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 requested •...
What is second lien financing? Second lien financing is a form of financing that is principally secured by the same security package as senior or first ranking debt, but...
Court Reference No:[ INSERT COURT REF. NUMBER] [IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [INSERT LOCATION]] [ INSOLVENCY AND...
During the term of a facility, the borrower's financial position is likely to fluctuate. Sometimes, its circumstances change to such an extent that it wants the terms of...
Reasons for amending security documents and key risks Reasons for amending a security document There are situations where parties may consider amending security...
[To be printed on the headed paper of the lender] [insert date] To: [insert name and address of borrower] [and] [[insert name and address of guarantor, if applicable]]...
Short selling, or 'going short', is a technique whereby traders sell shares or debt instruments ('securities') which they do not own at the time of entering into the...
THIS PRACTICE NOTE APPLIES TO MULTI-EMPLOYER DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES Apportionment arrangements provide exiting employers of underfunded defined...
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a...
This Assignment is made on [insert day and month] 20[insert year] Parties 1 [insert name of Assignor], a company incorporated in England and Wales with registered number...
The range of funding options open to companies has exploded, resulting in a vast array of different capital and security structures. Before the 2007/8 credit crunch, it...
The table below compares the features and benefits of a scheme of arrangement (see: Schemes of arrangement—overview) with two alternate processes available in England and...
Coronavirus (COVID-19) This content is affected by the proposed changes to UK insolvency laws as a result of the coronavirus (COVID-19) pandemic. For further details, see...
It's important to consider the underlying finance documents to determine the requisite majorities of creditors which can block certain actions necessary to maintain an...
The terms ‘bonds’ and ‘notes’ are used interchangeably (and there is no legal difference between the terms), though notes tend to be issued either continuously or...
General overview of asset sales Whether a buyer is purchasing assets from a solvent seller, or a seller which is distressed or in a formal insolvency proceeding, will...
Introduction This Practice Note will give a basic overview of the applicable tests for cashflow and balance sheet insolvency under section 123 of the Insolvency Act 1986...
Court Reference No:[ INSERT COURT REF. NUMBER] [IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [INSERT LOCATION]] [ INSOLVENCY AND...
In the initial stages of distress, the lending group or creditors' committee may request that an independent chief restructuring officer (CRO) is appointed within the...
[IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [INSERT LOCATION]][ INSOLVENCY AND COMPANIES LIST (ChD)] OR [IN THE COUNTY COURT AT...
In December 2015, Newey J sanctioned a scheme of arrangement for part of the Spanish Codere group, in an interesting case of good forum shopping. Brexit impact As of exit...
Comfort letters are encountered in finance transactions relatively often. They take different forms and it is important from both the lender's perspective and the...
An intra-group reorganisation involves the transfer of group company share capital or group assets between two or more companies in the same corporate group. Reasons for...
This Practice Note is intended to provide an overview of company accounts for lawyers specialising in restructuring and insolvency. The scope of this note is confined to...
The UK and US secondary (private) debt trading markets are very similar when transacted on the suite of documents issued by the Loan Market Association (LMA) in the UK...
This Agreement is made [insert day and month] 20[insert year] Parties 1 [insert name of debtor company] a company incorporated in [insert country eg England and Wales]...
