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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

Brexit legislation tracker

This Practice Note tracks the progress of UK legislation introduced as part of the legislative project associated with the UK’s withdrawal from the

Business and Property Courts—the disclosure pilot scheme

IntroductionThis Practice Note considers the disclosure pilot scheme which applies across the Business and Property Courts as of 1 January 2019. The

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

Practice notes

Business and Property Courts—the disclosure pilot scheme

IntroductionThis Practice Note considers the disclosure pilot scheme which applies across the Business and Property Courts as of 1 January 2019. The...

20th Oct

Practice notes

Restructuring & Insolvency—new starter guide

Welcome to the world of restructuring and insolvencyRestructuring and insolvency covers a variety of different processes and tools designed to achieve...

15th Oct

Practice notes

What effect does an insolvency process have on ongoing litigation and arbitration proceedings?

This Practice Note discusses:•the effect of an insolvency process on pending court proceedings in which the debtor, bankrupt or insolvent company is a...

15th Oct

Practice notes

Administration—an introductory guide

Administration is a procedure designed to give an entity breathing space, with a view to either a rescue or a restructure or to allow for a better...

15th Oct

Practice notes

The moratorium in administration

The moratorium is at the very heart of the administration process, which is seen as one of the key tools for a company rescue or restructure of the...

Produced in partnership with Kate Rogers of St Philips Chambers 15th Oct

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...

15th Oct

Practice notes

The process of disclaimer by a liquidator or trustee in bankruptcy under sections 178 or 315 of the Insolvency Act 1986

This Practice Note covers the process of disclaimer and the steps to be taken to disclaim. For guidance on what disclaimer is and what can be...

Produced in partnership with Robert Hantusch of Three Stone 15th Oct

Practice notes

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

This Practice Note sets out guidance as to what happens when:•proceedings have been commenced against a company and a winding-up petition is presented...

Produced in partnership with Eleanor Holland and Karl Anderson of 4 Stone Buildings 15th Oct

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...

13th Oct

In-house

Practice notes

Waterfall of payments in administration—the position under the Insolvency (England and Wales) Rules 2016

The order of distribution of a company’s assets in administration is found in the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales)...

Produced in partnership with Robert Avis of XXIV Old Buildings 12th Oct

Practice notes

Waterfall of payments—a comparative guide

LiquidationThe order of distribution in liquidation, following the realisation of security by secured creditors (other than those with floating...

Produced in partnership with South Square 12th Oct

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...

5th Oct

Practice notes

What assets vest in the trustee in bankruptcy and what steps does the official receiver or trustee in bankruptcy need to take?

Definition of property and some general principlesProperty is defined very widely in section 436 of the Insolvency Act 1986 (IA 1986), and includes...

26th Sep

Practice notes

When can you wind-up a company when the debt is disputed?

It is a long-established principle that winding-up proceedings should not be commenced where the petition debt is genuinely disputed on substantial...

26th Sep

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...

25th Sep

Practice notes

Property that vests in the trustee in bankruptcy on bankruptcy and how the trustee in bankruptcy ascertains the extent of their interest in it

One of the main functions of the trustee in bankruptcy (trustee) is, in accordance with section 305(2) of the Insolvency Act 1986 (IA 1986), to get...

25th Sep

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Practice notes

English law v New York law governed ISDA documents

English and New York law are the two most commonly selected governing laws for the International Swaps and Derivatives Association (ISDA)...

25th Sep

Practice notes

Identifying bondholders and effective communication

Companies, governments and municipalities issue bonds to finance their operations and fund projects. The bond market offers a very efficient way to...

25th Sep

Practice notes

Informal bondholders’ committee

Who and what are bondholdersBondholders (sometimes also known as noteholders) have generally invested in a company’s most junior—and hence risky—debt....

25th Sep

Practice notes

Guide to representing bondholders in a restructuring

The current restructuring cycle has featured bondholders playing a significant role in many restructuring cases. In previous cycles, high yield bonds...

25th Sep

Practice notes

Asset-backed commercial paper and associated structures

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...

25th Sep

In-house

Practice notes

Enforcement of debt securities

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...

25th Sep

Practice notes

Impact of credit ratings downgrades

Ratings outlooks and watch-listsThe three main credit rating agents (CRAs), Moody's Investors, Standard & Poor's (S&P) and Fitch Ratings, periodically...

25th Sep

Practice notes

USA—financial services regulation essentials

Introduction to US financial services regulationThe financial services industry in the US is heavily regulated by a myriad of different regulators at...

25th Sep

Practice notes

Suspension and cancellation of listing and trading

The Financial Conduct Authority (FCA) has the power, in accordance with the Listing Rules (LRs), to suspend and/or discontinue the listing of any...

25th Sep

Practice notes

Credit ratings

Role The role of credit rating agents (CRAs) is to provide an objective and analytical opinion on the risk of payment defaults by looking at various...

25th Sep

Practice notes

Mis-selling interest rate hedging products—a guide for R&I lawyers

IntroductionPrior to September 2008, numerous small and medium-sized enterprises (SMEs) entered into interest rate hedging products (IRHPs) to support...

25th Sep

Practice notes

Role of a bond trustee

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...

25th Sep

Practice notes

Introduction to the debt capital markets

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...

25th Sep

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....

25th Sep

Practice notes