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Latest Restructuring & Insolvency News

Change of position and proving irreversibility (Atkinson & Mummery v Varma)

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Change of position and proving irreversibility (Atkinson & Mummery v Varma)

Reservation of the right to pursue an insolvent company upon settlement with a co-defendant (Re A C Norton Ltd (in liquidation))

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Reservation of the right to pursue an insolvent company upon settlement with a co-defendant (Re A C Norton Ltd (in liquidation))

INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Ireland

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Ireland

Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

Featured Restructuring & Insolvency content

What do insolvency searches at The Gazette reveal?

What do insolvency searches at The Gazette reveal?What is The Gazette?The Gazette provides a permanent official public record of important statutory...

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 2016The primary...

Debt for equity swaps

Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in...

Insolvency searches for companies at the Central Registry

Insolvency searches for companies at the Central RegistryWhat is the Central Registry of Winding-up Petitions?The Central Registry of Winding-up...

Practice notes

Recapitalisations

RecapitalisationsThe term 'recapitalisation' refers to a company changing the proportions of its debt and equity, something which can be achieved in a...

Produced in partnership with Alice Morgan of Sidley Austin LLP 19th May

Practice notes

Statements of Insolvency Practice (SIPs)—a quick guide

Statements of Insolvency Practice (SIPs)—a quick guideWhat are Statements of Insolvency Practice?Insolvency practitioners (IPs) are required to comply...

19th May

Practice notes

Marshalling debt

Marshalling debtWhat is marshalling?Marshalling is where two or more creditors are owed money by the same debtor, and one creditor has more than one...

Produced in partnership with Karen Jacobs of Dentons 19th May

Practice notes

Cashflow and balance sheet tests for insolvency

Cashflow and balance sheet tests for insolvencyIntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and...

Produced in partnership with South Square Chambers 19th May

Practice notes

Interference with goods in an insolvency situation

Interference with goods in an insolvency situationApplication to insolvencyFollowing an appointment, an office-holder will need to establish what...

19th May

Practice notes

Role, powers, functions and duties of a liquidator

Role, powers, functions and duties of a liquidatorCoronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further...

19th May

Practice notes

The deemed consent procedure, decision-making procedure, and meetings—the position under the Insolvency (England and Wales) Rules 2016

The deemed consent procedure, decision-making procedure, and meetings—the position under the Insolvency (England and Wales) Rules 2016The Insolvency...

Produced in partnership with Richard Bowles 19th May

Practice notes

Secured creditors under a CVA—including effect on guarantees

Secured creditors under a CVA—including effect on guaranteesNeither the company nor its creditors may approve a company voluntary arrangement (CVA)...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 19th May

Q&As

The wording of paragraph 83 of Schedule B1 to the Insolvency Act 1986 suggests that an administrator only needs to think that the total amount which each creditor is likely to receive has been set aside, not that the secured creditor(s) have been or will be paid in full. Where an administrator is pursuing office-holder claims—such that any recoveries will not be caught by any security—can the administrator convert the administration to a creditors’ voluntary liquidation where secured creditors will not be paid in full or at all? The consent of secured and other creditors to extend the administration has not been forthcoming.

The wording of paragraph 83 of Schedule B1 to the Insolvency Act 1986 suggests that an administrator only needs to think that the total amount which...

Produced in partnership with Caroline Clark 19th May

Practice notes

Effect on proceedings against a company being wound up and after a winding-up order is made

Effect on proceedings against a company being wound up and after a winding-up order is madeCoronavirus (COVID-19)This content contains guidance on...

Produced in partnership with Eleanor Holland and Karl Anderson of 4 Stone Buildings 19th May

Q&As

Can a claim be made against a company for trading whilst insolvent? If the company is conducting litigation, does this constitute ‘trading’? If so, can a director be held personally liable?

Can a claim be made against a company for trading whilst insolvent? If the company is conducting litigation, does this constitute ‘trading’? If so,...

19th May

Practice notes

Annulment of bankruptcy orders

Annulment of bankruptcy ordersThis Practice Note looks at the annulment of bankruptcy orders under section 282 of the Insolvency Act 1986 (IA 1986)...

19th May

Practice notes

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

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986It is possible for a claim to be brought under section 423 of the...

