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Converting administrations into liquidation and clarifying the court’s approach (Green v SCL Group)

The following Information Law news provides comprehensive and up to date legal information on Converting administrations into liquidation and clarifying the court’s approach (Green v SCL Group)

New paper on Brexit and international transfers of personal data published

The following Banking & Finance news provides comprehensive and up to date legal information on New paper on Brexit and international transfers of personal data published

Section 233B of the Insolvency Act 1986—implications for the IT services industry

The following Banking & Finance news provides comprehensive and up to date legal information on Section 233B of the Insolvency Act 1986—implications for the IT services industry

Supreme Court gives landmark judgment in coronavirus (COVID-19) business interruption test case (Financial Conduct Authority v Arch Insurance)

The following Commercial news provides comprehensive and up to date legal information on Supreme Court gives landmark judgment in coronavirus (COVID-19) business interruption test case (Financial Conduct Authority v Arch Insurance)

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...

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For...

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...

Debt for equity swaps

A popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or...

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

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

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

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

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

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

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

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

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

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

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...

Produced in partnership with Allan Kelly of RSM 12th Jan

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 12th Jan

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 Amendments, waivers and releases content

Practice notes

Amending a facility agreement

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

17th Jan

Practice notes

Releasing security

Coronavirus (COVID-19): Transaction planning will need to take into account the impact of coronavirus (COVID-19) on execution of documents and company...

17th Jan

Practice notes

Guarantees—varying the underlying transaction: practical considerations

It is common for the parties to a facility agreement to want to amend its terms, often a number of times, during the life of the facilities. They may,...

17th Jan

Practice notes

Debt waivers, extending maturity and debt rescheduling

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

15th Jan

Q&As

Can a lender take security covering existing loans made as the price for making further funds available to a financially troubled company?

This Q&A considers the issues that a lender faces if it requests new security for both new and existing loans as a condition to the advance of further...

12th Jan

Q&As

I noticed my client's security document was amended under hand not by deed. Is the amendment effective?

There are many reasons why it might be necessary to amend a security document—for example the description of the liabilities secured by the document...

12th Jan

Q&As

Can a mortgagee redeem a prior ranking mortgage and if so in what circumstances?

Does a mortgagee have the right to redeem a prior ranking mortgage?This is a fairly complicated area but in short there will be situations in which a...

12th Jan

Q&As

Our client has lent under an existing secured facility agreement. The facility amount is being increased under an amended and restated facility agreement—what is the best way to ensure that the increased facility amount is secured?

What do the documents say?The first step will be to review the existing documents to check whether the increase is clearly contemplated by the...

12th Jan

Practice notes

Key issues in transferring security

Coronavirus (COVID-19): Transaction planning will need to take into account the impact of coronavirus (COVID-19) on execution of documents and company...

12th Jan

Practice notes

Amending security documents

Coronavirus (COVID-19): Transaction planning will need to take into account the impact of coronavirus (COVID-19) on execution of documents and company...

12th Jan

In-house

Q&As

Can you change the terms of a facility agreement over the phone or by email, or do you need an amendment agreement?

STOP PRESS: On 16 May 2018 in the case of Rock Advertising Ltd v MWB Business Exchange Centres Ltd [2018] UKSC 24, the Supreme Court unanimously held...

Produced in partnership with Albert Sampson 8th Jan

Q&As

Do you need a deed of release as well as a DS1 to release a legal charge over land?

Generally speaking, a deed of release is not necessary in addition to a form DS1 in order to release a charge registered at HM Land Registry.In the...

Produced in partnership with James Hall of Hardwicke Chambers 8th Jan

Q&As

What factors should a lender consider if it is asked to waive a default under a loan agreement?

This Q&A discusses the factors a lender will need to consider if it is asked to waive an event of default under a loan agreement.The following...

Produced in partnership with Brian Cain 8th Jan

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...

23rd Dec

Precedents

Confirmation of guarantee on variation of underlying facility agreement (bilateral)

[To be printed on the headed paper of the Guarantor][insert date]To: [insert name and address of the lender]Dear [insert full name of lender]1We refer...

28th Nov

Precedents

Reservation of rights letter: breach of bilateral facility agreement

[To be printed on the headed paper of the lender][insert date]To:[insert name and address of borrower]Dear [insert full name of borrower]1We refer to...

28th Nov

Precedents

Waiver letter: for a bilateral facility agreement—waiving breach of facility agreement

[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...

28th Nov

Precedents

Amendment agreement (letter format): for a bilateral facility agreement with or without security or a guarantee

[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...

28th Nov

Precedents

Deed of release: for a debenture or mortgage—single company security provider—full or partial release

This Deed is made on [insert day and month] 20[insert year]Parties1[insert name of Lender], a company incorporated in England and Wales with...

28th Nov

Precedents

Deed of confirmation of third party security on variation of underlying facility agreement (bilateral)

This Deed is made on [date]Parties1[insert name of third party security provider], a company incorporated in England and Wales with registered number...

28th Nov

Amendments, waivers and releases

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

Converting administrations into liquidation and clarifying the court’s approach (Green v SCL Group)

New paper on Brexit and international transfers of personal data published

Section 233B of the Insolvency Act 1986—implications for the IT services industry

Supreme Court gives landmark judgment in coronavirus (COVID-19) business interruption test case (Financial Conduct Authority v Arch Insurance)

Featured Restructuring & Insolvency content

Compulsory winding up of a company—the process and procedure

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

Effect of equitable, contractual and structural subordination

Debt for equity swaps

Most recent Amendments, waivers and releases content

Popular documents

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

Drafting the particulars of claim and reply

Loan Market Association (LMA)—news on documentation [Archived]

What is a certificate of title?

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