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Latest Restructuring & Insolvency News

End of insolvency temporary provisions—introduction of new temporary provisions

The following Banking & Finance news provides comprehensive and up to date legal information on End of insolvency temporary provisions—introduction of new temporary provisions

Restructuring & Insolvency weekly highlights—16 September 2021

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency weekly highlights—16 September 2021

Managing Franchisee Debt—update on new insolvency laws and tips for minimising franchisor financial exposure

The following Commercial news provides comprehensive and up to date legal information on Managing Franchisee Debt—update on new insolvency laws and tips for minimising franchisor financial exposure

UK parking nightmare—what is happening with NCP’s restructuring plan?

The following Property Disputes news provides comprehensive and up to date legal information on UK parking nightmare—what is happening with NCP’s restructuring plan?

Featured Restructuring & Insolvency content

What do insolvency searches at The Gazette reveal?

What do insolvency searches at The Gazette reveal?What is The Gazette?The Gazette provides a permanent official public record of important statutory...

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

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

Debt for equity swaps

Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in...

The Loan Market Association

The Loan Market AssociationAims of the Loan Market AssociationThe Loan Market Association (LMA) was established in 1996 as a trade body with a key...

Practice notes

Interference with goods in an insolvency situation

Interference with goods in an insolvency situationApplication to insolvencyFollowing an appointment, an office-holder will need to establish what...

19th May

Practice notes

Role, powers, functions and duties of a liquidator

Role, powers, functions and duties of a liquidatorCoronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further...

19th May

Practice notes

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

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

Produced in partnership with Richard Bowles 19th May

Practice notes

Secured creditors under a CVA—including effect on guarantees

Secured creditors under a CVA—including effect on guaranteesNeither the company nor its creditors may approve a company voluntary arrangement (CVA)...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 19th May

Practice notes

Court-appointed receivers—when a court will appoint a receiver and who may be appointed

Court-appointed receivers—when a court will appoint a receiver and who may be appointedThis Practice Note covers receivers who are appointed by the...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 19th May

Practice notes

Practice Direction on Insolvency Proceedings

Practice Direction on Insolvency ProceedingsCoronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and...

19th May

Q&As

The wording of paragraph 83 of Schedule B1 to the Insolvency Act 1986 suggests that an administrator only needs to think that the total amount which each creditor is likely to receive has been set aside, not that the secured creditor(s) have been or will be paid in full. Where an administrator is pursuing office-holder claims—such that any recoveries will not be caught by any security—can the administrator convert the administration to a creditors’ voluntary liquidation where secured creditors will not be paid in full or at all? The consent of secured and other creditors to extend the administration has not been forthcoming.

The wording of paragraph 83 of Schedule B1 to the Insolvency Act 1986 suggests that an administrator only needs to think that the total amount which...

Produced in partnership with Caroline Clark 19th May

Practice notes

Effect on proceedings against a company being wound up and after a winding-up order is made

Effect on proceedings against a company being wound up and after a winding-up order is madeCoronavirus (COVID-19)This content contains guidance on...

Produced in partnership with Eleanor Holland and Karl Anderson of 4 Stone Buildings 19th May

Practice notes

Coronavirus (COVID-19)—Changes to the court process in insolvency proceedings

Coronavirus (COVID-19)—Changes to the court process in insolvency proceedingsThe UK Government’s policy of social distancing in order to slow the...

19th May

COVID-19

Q&As

Can a claim be made against a company for trading whilst insolvent? If the company is conducting litigation, does this constitute ‘trading’? If so, can a director be held personally liable?

Can a claim be made against a company for trading whilst insolvent? If the company is conducting litigation, does this constitute ‘trading’? If so,...

19th May

Practice notes

Annulment of bankruptcy orders

Annulment of bankruptcy ordersThis Practice Note looks at the annulment of bankruptcy orders under section 282 of the Insolvency Act 1986 (IA 1986)...

19th May

Practice notes

Equitable charges v legal charges—impact on saleability

Equitable charges v legal charges—impact on saleabilityThis Practice Note considers the position of a security holder who has an equitable mortgage or...

Produced in partnership with Jonathan Titmuss of Hardwicke 19th May

Practice notes

Bankruptcy petitions—process and procedure

Bankruptcy petitions—process and procedureBefore the hearing of the creditors’ bankruptcy petition takes place, there are a number of steps that must...

19th May

Practice notes

Compulsory winding up of a company—the process and procedure

Compulsory winding up of a company—the process and procedureSTOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on...

Produced in partnership with Eleanor Holland and Karl Anderson of 4 Stone Buildings 19th May

Practice notes

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986What is wrongful trading?Wrongful trading is a claim which arises under...

19th May

In-house

Practice notes

A guide to independent business reviews

A guide to independent business reviewsThis Practice Note looks at independent business reviews (IBRs) and aims to:•provide high level guidance around...

Produced in partnership with Allan Kelly of RSM 19th May

Most recent Q&As content

Q&As

Does the pre-action protocol for debt claims apply to insolvency claims, particularly in actions to recover directors' loan accounts or void post petition dispositions?

Does the pre-action protocol for debt claims apply to insolvency claims, particularly in actions to recover directors' loan accounts or void post...

17th Sep

Q&As

Can a former employee enforce payment of sums due under a settlement agreement against a company that is subject to a company voluntary arrangement?

