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Latest Restructuring & Insolvency News

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?

Co-obligor structure deemed ‘good forum shopping’ as court sanctions restructuring plan (Re gategroup Guarantee)

The following Banking & Finance news provides comprehensive and up to date legal information on Co-obligor structure deemed ‘good forum shopping’ as court sanctions restructuring plan (Re gategroup Guarantee)

Trading to the detriment of creditors with no reasonable prospect of the company paying its creditors or avoiding insolvent liquidation (Re Arise Networks Ltd; Official Receiver v Obaigbena)

Featured Restructuring & Insolvency content

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...

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...

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...

Practice notes

US ipso facto clauses

Ipso facto clauses definedContracts often contain provisions to the effect that the contracts will terminate upon the bankruptcy or insolvency of one...

Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 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

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

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

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

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 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

Precedents

Certificate of urgency for applications in insolvency proceedings

Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...

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 12th Jan

In-house

Practice notes

A guide to independent business reviews

This Practice Note looks at independent business reviews (IBRs) and aims to:•provide high level guidance around an IBR•identify when an IBR may be...

Produced in partnership with Allan Kelly of RSM 12th Jan

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

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

Most recent Disclaimer content

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 Apr

Practice notes

Liquidators disclaiming contracts containing overage

This Practice Note considers the disclaimer by liquidators of contracts (often a sale agreement or transfer) containing overage provisions, in the...

Produced in partnership with Carolyn Jones 9th Apr

Practice notes

Escheat, bona vacantia and disclaimer by the Crown

EscheatParamount lordship of the CrownThe principle which underlies the doctrine of escheat is a remnant of the feudal system of land tenure. Under...

8th Apr

Practice notes

What happens to a lease when the tenant's liquidator disclaims?

This Practice Note covers what happens to a lease on disclaimer and the effect of disclaimer on tenants, guarantors and former tenants, applications...

8th Apr

Practice notes

The effect of disclaimer by a liquidator or trustee in bankruptcy on property and third parties

Disclaimer under the Insolvency Act 1986 (IA 1986) by either a liquidator or a trustee in bankruptcy (trustee) has the following effects:•it operates...

Produced in partnership with Robert Hantusch of Three Stone 19th Mar

Practice notes

The process of disclaimer by a liquidator or trustee in bankruptcy under sections 178 or 315 of the Insolvency Act 1986

This Practice Note covers the process of disclaimer and the steps to be taken to disclaim. For guidance on what disclaimer is and what can be...

Produced in partnership with Robert Hantusch of Three Stone 19th Mar

Q&As

What happens where a trustee in bankruptcy disclaims his beneficial interest in a jointly-owned property, and is the position different where the joint owner is a company? Does the property automatically revert to the joint owner and, if not, who does the joint owner have to deal with they wish to acquire that interest or try and discharge any mortgage secured against the property’s title?

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...

15th Feb

Q&As

Company which gave an authorised guarantee agreement (AGA) goes into voluntary, solvent liquidation, but assignee is solvent so no liability has crystallised under the AGA. Can the liquidator disclaim the AGA? Does the landlord have any remedies if the AGA does not have a requirement to replace the guarantor if the guarantor goes insolvent?

Section 178 of the Insolvency Act 1986 (IA 1986) provides liquidators with the power to disclaim onerous property. This power is not limited to...

15th Feb

Q&As

Can voluntary liquidation be used, so long as a company is solvent, to bring a lease liability to an end by disclaimer, without the landlord having any recourse for its lost income? By way of example, could a commercial tenant (say, a retailer) with ten years left of its lease to run, deciding that it wants to close that shop, simply go into voluntary liquidation to pay off its current debts and leave the landlord, who thought he had a tenant's rental income stream for the next ten years, with an empty unit?

Member’s voluntary liquidation (MVL) is a kind of voluntary liquidation where the company is solvent and the members retain the majority of the...

15th Feb

Q&As

If a secure tenant of a local housing authority becomes bankrupt, does their tenancy form part of the bankruptcy estate? Does the position alter if the tenancy has been demoted?

Section 283 of the Insolvency Act 1986 (IA 1986) exempts certain assets from falling within the bankruptcy estate. There is a specific exclusion for...

13th Feb

Q&As

Where a notice of disclaimer is received from the official receiver (acting as trustee in bankruptcy) by a landlord more than seven business days after it is dated, will the notice still have effect?

Disclaimer is the process by which liquidators and trustees in bankruptcy can disclaim onerous property. Leasehold property is a form of onerous...

29th Nov

Q&As

If a liquidator disclaims a lease and does not give vacant possession (eg property and rubbish left at property), can the landlord claim the cost to clear these items from the insolvency practitioner as an insolvency debt?

A liquidator is given the power under section 178 of the Insolvency Act 1986 (IA 1986) to disclaim onerous property comprised in the liquidation...

29th Nov

Disclaimer

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

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?

Co-obligor structure deemed ‘good forum shopping’ as court sanctions restructuring plan (Re gategroup Guarantee)

Trading to the detriment of creditors with no reasonable prospect of the company paying its creditors or avoiding insolvent liquidation (Re Arise Networks Ltd; Official Receiver v Obaigbena)

Featured Restructuring & Insolvency content

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

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

Effect of equitable, contractual and structural subordination

Debt for equity swaps

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Written basis of plea and Newton hearings

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