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Latest Restructuring & Insolvency News

Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

Restructuring & Insolvency weekly highlights—29 July 2021

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency weekly highlights—29 July 2021

Extension of time refused by Court of Appeal despite coronavirus (COVID-19) (Watts v Revenue and Customs Commissioners)

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Extension of time refused by Court of Appeal despite coronavirus (COVID-19) (Watts v Revenue and Customs Commissioners)

What is the latest news on France’s restructuring and insolvency law reforms?

The following Banking & Finance news provides comprehensive and up to date legal information on What is the latest news on France’s restructuring and insolvency law reforms?

Featured Restructuring & Insolvency content

Scotland: the Accountant in Bankruptcy

Scotland: the Accountant in BankruptcyThe office of the Accountant in Bankruptcy (AiB) was created by section 156 of the Bankruptcy (Scotland) Act...

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

US bankruptcy financing—debtor-in-possession (DIP) financingDIP financing generallyDebtor-in-possession financing (DIP financing) is new,...

A mortgagee in possession has sold a property at auction. The mortgagee's charge is dated 20 February 2008. There is an equitable charge created by an interim charging order in favour of a second lender, registered on the 25th October 2010. Will the sale by the mortgagee in possession overreach the subsequent equitable charge and if so, will the equitable charge simply fall away or should the purchaser take any further steps to remove it from the register?

A mortgagee in possession has sold a property at auction. The mortgagee's charge is dated 20 February 2008. There is an equitable charge created by an...

Role, powers, functions and duties of a trustee in bankruptcy

Role, powers, functions and duties of a trustee in bankruptcyThis Practice Note looks at the roles, powers, functions and duties of the trustee in...

Practice notes

Joint office-holder appointments

Joint office-holder appointmentsAll insolvency processes allow for the joint appointment of office-holders if required. Whether it is appropriate or...

19th May

Practice notes

Statements of Insolvency Practice (SIPs)—a quick guide

Statements of Insolvency Practice (SIPs)—a quick guideWhat are Statements of Insolvency Practice?Insolvency practitioners (IPs) are required to comply...

19th May

Practice notes

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

Statement of Insolvency Practice 16 (SIP 16)—pre-packaged sales in administrationInsolvency practitioners (IPs) are required to comply with both...

19th May

Practice notes

Roles, powers and duties of an administrative receiver

Roles, powers and duties of an administrative receiverWhat is an administrative receiver?The Insolvency Act 1986 (IA 1986) sets out what an...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 19th May

Practice notes

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

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

Produced in partnership with Richard Bowles 19th May

Practice notes

Secured creditors under a CVA—including effect on guarantees

Secured creditors under a CVA—including effect on guaranteesNeither the company nor its creditors may approve a company voluntary arrangement (CVA)...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 19th May

Practice notes

Court-appointed receivers—when a court will appoint a receiver and who may be appointed

Court-appointed receivers—when a court will appoint a receiver and who may be appointedThis Practice Note covers receivers who are appointed by the...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 19th May

Practice notes

Coronavirus (COVID-19)—Changes to the court process in insolvency proceedings

Coronavirus (COVID-19)—Changes to the court process in insolvency proceedingsThe UK Government’s policy of social distancing in order to slow the...

19th May

COVID-19

Practice notes

Annulment of bankruptcy orders

Annulment of bankruptcy ordersThis Practice Note looks at the annulment of bankruptcy orders under section 282 of the Insolvency Act 1986 (IA 1986)...

19th May

Practice notes

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986It is possible for a claim to be brought under section 423 of the...

19th May

In-house

Practice notes

Prohibited names under section 216 of the Insolvency Act 1986

Prohibited names under section 216 of the Insolvency Act 1986The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act...

19th May

Practice notes

The CVA proposal and procedure—the position under the Insolvency (England and Wales) Rules 2016

The CVA proposal and procedure—the position under the Insolvency (England and Wales) Rules 2016The company voluntary arrangement (CVA) proposal will...

Produced in partnership with KPMG and Lexa Hilliard QC of Wilberforce Chambers 19th May

Practice notes

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016IntroductionSet-off refers to claims that may be set-off against...

Produced in partnership with South Square Chambers and BDO 19th May

In-house

Practice notes

What is a statutory demand?

What is a statutory demand?This Practice Note looks at what a statutory demand is and what it seeks to achieve in both corporate and personal...

19th May

Practice notes

Covenant waivers and resets

Covenant waivers and resetsOne of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver,...

19th May

Practice notes

Basic introduction to super senior, senior, mezzanine and junior debt

Basic introduction to super senior, senior, mezzanine and junior debtThe range of funding options open to companies has exploded, resulting in a vast...

19th May

Most recent Insolvency trading issues content

Practice notes

Warranty and indemnity and contingent risk insurance in distressed M&A transactions

Warranty and indemnity and contingent risk insurance in distressed M&A transactionsDespite economies around the world receiving unprecedented...

1st Aug

Q&As

Under rule 22.4 of the Insolvency (England and Wales) Rules 2016, is it possible for a director of companies 1 and 2 to give notice that they intend to act (via company 2) in a way that would otherwise contravene section 216 of the Insolvency Act 1986. At the time of giving notice, company 1 will not have entered into creditors’ voluntary liquidation (CVL), but it is expected to do so immediately after. As soon as company 1 enters into CVL, it is intended that the director will acquire the whole or substantially the whole of the business of company 1. Is there a statutory definition of ‘insolvent company’ in this context?

Under rule 22.4 of the Insolvency (England and Wales) Rules 2016, is it possible for a director of companies 1 and 2 to give notice that they intend...

Produced in partnership with Caroline Clark 1st Aug

Q&As

Is entry into insolvency an event of frustration for a contract?

