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Latest Restructuring & Insolvency News

Cross-Border Insolvency Regulations 2006—recognition of Ukrainian bank liquidation (Re PJSC Bank Finance and Credit (in liquidation))

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Cross-Border Insolvency Regulations 2006—recognition of Ukrainian bank liquidation (Re PJSC Bank Finance and Credit (in liquidation))

New UK FDI screening regime approved

The following Competition news provides comprehensive and up to date legal information on New UK FDI screening regime approved

Restructuring & Insolvency weekly highlights—6 May 2021

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency weekly highlights—6 May 2021

Application of modified universalism where Article 4 of Brussels I (recast) is engaged (WWRT v Tyshchenko)

The following Dispute Resolution news provides comprehensive and up to date legal information on Application of modified universalism where Article 4 of Brussels I (recast) is engaged (WWRT v Tyshchenko)

Featured Restructuring & Insolvency content

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...

Interim receivers

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

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...

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...

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

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

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

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

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

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

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

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

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

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

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

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

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

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...

9th Nov

Practice notes

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...

9th Nov

Practice notes

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...

Produced in partnership with Eleanor Holland and Karl Anderson of 4 Stone Buildings 12th Jan

Most recent The office-holder content

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

Practice notes

Insolvency Practitioners' Handbook 2018 [Archived]

What is the IPA?The Insolvency Practitioners Association (IPA) is a recognised professional body (RPB) for the purposes of authorising (licensing)...

9th Apr

Practice notes

The conflict administrator

Brexit impactThis Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union. For further details of the impact...

Produced in partnership with Stephen Taylor of Isonomy Limited 9th Apr

Practice notes

Joint, several, and joint and several liability

ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise...

8th Apr

In-house

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...

8th Apr

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 8th Apr

Practice notes

Challenging the approval of a CVA—unfair prejudice, material irregularity: the position under The Insolvency (England and Wales) Rules 2016

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 Lexa Hilliard QC of Wilberforce Chambers 8th Apr

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 8th Apr

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 8th Apr

Precedents

Witness statement in support of an application by an insolvency office—holder under sections 234, 235, 236, 365 and 366 of the Insolvency Act 1986 for the delivery—up of information and property and for an order to examine any person with relevant information

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

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?

The powers of the liquidator are set out in Schedule 4, Part III of the Insolvency Act 1986 (IA 1986). The liquidator’s general power to sell is found...

Produced in partnership with Oberon Kwok of Selborne Chambers 8th Apr

Q&As

Does section 233B of the Insolvency Act 1986 prevent a supplier from calling on a parent company guarantee (or other security) which is triggered by the insolvency of a customer?

The Corporate Insolvency and Governance Act 2020 (CIGA 2020) inserted section 233B into the Insolvency Act 1986 (IA 1986) as part of a package of...

Produced in partnership with Ryan Hocking of Hardwicke Chambers 8th Apr

Q&As

Are there any grounds on which a person or entity can refuse to disclose information to a liquidator? And is the position the same for an individual who was a director of the company in liquidation?

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...

7th Apr

Q&As

A company director is subject to disqualification proceedings as a result of selling assets of the company, which led to the insolvency of the company. The sale was effected following legal advice, which is privileged, and the liquidators have taken control of the company's privilege. Can the lawyer who gave the legal advice answer questions as regards the advice, or does a waiver of privilege/confirmation that privilege is not being asserted by the company need to be sought?

This Q&A considers whether in the course of the disqualification proceedings the lawyer is able to answer questions about that advice without...

Produced in partnership with XXIV Old Buildings 7th Apr

Q&As

A company director directs that the company’s debtors pay to him directly the debts due to the company. Where the debtors do so, does that operate to discharge the debtors’ obligations to the company, or can a subsequently-appointed administrator of the company pursue those debtors who would then in effect be paying twice? Do the debtors have any potential defence?

In answering this Q&A, we have made the following assumptions:•the debts in question were ordinary business trade debts due to the company•the debts...

7th Apr

Practice notes

The Deregulation Act 2015 [Archived]

This Practice Note has been archived and is not maintained.Note that on 6 April 2017 the Insolvency (England and Wales) Rules 2016 (IR 2016), SI...

6th Apr

Practice notes

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

The Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) give insolvency office-holders in certain...

6th Apr

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...

1st Apr

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)...

1st Apr