Amendments, waivers and releases

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Latest Restructuring & Insolvency News

Cross-Border Insolvency Regulations 2006—recognition of Ukrainian bank liquidation (Re PJSC Bank Finance and Credit (in liquidation))

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Cross-Border Insolvency Regulations 2006—recognition of Ukrainian bank liquidation (Re PJSC Bank Finance and Credit (in liquidation))

Restructuring & Insolvency weekly highlights—6 May 2021

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency weekly highlights—6 May 2021

Application of modified universalism where Article 4 of Brussels I (recast) is engaged (WWRT v Tyshchenko)

The following Dispute Resolution news provides comprehensive and up to date legal information on Application of modified universalism where Article 4 of Brussels I (recast) is engaged (WWRT v Tyshchenko)

Recognition of EEA credit institution insolvency proceedings post-Brexit (Re Greensill Bank AG)

The following Banking & Finance news provides comprehensive and up to date legal information on Recognition of EEA credit institution insolvency proceedings post-Brexit (Re Greensill Bank AG)

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...

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...

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...

US bankruptcy financing—debtor-in-possession (DIP) financing

DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...

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

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

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

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

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

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

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...

9th Nov

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

Practice notes

Key elements of a standstill agreement

When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the...

9th Nov

Most recent Amendments, waivers and releases content

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...

5th May

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...

14th Apr

Practice notes

Amending a facility agreement

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...

8th Apr

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...

8th Apr

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...

8th Apr

In-house

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,...

8th Apr

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...

8th Apr

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...

8th Apr

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 Apr

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...

8th Apr

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...

8th Apr

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...

8th Apr

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...

8th Apr

Practice notes

Debt waivers, extending maturity and debt rescheduling

This Practice Note covers:•debt rescheduling—extending the amortisation/repayment schedule of the debt to allow the company to survive temporary...

8th Apr

Q&As

I've just noticed that a transaction document which has already been executed contains an error. What can I do to correct this?

For the purposes of this Q&A, we have assumed that the 'error' which is referred to is agreed by both (or all) parties to the document to be an error,...

19th Mar

Q&As

My finance document has been executed, but one of the required signatories has signed in the wrong place. What should I do?

A properly drafted finance document will include appropriate execution clauses for each party signing the document. It should, therefore, be obvious...

19th Mar

Q&As

I've just noticed that an executed document has the wrong date on it. What should I do?

The first thing you need to do is insert the correct date in the document which has been incorrectly dated. It is important that the date on the...

19th Mar

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...

15th Mar

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...

10th Mar

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...

15th Feb

Amendments, waivers and releases

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

Cross-Border Insolvency Regulations 2006—recognition of Ukrainian bank liquidation (Re PJSC Bank Finance and Credit (in liquidation))

Restructuring & Insolvency weekly highlights—6 May 2021

Application of modified universalism where Article 4 of Brussels I (recast) is engaged (WWRT v Tyshchenko)

Recognition of EEA credit institution insolvency proceedings post-Brexit (Re Greensill Bank AG)

Featured Restructuring & Insolvency content

Out-of-court administration appointments by a QFCH—the procedure

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Misfeasance claims under section 212 of the Insolvency Act 1986

US bankruptcy financing—debtor-in-possession (DIP) financing

Most recent Amendments, waivers and releases content

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Term Loan B facilities

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