19th May

In-house

Practice notes

The CVA proposal and procedure—the position under the Insolvency (England and Wales) Rules 2016

The CVA proposal and procedure—the position under the Insolvency (England and Wales) Rules 2016The company voluntary arrangement (CVA) proposal will...

Produced in partnership with KPMG and Lexa Hilliard QC of Wilberforce Chambers 19th May

Practice notes

Covenant waivers and resets

Covenant waivers and resetsOne of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver,...

19th May

Practice notes

Basic introduction to super senior, senior, mezzanine and junior debt

Basic introduction to super senior, senior, mezzanine and junior debtThe range of funding options open to companies has exploded, resulting in a vast...

19th May

Most recent Creditors' participation content

Practice notes

Formal creditors’ committee meetings—the position under The Insolvency (England and Wales) Rules 2016

Formal creditors’ committee meetings—the position under The Insolvency (England and Wales) Rules 2016The Insolvency (England and Wales) Rules 2016 (IR...

Produced in partnership with South Square Chambers 3rd Aug

Practice notes

Creditors' decision-making in an IVA—the position under the Insolvency (England and Wales) Rules 2016

Creditors' decision-making in an IVA—the position under the Insolvency (England and Wales) Rules 2016Creditors’ decision procedureGeneralIt is the...

Produced in partnership with Marcus Haywood of South Square Chambers 1st Aug

Q&As

Is a trustee in bankruptcy's remuneration, as in time costs, classed as being an expense or cost of dealing with the assets payable under IR 1986, r 6.224 (1) (a) and not (o) or (q)?

Is a trustee in bankruptcy's remuneration, as in time costs, classed as being an expense or cost of dealing with the assets payable under IR 1986, r...

1st Aug

Q&As

A company has a claim against one of its shareholders. If that shareholder is subsequently adjudged bankrupt and the trustee in bankruptcy (trustee) sells the shareholder’s shares in the company back to the company, can the trustee take the company’s claim into account when agreeing a price for the shares?

A company has a claim against one of its shareholders. If that shareholder is subsequently adjudged bankrupt and the trustee in bankruptcy (trustee)...

Produced in partnership with XXIV Old Buildings 1st Aug

Q&As

Are repayments from a loan arrangement paid to a company that is in CVL subject to a fixed or floating charge?

Are repayments from a loan arrangement paid to a company that is in CVL subject to a fixed or floating charge?Charge over receivables?One factor will...

1st Aug

Q&As

Can a creditor claim in a liquidation where their debt is secured against a third party guarantor's property?

Can a creditor claim in a liquidation where their debt is secured against a third party guarantor's property?A guarantee is an agreement between one...

1st Aug

Q&As

What authority is there that realisations from property subject to a fixed charge as created will be paid to the fixed charge holder on a liquidation (less the liquidator’s costs of realisation)?

What authority is there that realisations from property subject to a fixed charge as created will be paid to the fixed charge holder on a liquidation...

1st Aug

Q&As

How can members of a company in member voluntary liquidation (where the liquidator was appointed by the court) summon/requisition a general meeting of the company for the purposes of removing the liquidator of the company?

How can members of a company in member voluntary liquidation (where the liquidator was appointed by the court) summon/requisition a general meeting of...

Produced in partnership with Phillip Patterson of Gatehouse Chambers 1st Aug

Q&As

In the context of an insolvency set-off where a landlord is owed money for the payment of rent by a company, can this sum be set off against money owed to the company by the landlord from an overdrawn loan account?

In the context of an insolvency set-off where a landlord is owed money for the payment of rent by a company, can this sum be set off against money...

1st Aug

Q&As

In order for a creditors’ committee to be formed in an administration, is a decision of the creditors (by way of a resolution passed by over 50% of creditors) required?

In order for a creditors’ committee to be formed in an administration, is a decision of the creditors (by way of a resolution passed by over 50% of...

Produced in partnership with Eleanor Stephens 1st Aug

Q&As

If two companies owe each other money, Company A goes into administration. Company B owes slightly more money so Company A pays the amount owing after an off-set of each debt after Company A has gone into administration. Can the administrators of Company A then issue proceedings against Company B for the full balance owed or is the off-set acceptable?

