Directors and insolvency

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Latest Restructuring & Insolvency News

Cross-Border Insolvency Regulations 2006—recognition of Ukrainian bank liquidation (Re PJSC Bank Finance and Credit (in liquidation))

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Cross-Border Insolvency Regulations 2006—recognition of Ukrainian bank liquidation (Re PJSC Bank Finance and Credit (in liquidation))

Restructuring & Insolvency weekly highlights—6 May 2021

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency weekly highlights—6 May 2021

Application of modified universalism where Article 4 of Brussels I (recast) is engaged (WWRT v Tyshchenko)

The following Dispute Resolution news provides comprehensive and up to date legal information on Application of modified universalism where Article 4 of Brussels I (recast) is engaged (WWRT v Tyshchenko)

Recognition of EEA credit institution insolvency proceedings post-Brexit (Re Greensill Bank AG)

The following Banking & Finance news provides comprehensive and up to date legal information on Recognition of EEA credit institution insolvency proceedings post-Brexit (Re Greensill Bank AG)

Featured Restructuring & Insolvency content

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...

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...

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...

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....

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

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

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

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

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

Loan to value covenants

This Practice Note looks at:•the key features of loan to value (LTV) covenants•possible issues with calling an event of default based on a LTV...

Produced in partnership with Alexander Pelopidas, James Walton and Matthew Brew of Rosling King LLP 12th Jan

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

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

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

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 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

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

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...

Produced in partnership with Richard Bowles 12th Jan

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

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...

9th Nov

Practice notes

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...

Produced in partnership with Robert Smailes of Leonard Curtis Business Solutions Group & Simon Hunter of Three Stone 12th Jan

Practice notes

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...

Produced in partnership with Eleanor Holland and Karl Anderson of 4 Stone Buildings 12th Jan

Most recent Directors and insolvency content

Practice notes

Statement of Insolvency Practice (SIP) 16—pre-packaged sales in administration

Stop pressOn 8 October 2020, the Insolvency Service published the outcome of its review conducted into the impact of the voluntary industry measures...

5th May

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...

5th May

In-house

Practice notes

Directors’ duties: companies in financial difficulties

Directors of companies which become, or are likely to become, insolvent face additional considerations and are under a duty to minimise losses to the...

5th May

COVID-19

Practice notes

Recovery of unlawful dividends by an insolvency office-holder

A situation frequently arises where payments are made on account of dividends during a financial year, with the intention of declaring a dividend at...

5th May

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...

4th May

Practice notes

Antecedent transaction claims by an office-holder in liquidation or administration

General duty of liquidators and administrators where there has been an unlawful transactionIf, during the course of a liquidator's or administrator's...

4th May

Practice notes

Limitation periods applicable to insolvency claims

Relevance of limitation periods to insolvency claimsLimitation periods refer to the time during which a claim may be brought. If court proceedings are...

22nd Apr

Q&As

Does sending a notice to creditors under Insolvency (England and Wales) Rules 2016, SI 2016/1024, r 22.4 only allow for the director to use a prohibited name in respect of the successor company which has bought the business of the liquidated company, or can the notice also provide for the use of a prohibited name by other associated companies which haven't bought the business but which the individual is a director of and which uses the prohibited name?

This Q&A focuses on sales by liquidation. Sales by other office-holders when company is not in liquidation are not considered.A director of a company...

Produced in partnership with Helen Kavanagh 9th Apr

Practice notes

Costs in directors' disqualification proceedings

Despite their penal nature, disqualification proceedings are civil proceedings, and the general principles relating to costs that apply to other civil...

8th Apr

Practice notes

Disqualification under section 6 of the Company Directors Disqualification Act 1986—the process and procedure: Part 2—the evidence

Since 25 April 2017, it has been mandatory to use electronic filing (e-filing) in all jurisdictions of the Rolls Building, which includes the...

8th Apr

Practice notes

How to appeal a civil directors' disqualification order

This Practice Note deals with appeals against orders made in directors’ disqualification proceedings in England and Wales.Coronavirus (COVID-19)This...

Produced in partnership with Sarah Clarke of Hardwicke Chambers and Sri Carmichael of Hardwicke Chambers 8th Apr

Practice notes

Applications for leave to act as a director under section 17 of the Company Directors Disqualification Act 1986—jurisdiction, parties and the application procedure

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

8th Apr

Practice notes

Disqualification under section 6 of the Company Directors Disqualification Act 1986—Part 1: the process and procedure

The legislation surrounding director disqualification applications under section 6 of the Company Directors Disqualification Act 1986 (CDDA 1986) can...

8th Apr

Precedents

Witness statement in support of an application for a declaration that a transaction is void under section 127 of the Insolvency Act 1986

Applicant: [insert initials and surname]: 1st: (exhibits).1–4: [insert date] 20[insert year]Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH...

8th Apr

Precedents

Application notice seeking a declaration that a transaction is void under section 127 of the Insolvency Act 1986

Note: This Precedent should be used in conjunction with an application notice template that complies with the Insolvency (England and Wales) Rules...

Produced in partnership with Christopher Brockman of Enterprise Chambers 8th Apr

Precedents

Witness statement in support of a fraudulent trading application under sections 213 and 246ZA of the Insolvency Act 1986

The Small Business, Enterprise and Employment Act 2015 allows administrators to bring fraudulent and wrongful trading claims—previously, only...

8th Apr

Precedents

Application notice in support of a fraudulent trading application under sections 213 and 246ZA of the Insolvency Act 1986

Note: This Precedent should be used in conjunction with an application notice template that complies with the Insolvency (England and Wales) Rules...

Produced in partnership with Christopher Brockman of Enterprise Chambers 8th Apr

Precedents

Witness statement in support of an application to unwind a preference, transaction at an undervalue or transaction to defraud creditors

Applicant: [insert initials and surname]: 1st: (exhibits).1–4: [insert date] 20[insert year]Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH...

8th Apr

Precedents