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Latest Restructuring & Insolvency News

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)

Latest edition of Corporate Rescue and Insolvency available (April 2021 edition)

The following Dispute Resolution news provides comprehensive and up to date legal information on Latest edition of Corporate Rescue and Insolvency available (April 2021 edition)

Administrators’ appointments—void or defective? (Re Zoom UK Distribution v Rubra)

The following Banking & Finance news provides comprehensive and up to date legal information on Administrators’ appointments—void or defective? (Re Zoom UK Distribution v Rubra)

Featured Restructuring & Insolvency content

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...

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...

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...

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

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

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

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

Prohibited names under section 216 of the Insolvency Act 1986

The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act 1986 (IA 1986) is aimed at preventing phoenix companies from...

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

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

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 The office-holder 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...

12th Apr

Practice notes

Role, powers, functions and duties of an administrator

The role, powers and duties of an appointed administrator are set out in the Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules...

12th Apr

Practice notes

Statements of Insolvency Practice (SIPs)—a quick guide

What are Statements of Insolvency Practice?Insolvency practitioners (IPs) are required to comply with both legislation and Statements of Insolvency...

12th Apr

Practice notes

When can an office-holder seek directions from the court in insolvency proceedings?

The power to seek directions from the courtOffice-holders in insolvency proceedings have statutory powers to seek directions from the court in...

9th Apr

Practice notes

Evidence gathering—the preservation of information by an insolvency office-holder

The duty of insolvency office-holders to preserve information, and its relationship with the Civil Procedure RulesThe rights and duties of insolvency...

Produced in partnership with Robert Hantusch of Three Stone 9th Apr

Practice notes

Insolvency Practitioners’ duties under the PSC regime

As part of the government’s ongoing drive to improve corporate transparency and tackle corruption, the UK became the first G20 country to establish a...

Produced in partnership with Paul Sidle of Linklaters, Richard Bussell of Linklaters and Rebecca Jarvis of Linklaters 9th Apr

Practice notes

Inquiry into a company's dealings (including by way of private examination) under section 236 of the Insolvency Act 1986

Information about the company’s affairsIn order to protect, realise and distribute a company’s estate, the liquidator, provisional liquidator,...

Produced in partnership with Roger Laville of Five Paper 9th Apr

Practice notes

The Insolvency (England and Wales) Rules 2016—Part 18: Changes to reporting by and remuneration of office-holders [Archived]

ARCHIVED: This Practice Note has been archived and is not maintained. The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 were laid...

Produced in partnership with Peter Shaw, QC of 9 Stone Buildings 9th Apr

Practice notes

Inquiry into a bankrupt's dealings and property—including by way of private examination—under section 366 of the Insolvency Act 1986

Information about the bankrupt’s affairsIn order to realise and distribute the bankruptcy estate, the trustee in bankruptcy (trustee) must obtain...

Produced in partnership with Roger Laville of Five Paper 9th Apr

Practice notes

Role, powers, functions and duties of an LPA or fixed charge receiver

Powers—generalThe statutory powers conferred on an LPA/fixed charge receiver are very limited and so for a receiver to exercise the duties which his...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 9th Apr

Practice notes

Insolvency Services Account

The official receiver (OR) deals with the administration and investigation of all bankruptcies and compulsory liquidations, including partnerships (ie...

Produced in partnership with Christopher Buckley of Radcliffe Chambers 9th Apr

Practice notes

Removal and replacement of an administrator

This Practice Note focuses on the forced removal of an administrator from office, although other reasons for vacation of office by an administrator...

9th Apr

Practice notes

Challenges to administrators—action for unfair harm

As a basic rule administrators enjoy a great deal of protection. Their agency status means they rarely incur personal liability, and the company over...

9th Apr

Practice notes

Role, powers, functions and duties of a court-appointed receiver

This Practice Note covers the roles, powers, duties and liabilities of court-appointed receivers who are appointed pursuant to the Proceeds of Crime...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 9th Apr

Practice notes

Remuneration and expenses of LPA or fixed charge receiver, administrative receiver and court appointed receiver

Remuneration and expenses of a Law of Property Act/fixed charge receiverThe Law of Property Act 1925 (LPA 1925) enables a mortgagee of a legal...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 9th Apr

Practice notes

Role, powers, functions and duties of nominee or supervisor of a scheme of arrangement

Administration of the schemeThe scheme document will need to specify how the scheme of arrangement (scheme) will be administered and by whom. In...

Produced in partnership with Chris Mallon of Skadden 9th Apr

Practice notes

Roles, powers and duties of an administrative receiver

What is an administrative receiver?The Insolvency Act 1986 (IA 1986) sets out what an administrative receiver is as follows:•a receiver or manager of...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 9th Apr

Practice notes

Role, powers, functions and duties of the supervisor of a company voluntary arrangement

Who is the supervisor and what is the supervisor’s role in a company voluntary arrangement (CVA)?The supervisor is a key individual in a CVA. For...

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

Practice notes

Consumer credit law for Insolvency Practitioners (IPs)

This Practice Note provides a summary of consumer credit law following the transfer of regulatory oversight to the Financial Conduct Authority (FCA)....

Produced in partnership with Russell Kelsall of TLT LLP and Caroline Castle of Pinsent Masons 9th Apr

Practice notes

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

This Practice Note looks at the roles, powers, functions and duties of the trustee in bankruptcy (trustee). This Practice Note is drafted from the...

9th Apr

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The office-holder

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

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)

Latest edition of Corporate Rescue and Insolvency available (April 2021 edition)

Administrators’ appointments—void or defective? (Re Zoom UK Distribution v Rubra)

Featured Restructuring & Insolvency content

Compulsory winding up of a company—the process and procedure

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

US ipso facto clauses

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

Most recent The office-holder content

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The Offshore Transmission Owner (OFTO) regime

The Money Laundering Reporting Officer (MLRO)—duties

Declaratory relief of planning decisions

Mistake in contract law

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