Is entry into insolvency an event of frustration for a contract?For the purposes of this Q&A we have assumed that the contract does not expressly...

1st Aug

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.

Where an individual judgment creditor (A), prior to taking action to enforce its judgment against the judgment debtor B (a limited company) discovers...

Produced in partnership with Leigh Callaway of Fladgate 1st Aug

Q&As

When does the exemption to section 216 under the insolvency rules apply?

When does the exemption to section 216 under the insolvency rules apply? STOP PRESS: From 6 April 2017, the Insolvency Rules 1986, SI 1986/1925 were...

1st Aug

Q&As

Can an administrator reject a retention of title (ROT), and if so, what options are open to the creditor claiming the ROT to challenge that rejection?

Can an administrator reject a retention of title (ROT), and if so, what options are open to the creditor claiming the ROT to challenge that...

1st Aug

Q&As

If an individual is a director/shareholder of both a seller company and a buyer company, but the seller company will enter administration and the assets bought by way of a pre-pack, would this constitute a substantial property transaction?

If an individual is a director/shareholder of both a seller company and a buyer company, but the seller company will enter administration and the...

1st Aug

Q&As

When sending a notice to creditors of an insolvent company of the re-use of a prohibited name under Rule 22.4 of the Insolvency Rules 2016, where multiple names which the insolvent company traded under wished to be used, should individual notices be sent out for each name that they wish to use? Or is one sufficient for all names?

When sending a notice to creditors of an insolvent company of the re-use of a prohibited name under Rule 22.4 of the Insolvency Rules 2016, where...

1st Aug

Q&As

Is it possible for a supplier and a customer to agree that if the customer gets into financial difficulties, the supplier would be classed as a ‘secured’ or ‘preferential’ creditor in the context of a straightforward supply of goods and/or services? If so, what would be the simplest way to achieve this?

Is it possible for a supplier and a customer to agree that if the customer gets into financial difficulties, the supplier would be classed as a...

1st Aug

Q&As

What methods can be used to serve a notice under rule 22.4 of the Insolvency (England and Wales) Rules 2016, SI 2016/1024 concerning a notice to creditors on the re-use of a prohibited name under section 216 of the Insolvency Act 1986? Specifically, is it possible to serve by email, and does the director need to provide his personal address for service, or is a business or alternative address sufficient?

What methods can be used to serve a notice under rule 22.4 of the Insolvency (England and Wales) Rules 2016, SI 2016/1024 concerning a notice to...

Produced in partnership with Alison Curry of Insolvency Support Services 1st Aug

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?

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...

Produced in partnership with Helen Kavanagh 1st Aug

Q&As

Does section 216 of the Insolvency Act 1986 apply in a pre-pack scenario to a person who is a new de jure director of the Newco using the prohibited name, but who was appointed in Oldco (only for six months) prior to the administration as an employee though using the title ‘managing director’? They did not have any practical control over the business during that time.

Does section 216 of the Insolvency Act 1986 apply in a pre-pack scenario to a person who is a new de jure director of the Newco using the prohibited...

Produced in partnership with Emma Horner of 4 Stone Buildings 31st Jul

Q&As

Are there any specific points for consideration when a company is purchasing land from a company that itself purchased from a company in administration less than one year ago?

Are there any specific points for consideration when a company is purchasing land from a company that itself purchased from a company in...

31st Jul

Practice notes

IP issues to consider in asset purchase contracts

IP issues to consider in asset purchase contractsThis Practice Note focuses on the intellectual property (IP) rights aspects of asset purchase...

31st Jul

Q&As

A company in voluntary liquidation owns assets charged to a lender and subject to a registered charge. Can the liquidators sell the charged assets without the lender’s consent?

A company in voluntary liquidation owns assets charged to a lender and subject to a registered charge. Can the liquidators sell the charged assets...

Produced in partnership with Oberon Kwok of Selborne Chambers 31st Jul

Q&As

How do you bring an action against a director under section 216 of the Insolvency Act 1986 (for use of a prohibited name)?

How do you bring an action against a director under section 216 of the Insolvency Act 1986 (for use of a prohibited name)?STOP PRESS: From 6 April...

31st Jul

Practice notes

Key definitions under data protection law

Key definitions under data protection lawOn 31 January 2020, the UK ceased to be a member of the EU and EEA. Given the extensive data flows between...

31st Jul

Q&As

If a company in administration has sold its assets and business to the directors of that company, do they have any right as directors to know who were the other potential purchasers of the business and assets?

If a company in administration has sold its assets and business to the directors of that company, do they have any right as directors to know who were...

Produced in partnership with Caroline Clark 31st Jul

Q&As

In many asset sales the apportionment of the business' sale price apportions £1.00 to the business' lease, why is this and how is this apportionment of the overall consideration not deemed a transaction at an undervalue?

In many asset sales the apportionment of the business' sale price apportions £1.00 to the business' lease, why is this and how is this apportionment...

31st Jul

Q&As

Can a customer list/customer contracts be sold other than through an asset purchase agreement?

Can a customer list/customer contracts be sold other than through an asset purchase agreement?There are no general property rights in data. There is...

31st Jul

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Insolvency trading issues

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

Wherever I lay my hat is not necessarily my home (for the purposes of bankruptcy) (Lakatamia Shipping Company Ltd v Hsin Chi Su)

Restructuring & Insolvency weekly highlights—29 July 2021

Extension of time refused by Court of Appeal despite coronavirus (COVID-19) (Watts v Revenue and Customs Commissioners)

What is the latest news on France’s restructuring and insolvency law reforms?

Featured Restructuring & Insolvency content

Scotland: the Accountant in Bankruptcy

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

Role, powers, functions and duties of a trustee in bankruptcy

Most recent Insolvency trading issues content

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Highways, street works and statutory undertakers

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Public inquiry procedure

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