If two companies owe each other money, Company A goes into administration. Company B owes slightly more money so Company A pays the amount owing after...

1st Aug

Q&As

Where a creditor has voted by proxy, is the office-holder required to share the proxy form with another creditor who has requested to see it? Rule 14.6 states the office-holder should allow inspection of the proof of debt, but is silent in terms of the proxy. Is a creditor entitled to see how other creditors have voted?

Where a creditor has voted by proxy, is the office-holder required to share the proxy form with another creditor who has requested to see it? Rule...

1st Aug

Q&As

If a limited liability partnership goes into administration, can a partner set-off a capital account (in credit) against amounts outstanding on an overdrawn current account?

If a limited liability partnership goes into administration, can a partner set-off a capital account (in credit) against amounts outstanding on an...

1st Aug

Q&As

What test must be applied by a trustee in bankruptcy in assessing whether a creditor’s claim is a real debt? Is a liquidator obliged to adjudicate on a proof of debt before they know that a dividend is likely?

What test must be applied by a trustee in bankruptcy in assessing whether a creditor’s claim is a real debt? Is a liquidator obliged to adjudicate on...

1st Aug

Q&As

For the purpose of benefitting from section 73 of the Solicitors Act 1974—ie that a solicitor can obtain a charging order over an interim costs order which takes priority over the client’s liquidator’s right to such sum—does the solicitor have to obtain the charging order before the client goes into liquidation, or can it be obtained after the commencement of the liquidation?

For the purpose of benefitting from section 73 of the Solicitors Act 1974—ie that a solicitor can obtain a charging order over an interim costs order...

Produced in partnership with Hannah Drozdz of Gately PLC 1st Aug

Q&As

Can a contingent creditor in a members’ voluntary liquidation (MVL) force the liquidator to continue the MVL until the contingency figure is determined at a future date, or can the liquidator insist on a valuation of the future claim in order to allow for distribution and then dissolution?

Can a contingent creditor in a members’ voluntary liquidation (MVL) force the liquidator to continue the MVL until the contingency figure is...

Produced in partnership with Alison Curry of Insolvency Support Services 1st Aug

Q&As

Is there a right of set-off for a company in a Company Voluntary Arrangement?

Is there a right of set-off for a company in a Company Voluntary Arrangement?This Q&A assumes that the set-off referred to would be between an...

Produced in partnership with Caroline Clark 1st Aug

Q&As

If a company issues shares unpaid or partly paid to a shareholder (A), and A subsequently transfers the shares to a third party (B) before they are paid up, are A and B jointly and severally liable for the amount unpaid on the shares?

If a company issues shares unpaid or partly paid to a shareholder (A), and A subsequently transfers the shares to a third party (B) before they are...

1st Aug

Q&As

Is a void payment under the Insolvency Act 1986, s 127 available for set-off?

Is a void payment under the Insolvency Act 1986, s 127 available for set-off?STOP PRESS: From 6 April 2017, the Insolvency Rules 1986, SI 1986/1925...

1st Aug

Q&As

Where proceedings are ongoing and the defendant enters creditors’ voluntary liquidation but the liquidators refuse to settle proceedings (drop hands) without payment of their costs to date, is there any authority for getting paid costs as an expense of the liquidation or attaching personal liability to the liquidators for future costs? Re Wenborn does not help as it only provides for payment of costs from the company's assets but in this case, the liquidators are adopting the proceedings where the claimant has offered drop hands.

Where proceedings are ongoing and the defendant enters creditors’ voluntary liquidation but the liquidators refuse to settle proceedings (drop hands)...

1st Aug

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Creditors' participation

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

Change of position and proving irreversibility (Atkinson & Mummery v Varma)

Reservation of the right to pursue an insolvent company upon settlement with a co-defendant (Re A C Norton Ltd (in liquidation))

INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Ireland

Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

Featured Restructuring & Insolvency content

What do insolvency searches at The Gazette reveal?

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

Debt for equity swaps

Insolvency searches for companies at the Central Registry

Most recent Creditors' participation content

Popular documents

Breach of statutory duty

Scotland: the Accountant in Bankruptcy

Guide to using the Lexis®PSL Employment Schedule of Loss application

Dawn raid—who can raid my organisation and why?

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