Personal insolvency

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Lexis®PSL announces variations to R3 standard form COVID-19 CVA proposal (Northern Ireland) for administration exits and debt waivers

The following Banking & Finance news provides comprehensive and up to date legal information on Lexis®PSL announces variations to R3 standard form COVID-19 CVA proposal (Northern Ireland) for administration exits and debt waivers

Smooth take off for Malaysia Airlines’ UK scheme of lease liabilities

The following Banking & Finance news provides comprehensive and up to date legal information on Smooth take off for Malaysia Airlines’ UK scheme of lease liabilities

Restructuring proposals and the disenfranchisement of noteholders

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring proposals and the disenfranchisement of noteholders

Nature of a security trustee’s powers and duties

The following Banking & Finance news provides comprehensive and up to date legal information on Nature of a security trustee’s powers and duties

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...

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...

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...

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

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

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

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

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

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

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

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

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

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

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 Personal insolvency content

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 25th Jan

Practice notes

Personal insolvency for dispute resolution practitioners: bankruptcy

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

25th Jan

Practice notes

Bankruptcy petitions—process and procedure

Before the hearing of the creditors’ bankruptcy petition takes place, there are a number of steps that must be taken to comply with the procedural...

25th Jan

Q&As

If a joint owner ('the former joint owner') transfers their interest to the other joint owner for no consideration, the remaining joint owner sells to a buyer within five years and the former joint owner becomes bankrupt, can the former joint owner's trustee disturb the transfer to the buyer or claim compensation/damages/payment from the buyer by reason of a transfer at an undervalue by the former joint owner?

Bankruptcy and transactions at undervalueSection 339 of the Insolvency Act 1986 (IA 1986) provides that the trustee of a bankrupt’s estate may apply...

Produced in partnership with Chris Bryden of 4 King’s Bench Walk 22nd Jan

Q&As

A former residential tenant (A) is liable for rent and insurance arrears under an authorised guarantee agreement. Where the arrears pre-date a bankruptcy order made against A, does section 281(5)(a) of the Insolvency Act 1986 mean that the landlord can still issue proceedings and seek to recover the arrears from A? Does the fact that A has been discharged from bankruptcy make any difference?

This is a ‘new’ lease under the Landlord and Tenant (Covenants) Act 1995 (LT(C)A 1995). Accordingly, presumably the former tenant is liable for...

22nd Jan

Practice notes

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 insolvency. It assumes that the...

22nd Jan

Practice notes

Disputed statutory demands

When either a company or an individual is served with a statutory demand, the warning bells should be ringing, as failure to act on that demand within...

22nd Jan

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...

22nd Jan

Practice notes

Creditors' bankruptcy petitions—grounds and documents required for presentation

Bankruptcy in England and Wales is a process by which the court or the bankruptcy adjudicator adjudicates an individual bankrupt by making a...

21st Jan

Practice notes

Debt relief orders (DROs)

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 Simon Passfield of Guildhall Chambers 19th Jan

Practice notes

Income payments agreements (IPAs) under section 310A of the Insolvency Act 1986

An income payments agreement (IPA) is an alternative to an income payments order (IPO), used in circumstances where the bankrupt voluntarily agrees to...

Produced in partnership with William Willson of South Square and Robert Smailes of Leonard Curtis Business Solutions Group 15th Jan

Practice notes

The process of annulling a bankruptcy order

This Practice Note looks at the process of annulling a bankruptcy order under one of the two grounds set out in section 282(1) of the Insolvency Act...

15th Jan

Practice notes

Personal insolvency for dispute resolution practitioners: individual voluntary arrangements (IVAs)

This Practice Note contains a summary of individual voluntary arrangements (IVAs) and their impact on legal proceedings from a dispute resolution...

15th Jan

Practice notes

Bankruptcy restrictions undertakings (BRUs)

A bankrupt is discharged from bankruptcy one year after their bankruptcy commences, unless the court grants a suspension of that discharge by reason...

Produced in partnership with Lydia Pemberton of St Philips Chambers 15th Jan

Practice notes

The immediate effects of a bankruptcy order on the bankrupt

The purpose of a bankruptcy order is two-fold:•first, it is to secure the bankrupt's estate for the benefit of the bankrupt's creditors so that it can...

15th Jan

Practice notes

What is a special manager and when are they appointed?

What is a special manager?Origin of the role of the special managerBefore the Insolvency Act 1986 (IA 1986) came into force, the official receiver...

15th Jan

Practice notes

Factors which can give rise to the court not making an order for possession and sale of the family home—and the test it will apply

This Practice Note looks at factors that the court will consider and the test it will apply when faced with an application by a trustee in bankruptcy...

15th Jan

Practice notes

Applying to lift an order suspending discharge from bankruptcy

In certain cases, a bankrupt’s automatic discharge from bankruptcy is suspended by an order of the court. This Practice Note sets out briefly how the...

Produced in partnership with Amit Gupta of St Philips Chambers 15th Jan

Practice notes

Can the court annul a bankruptcy order obtained in order to defeat the divorce proceedings?

It is not uncommon for bankruptcy and divorce proceedings to run concurrently, or for one set of proceedings to impact on the other. For further...

15th Jan

Practice notes

The Insolvency (England and Wales) Rules 2016—Part 10: Bankruptcy [Archived]

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

Produced in partnership with Ali Tabari of St Philips Chambers 15th Jan

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Personal insolvency

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

Lexis®PSL announces variations to R3 standard form COVID-19 CVA proposal (Northern Ireland) for administration exits and debt waivers

Smooth take off for Malaysia Airlines’ UK scheme of lease liabilities

Restructuring proposals and the disenfranchisement of noteholders

Nature of a security trustee’s powers and duties

Featured Restructuring & Insolvency content

Compulsory winding up of a company—the process and procedure

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

Effect of equitable, contractual and structural subordination

US ipso facto clauses

Most recent Personal insolvency content

Popular documents

Insurance conduct regulation—COBS and ICOBS

Overreaching—sales by trustees of land

The equity of redemption

Breach of statutory duty

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