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Latest Restructuring & Insolvency News

FCA looks to challenge Amigo Loans’ restructuring plan

The following Banking & Finance news provides comprehensive and up to date legal information on FCA looks to challenge Amigo Loans’ restructuring plan

Restructuring & Insolvency weekly highlights—13 May 2021

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency weekly highlights—13 May 2021

Intervening bankruptcy prevents decision on third party debt orders (Michael Wilson v Sinclair)

The following Dispute Resolution news provides comprehensive and up to date legal information on Intervening bankruptcy prevents decision on third party debt orders (Michael Wilson v Sinclair)

The importance of contractual certainty in security documents (Re Arboretum Devon)

The following Banking & Finance news provides comprehensive and up to date legal information on The importance of contractual certainty in security documents (Re Arboretum Devon)

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...

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...

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

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

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

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

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

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

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

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

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

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

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

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

Most recent The office-holder content

Q&As

What, if anything, has changed by virtue of the Insolvency (England and Wales) Rules 2016 when considering this question: In a creditors voluntary liquidation, if there is a gap between the date the shareholders’ meeting appoints a liquidator, and the section 98 meeting where the creditors appoint a liquidator, what powers do the shareholders’ appointed liquidator have over the company during this short period?

Abolition of section 98 meetingsSection 98 is removed from the Insolvency Act 1986, (IA 1986). Creditor approval of a liquidator in a creditors...

29th Nov

Q&As

Can an office-holder assign their powers under sections 234–236 of the Insolvency Act 1986?

For information on the office-holder’s powers of investigation and evidence gathering, see Practice Notes: Basic principles—the delivery-up of...

29th Nov

Q&As

What is the position with liquidator’s fees when removed from office? Must approval for these take place before removal (by creditors or the court), or can they apply for approval once removal has occurred?

All expenses properly incurred in the winding up, including the remuneration of the liquidator, are payable out of the company’s assets in priority to...

29th Nov

Q&As

What steps can a liquidator take to gain access to an account where the bank has refused to neither acknowledge their letters nor release the monies in the account to them for the benefit of the creditor?

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...

29th Nov

Q&As

What are the grounds and procedure for removing a trustee in bankruptcy (trustee) from office? And if a trustee is removed from office, where do their fees and expenses stand in the order of priority?

Removal of a trusteeThe trustee of a bankrupt's estate may be removed from office by an order of the court or by a decision of the creditors made by a...

29th Nov

Q&As

Does a liquidator have the power to sell parts of a business (as opposed to the whole business)?

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...

29th Nov

Q&As

Do trustees in bankruptcy have to disclose the sale price of a particular asset or assets in their report to creditors?

The general function and role of the trustee in bankruptcy (trustee) is to get in, realise and distribute the bankruptcy estate in accordance with...

29th Nov

Q&As

Where a party to financial remedy proceedings undertakes to pay a debt due to a creditor from the other party, and the undertaking party is subsequently adjudged bankrupt, is the trustee liable to pay that debt, or will it be a bankruptcy debt? And what is the position between the non-bankrupt party and the creditor?

What is the nature of an undertaking given to the court?An undertaking given by a person to the court to pay money to another party is not the same as...

29th Nov

Q&As

For the purposes of requisitioning a creditors' meeting under section 172(3) of the Insolvency Act 1986, does the claim of a 'creditor' (who has not yet submitted his proof of debt) count towards the one quarter in value of creditors required for the meeting to be summoned? If so, does he count for the full value of his purported claim?

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...

29th Nov

Q&As