Claims by an insolvent estate or its insolvency office-holder

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Latest Restructuring & Insolvency News

Restructuring & Insolvency weekly highlights—15 April 2021

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency weekly highlights—15 April 2021

Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

The following Banking & Finance news provides comprehensive and up to date legal information on Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

Changes to SIP 13 and SIP 16 and withdrawal of SIP 4

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Changes to SIP 13 and SIP 16 and withdrawal of SIP 4

Pensions Regulator’s consultation on a new single code of practice—goodbye ‘tick box’ governance?

The following Pensions news provides comprehensive and up to date legal information on Pensions Regulator’s consultation on a new single code of practice—goodbye ‘tick box’ governance?

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

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

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

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

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

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

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 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

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

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

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

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....

9th Nov

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 Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan

In-house

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...

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 12th Jan

Most recent Claims by an insolvent estate or its insolvency office-holder content

Practice notes

Avoidance of general assignment of book debts (bankruptcy)

This Practice Note explains when a general assignment of book debts by a bankrupt prior to their bankruptcy is invalid. See also Practice Note:...

Produced in partnership with Christopher Brockman of Enterprise Chambers 9th Apr

Q&As

I need to serve a claim form in an EU Member State. Given coronavirus (COVID-19), what do I need to think about? What are likely to be barriers in being able to effect valid service?

The first point to note is that service in accordance with the provisions of Regulation (EC) 1393/2007, the Service Regulation is mandatory, and it is...

Produced in partnership with Ryan Hocking of Hardwicke Chambers 9th Apr

COVID-19

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...

8th Apr

Practice notes

Injunctive relief for insolvency practitioners

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 Frances Coulson of Moon Beever 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

Application notice seeking a declaration that a transaction is void under section 284 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 and Claire Thompson of Enterprise Chambers 8th Apr

Precedents

Application notice for a misfeasance application under section 212 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...

8th Apr

Precedents

Application notice to unwind a preference, transaction at an undervalue or transaction to defraud creditors

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

8th Apr

Precedents

Witness statement in support of a void transaction application under section 284 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

Witness statement in support of a misfeasance claim under section 212 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

Practice notes

Validity of security—key cases

This Practice Note sets out certain key cases and associated relevant content relating to the validity of security. The cases are divided by topic...

8th Apr

Q&As

If a charge is taken but is not registered on time, can a lender obtain fresh security from the borrower which is then registered on time (for example, pursuant to a further assurance clause in the loan agreement/existing security)? Is that second security susceptible to challenge under the provisions of the Insolvency Act 1986?

There are two options available where security which is required to be registered at Companies House has not been registered on time. The creditor...

8th Apr

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...

8th Apr

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 8th Apr

Q&As

Where an individual judgment creditor (A), prior to taking action to enforce its judgment against the judgment debtor B (a limited company) discovers that the sole director and shareholder of B has resigned and subsequently set up a new limited company (C) trading out of B’s offices and carrying on the same business as B, can A seek to enforce against C the judgment it has obtained against B? It is assumed that the actions in setting up C have been carried out as a means of B avoiding an effective enforcement against B.

In answering this Q&A, we have taken into consideration the ‘phoenix’ situation. The term ‘phoenix’ refers to a company that has been incorporated, in...

Produced in partnership with Leigh Callaway of Fladgate 7th Apr

Q&As