UK legislation and retained EU legislation that will be amended and/or...
Who and what are bondholders Bondholders (sometimes also known as noteholders) have generally invested in a company’s most junior—and hence risky—debt. In a distressed...
In many restructurings, informal (ad hoc or unofficial) creditors' committees are formed as opposed to formal creditors' committees (see Practice Note: Formal creditors'...
Introduction Set-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 another party, Party B,...
How did the problem arise? Lehman Brothers International Europe (in administration) (LBIE) was (rather unusually) a private unlimited company and was the UK subsidiary of...
To: The persons listed in Schedule 1 to this letter [insert names of Lenders] From: [insert name of solicitors for the Creditors' Committee or the name of the Chair]...
What are business rates? Business rates are a tax on property used for business purposes. They are charged on most non-domestic properties, such as shops, offices and...