Order of payments

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Practice notes
Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...
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9th Nov
Practice notes
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
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
The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide for a revised scheme for decision making in insolvency from 6 April...
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Produced in partnership with Richard Bowles 12th Jan
Practice notes
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
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
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
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
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
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)...
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9th Nov
Practice notes
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...
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9th Nov
Precedents
Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...
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9th Nov
Practice notes
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
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
Practice notes
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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Produced in partnership with South Square and BDO LLP 12th Jan
Practice notes
Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
Read More >
9th Nov

Most recent Order of payments content

Q&As
BackgroundThe nominal value of a share does not need to be paid at the time of issue. Shares can be nil paid, partly paid or fully paid although the...
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15th Feb
Q&As
Under the Insolvency Rules 2016 (IR 2016), SI 2016/1024, IR 2016, SI 2016/1024, Pt 14, which determines the treatment of creditors’ claims, is applied...
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Produced in partnership with Alison Curry of Insolvency Support Services 15th Feb
Q&As
This Q&A is about set-off involving transactions with the trustee.The answer is no. The company has to prove for its claim in the bankruptcy (section...
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Produced in partnership with XXIV Old Buildings 15th Feb
Q&As
An escrow account is an interest-bearing bank account to which certain specified criteria are attached which must be satisfied before funds can be...
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15th Feb
Q&As
We have limited this Q&A to cover legal challenges other than those for misfeasance under paragraph 75 of Schedule B1 to the Insolvency Act 1986 (IA...
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15th Feb
Q&As
Do the normal set-off rules apply to an LLP in administration?The Limited Liability Partnerships Act 2000 (LLPA 2000) introduced limited liability...
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15th Feb
Q&As
Set off and the requirement for mutuality of debtsFor information on set off, see Practice Notes:•What is set-off and when is it available?•Insolvency...
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15th Feb
Q&As
Charge over receivables?One factor will be the specific terms of the fixed or floating charge and whether it covers repayments under a loan agreement...
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15th Feb
Q&As
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...
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15th Feb
Q&As
The order of distribution in liquidation, following the realisation of security by secured creditors (other than those with floating charges) for...
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15th Feb
Q&As
The process by which a creditor makes a claim against a company or person subject to an insolvency procedure is known as proving a debt. The...
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15th Feb
Q&As
In this Q&A, we have assumed that B’s claim is smaller than A’s.Legal process against the companyUnder paragraph 43(2) of Schedule B1 to the...
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15th Feb
Q&As
In answering this Q&A we have assumed that it is the company and not the landlord/director—that is in an insolvency process.The rules relating to...
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15th Feb
Q&As
The nature of capital contributionsLike shareholders in a company, the members of a limited liability partnership (LLP) enjoy limited liability up to...
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15th Feb
Q&As
This Q&A considers a scenario where:•there is a business-to-business commercial contract which is not subject to specific industry or sector...
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Produced in partnership with XXIV Old Buildings 15th Feb
Practice notes
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 29th Jan

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