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Featured Restructuring & Insolvency content

Key elements of a standstill agreement

When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the...

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...

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...

Practice notes

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...

9th Nov

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 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 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

Role, powers, functions and duties of a liquidator

Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...

9th Nov

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

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

Effect of a moratorium in a company voluntary arrangement (CVA) on creditors and the company [ARCHIVED]

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...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Nov

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

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 9th Nov

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 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 9th Nov

In-house

Practice notes

US bankruptcy financing—debtor-in-possession (DIP) financing

DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...

Produced in partnership with Julie Lanz of Skadden Arps Slate Meagher & Flom LLP 9th Nov

In-house

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 9th Nov

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

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Practice notes

Charity insolvency—personal liability of charity trustees

STOP PRESS: The Corporate Insolvency and Governance Act 2020 (CIGA 2020) received Royal Assent on 25 June 2020. CIGA 2020 makes significant changes to...

Produced in partnership with Rebecca Walker of Irwin Mitchell LLP 26th Nov

Practice notes

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

Purpose of the Credit Institutions (Reorganisation and Winding Up) DirectiveThe Credit Institutions (Reorganisation and Winding Up) Directive...

25th Nov

Practice notes

Taking security over aircraft

Coronavirus (COVID-19):Dealing with the Civil Aviation authority—For information on dealing with the Civil Aviation Authority and submitting aircraft...

Produced in partnership with Norton Rose Fulbright 25th Nov

Practice notes

Shipping finance—enforcement of security

STOP PRESS—Coronavirus (COVID-19) and registration of charges at Companies House: The content of this Practice Note is affected by the Companies etc...

25th Nov

Practice notes

Aviation finance—PDP financing

Pre-Delivery Payment financing (PDP financing) has developed into a commonly used financing tool for airlines and lessors. However, the increase in...

Produced in partnership with Norton Rose Fulbright 25th Nov

Practice notes

Third Parties (Rights Against Insurers) Act 2010—one minute guide

Purpose of the TP(RAI)A 2010The Third Parties (Rights against Insurers) Act 2010 (TP(RAI)A 2010) repeals and replaces the Third Parties (Rights...

Produced in partnership with HFW 20th Nov

Practice notes

Mis-selling interest rate hedging products—a guide for R&I lawyers

IntroductionPrior to September 2008, numerous small and medium-sized enterprises (SMEs) entered into interest rate hedging products (IRHPs) to support...

Produced in partnership with Matthew Shankland and Sarah Lainchbury of Sidley Austin LLP 19th Nov

Practice notes

Guide to insolvency in PFI/PF2 projects

This Practice Note is a guide to insolvency in PFI/PF2 projects. The aim of this Practice Note is to provide restructuring and insolvency...

Produced in partnership with Mathias Cheung of Atkin Chambers 18th Nov

Practice notes

DTEK schemes—deal debrief

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

Produced in partnership with Marc Hecht of Latham & Watkins 18th Nov

Q&As

Does section A21 of the Insolvency Act 1986, which places restrictions on the legal and enforcement proceedings that may be commenced against a company subject to the new ‘moratorium’, prevent a party to a construction contract commencing or enforcing adjudication against a counterparty that is subject to the moratorium?

Section 1 of the Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduces a new Part A1 to the Insolvency Act 1986 (IA 1986), which enables...

18th Nov

Practice notes

Social housing administration

Insolvency of private not-for-profit registered providers of social housingThe social housing sector in England is commonly described as a ‘no...

Produced in partnership with Eleanor James of Trowers & Hamlins LLP 18th Nov

Practice notes

Insolvency in the Further and Higher Education Sector

This Practice Note summarises the insolvency regime introduced by the Technical and Further Education Act 2017 (TAFEA 2017), the Further Education...

Produced in partnership with Neil Smyth of Mills & Reeve LLP 18th Nov

Practice notes

Solvency II—essentials

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

18th Nov

COVID-19

Practice notes

Retail sector insolvency—use of CVAs

Introduction to company voluntary arrangements (CVAs)A CVA is a tool available to a company in financial difficulty to restructure its debts. In...

Produced in partnership with Cathryn E Williams of Crowell & Moring LLP 17th Nov

Practice notes

Guide to insolvency in the construction industry

This Practice Note considers common issues that may arise out of insolvency in the construction industry. It considers the effect and relevance of...

Produced in partnership with Gurbinder Grewal, Ian Fox and Michael Wright of Dentons UK and Middle East LLP 16th Nov

Practice notes

Financial services firms and insolvency

Financial services firms and insolvency provisions in FSMA 2000The provisions in Part XXIV of the Financial Services and Markets Act 2000 (FSMA 2000)...

13th Nov

Practice notes

Consumer Rights Act 2015—goods

Brexit: This Practice Note has been updated to reflect the position as of 1 January 2021. Note that retained EU law and Brexit SIs referred to in this...

12th Nov

In-house

Practice notes

Insurance business transfer schemes

Consistent with the common law of contract, an insurer is not able to transfer the burden of its obligations under a contract of insurance without the...

Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner 30th Oct

Practice notes