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Latest Restructuring & Insolvency News

When unlawful distributions and insolvency collide (SSF Realisations Ltd (In Liquidation) v Loch Fyne Oysters Ltd)

The following Corporate news provides comprehensive and up to date legal information on When unlawful distributions and insolvency collide (SSF Realisations Ltd (In Liquidation) v Loch Fyne Oysters Ltd)

Retained EU law—a guide for the perplexed

The following Banking & Finance news provides comprehensive and up to date legal information on Retained EU law—a guide for the perplexed

DeepOcean—Part 26A restructuring plans approved

The following Banking & Finance news provides comprehensive and up to date legal information on DeepOcean—Part 26A restructuring plans approved

Alert: Business and Property Courts—official start date

The following Construction news provides comprehensive and up to date legal information on Alert: Business and Property Courts—official start date

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...

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...

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

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

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

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

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

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

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

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

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 The office-holder content

Practice notes

Basic principles—the delivery-up of information and property to the insolvency office-holder

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

15th Jan

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...

15th Jan

Practice notes

Challenging an individual voluntary arrangement (IVA)

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 Tom Shepherd of 4 New Square and Paul Allen of FRP Advisory LLP 15th Jan

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 15th Jan

Practice notes

Block transfer orders—the law and practice

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 Stephen Allinson, Consultant 15th Jan

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...

15th Jan

Practice notes

Joint office-holder appointments

All insolvency processes allow for the joint appointment of office-holders if required. Whether it is appropriate or not to have two office-holders...

15th Jan

Practice notes

Removal of voluntary liquidator by creditors' decision procedure—the position under the Insolvency (England and Wales) Rules 2016

Removal of a voluntary liquidator following the Insolvency (England and Wales) Rules 2016 (IR 2016)A voluntary liquidator can only be removed by an...

Produced in partnership with Robert Smailes of Leonard Curtis Business Solutions Group and Simon Hunter of ThreeStone 15th Jan

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 15th Jan

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)...

15th Jan

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 15th Jan

Practice notes

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

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 15th Jan

Practice notes

Small Business, Enterprise and Employment Act 2015—changes to regulation of IPs [Archived]

This Practice Note has been archived and is not maintained.The Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) received Royal Assent...

15th Jan

Practice notes

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

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Roger Laville of Five Paper 15th Jan

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 15th Jan

Practice notes

Office-holder remuneration

RemunerationThe Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 provide for remuneration of...

15th Jan

Practice notes

Evidence and evidence gathering—public examination of the bankrupt

Under section 15 of the Bankruptcy Act 1914 (the predecessor to the Insolvency Act 1986 (IA 1986)), a public examination was required in every case...

Produced in partnership with Graham McPhie of Moon Beever 15th Jan

Practice notes

Remuneration and expenses of nominee or supervisor of a Company Voluntary Arrangement (CVA)

The remuneration of the insolvency practitioner is governed by the Insolvency Act 1986, Statements of Insolvency Practice (SIP) 3.2 and 9 and the...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 15th Jan

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 15th Jan

Practice notes

Small Business, Enterprise and Employment Act 2015—trustees in bankruptcy [Archived]

This Practice Note has been archived and is not maintained.The Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) received Royal Assent...

15th Jan