Can a former employee enforce payment of sums due under a settlement agreement against a company that is subject to a company voluntary arrangement?In...

Produced in partnership with Carly Schiff of Gateley Plc 17th Sep

Q&As

There is a retention of title clause incorporated into a contract between a buyer and seller for the supply of goods. The buyer is now in liquidation. The buyer was previously making payment by installments and these part payments comprise approximately 50 per cent of the total sum due under the contract. If the liquidator returns the goods to the seller, does the seller need to refund the sum of the part payments to the buyer? Is the buyer entitled to reimbursement of the sums paid and, if so, what is the process?

There is a retention of title clause incorporated into a contract between a buyer and seller for the supply of goods. The buyer is now in liquidation....

17th Sep

Q&As

Can an employee serve a statutory demand for unpaid wages?

Can an employee serve a statutory demand for unpaid wages?For information on wages generally, see Practice Note: Pay and wages.Statutory demands can...

17th Sep

Q&As

There is an extant winding-up petition which the petitioner wishes to withdraw but is unable to because it has not yet undergone a pre-trial review. Can a second potential petitioner issue their own petition in the meantime and if so, do they expose themselves to costs risks? Alternatively, can the second potential petitioner support the extant petition as it has not yet been withdrawn?

There is an extant winding-up petition which the petitioner wishes to withdraw but is unable to because it has not yet undergone a pre-trial review....

16th Sep

Q&As

Is there a way of liquidations and bankruptcies being consolidated into a single set of proceedings (similar to under section 303(2B) of the Insolvency Act 1986 (IA 1986) for partnerships/bankruptcies) where a bankrupt director has mixed his own and the assets of two companies in liquidation, and where the trustees in bankruptcy and liquidators are the same persons? And is there specific provision in IA 1986 or Insolvency (England and Wales) Rules 2016, (or CPR) for consolidating proceedings where assets and creditors are pooled together?

Is there a way of liquidations and bankruptcies being consolidated into a single set of proceedings (similar to under section 303(2B) of the...

15th Sep

Q&As

How do I activate a force majeure provision?

How do I activate a force majeure provision?There is no judicially accepted definition of the term ‘force majeure’, so what the parties mean by it...

Produced in partnership with Richard Nicholas of Browne Jacobson 15th Sep

COVID-19

Q&As

Can an agreement be terminated for frustration due to coronavirus (COVID-19)?

Can an agreement be terminated for frustration due to coronavirus (COVID-19)?What is the doctrine of frustration?If the contract does not include a...

15th Sep

COVID-19

Q&As

Can you provide case law on a scenario where an enforcement of security has been challenged by a borrower and the borrower then sued the bank for loss of opportunity?

Can you provide case law on a scenario where an enforcement of security has been challenged by a borrower and the borrower then sued the bank for loss...

Produced in partnership with James Hall of Gatehouse Chambers 15th Sep

Q&As

What are the implications on a residential property purchase transaction when the seller has been made bankrupt in a foreign country?

What are the implications on a residential property purchase transaction when the seller has been made bankrupt in a foreign country?The short answer...

14th Sep

Q&As

My client and/or the instructing solicitor have had to shut their offices part-way through the disclosure exercise as a result of coronavirus (COVID-19). What should we do?

My client and/or the instructing solicitor have had to shut their offices part-way through the disclosure exercise as a result of coronavirus...

Produced in partnership with Chris Bryden of 4 King’s Bench Walk 14th Sep

COVID-19

Q&As

A is in administration and owes a sum to B. B owes a sum to A. What steps can B take?

A is in administration and owes a sum to B. B owes a sum to A. What steps can B take?In this Q&A, we have assumed that B’s claim is smaller than...

13th Sep

Q&As

B and C have a joint and several liability for a debt to A. B and C are subsequently made bankrupt. Some years later B discharges the joint and several debt owed to A. B then lodges a claim for a contribution from C in C’s bankruptcy. Is B’s claim in C’s bankruptcy a provable debt as the original joint and several liability was outstanding before the bankruptcy orders were made, or is it a non-provable post-bankruptcy liability as there was no obligation to pay between B and C until B discharged the original debt?

B and C have a joint and several liability for a debt to A. B and C are subsequently made bankrupt. Some years later B discharges the joint and...

13th Sep

Q&As

What is the status of a deposit paid under a contract upon termination for insolvency?

What is the status of a deposit paid under a contract upon termination for insolvency?This Q&A considers a scenario where:•there is a...

Produced in partnership with XXIV Old Buildings 13th Sep

Q&As

Where a document forms a schedule to an agreement, if the document in the schedule is signed rather than being printed as a separate agreement and then signed, is it a valid execution of that document?

Where a document forms a schedule to an agreement, if the document in the schedule is signed rather than being printed as a separate agreement and...

13th Sep

COVID-19

Q&As

I have received a force majeure notice from my supplier, what do I do?

I have received a force majeure notice from my supplier, what do I do?The first thing to do is to unearth the relevant contract. The notice will have...

Produced in partnership with XXIV Old Buildings 13th Sep

COVID-19

Q&As

An LPA receiver is offering a property for sale in an auction. The LPA receiver has received an offer 30% above the guide price. Is the LPA receiver required to accept the offer pre-auction?

An LPA receiver is offering a property for sale in an auction. The LPA receiver has received an offer 30% above the guide price. Is the LPA receiver...

13th Sep

Q&As