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Latest Restructuring & Insolvency News

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)

Impact of failure to give notice to a prior floating charge holder on an out of court administration appointment by a junior floating charge holder (NMUL Realisations Ltd)

Brussels I regulation: Failure to refer question of EU law to the Court of Justice not a bar to enforcement (CDR Creances SAS v Tapie)

The following Dispute Resolution news provides comprehensive and up to date legal information on Brussels I regulation: Failure to refer question of EU law to the Court of Justice not a bar to enforcement (CDR Creances SAS v Tapie)

Recognition and enforcement of UK judgments in Norway post no-deal Brexit

The following Banking & Finance news provides comprehensive and up to date legal information on Recognition and enforcement of UK judgments in Norway post no-deal Brexit

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...

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

The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to...

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...

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

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

What is considered onerous property or contracts?

DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim...

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

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

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

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

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

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...

9th Nov

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 R&I spotlight content

Practice notes

Key tax consequences of an administration

This Practice Note outlines:•the main corporation tax consequences when a UK incorporated company goes into an administration process in the UK,...

Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 27th Jan

Practice notes

Taxation in corporate insolvency—the principal issues in outline

Taxation and insolvencyThere are relatively few specific rules governing the UK taxation of companies that are subject to insolvency procedures. The...

Produced in partnership with David L. Irvine, Nathan Langford of Kirkland & Ellis International LLP and Philip Ridgway of Temple Tax Chambers 27th Jan

Practice notes

Key tax consequences of an insolvent liquidation

STOP PRESS relating to insolvency and tax: Finance Act 2020 introduced provisions where:•with effect for business insolvencies that commence on or...

Produced in partnership with Julia Fox of Deloitte LLP and Anthony Davis 27th Jan

In-house

Practice notes

CRC Initial Phase (Phase 2)—issues in restructuring and insolvency

Restructuring and insolvency professionals may find themselves working with businesses with obligations under the CRC Energy Efficiency Scheme (CRC...

26th Jan

Practice notes

Practical aspects of the General Data Protection Regulation for insolvency professionals

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

Produced in partnership with Patrick Elliot of Keystone Law 26th Jan

Practice notes

Introduction to the EU GDPR and UK GDPR

On 31 January 2020, the UK ceased to be a member of the EU and EEA. This Practice Note introduces:•the General Data Protection Regulation, Regulation...

26th Jan

In-house

Practice notes

Protecting intellectual property rights in order to minimise risk on insolvency

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

Produced in partnership with Naomi Leach and Maurane van der Stoep of Stephenson Harwood LLP 26th Jan

Practice notes

How to handle intellectual property rights as part of an insolvent business or assets sale transaction

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

Produced in partnership with Brett Israel of Marriott Harrison LLP 26th Jan

Practice notes

Taxation of loan relationships—impairment and debt releases

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

26th Jan

Practice notes

R&I spotlight on data protection [Archived]

ARCHIVED: This archived Practice Note provides information on the data protection regime before 25 May 2018 and reflects the position under the Data...

Produced in partnership with Francesca Fellowes, Emma Garner and Helen Kavanagh of Squire Patton Boggs 22nd Jan

Practice notes

GDPR—FAQs for Insolvency Practitioners

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

22nd Jan

Practice notes

What happens to a pension scheme on a company’s insolvency?

This Practice Note considers the effect of a company’s insolvency on an occupational pension scheme in respect of which the company is the sponsoring...

Produced in partnership with Thomas Robinson of Wilberforce Chambers 22nd Jan

Practice notes

TUPE—effect of insolvency

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

Produced in partnership with Gowling WLG 18th Jan

Practice notes

Redundancy—insolvency and the state guarantee fund

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

18th Jan

Practice notes

R&I spotlight on gangmasters law

The gangmasters regime protects workers from exploitation by operating a licensing system in:•agriculture•horticulture•shellfish gathering and...

Produced in partnership with Patrick Cook & Huw Cooke of Burges Salmon LLP 15th Jan

Practice notes

How are Contribution Notices and Financial Support Directions treated under the priority order of payments in insolvency?

The implications of Lehmans/Nortel cases The Supreme Court decision in the case of Nortel/Lehman has clarified the status of Financial Support...

Produced in partnership with Raquel Agnello QC of Erskine Chambers and Thomas Robinson of Wilberforce Chambers 15th Jan

Practice notes

Debt restructurings—tax issues on acquisitions of distressed debt

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

Produced in partnership with Jenny Doak of Weil Gotshal & Manges LLP 15th Jan

Practice notes

US: Foreign Account Tax Compliance Act (FATCA)—summary

The Hiring Incentives to Restore Employment Act (the HIRE Act) include provisions that give the US Internal Revenue Service (the IRS) administrative...

Produced in partnership with John Narducci (Partner) and Stephen C Lessard (Associate) of Orrick, Herrington & Sutcliffe LLP 15th Jan

Practice notes

Key tax considerations relevant to appointment of a fixed charge receiver

This Practice Note:•outlines the main UK tax provisions that apply where a fixed charge receiver sells assets owned by a company, and•answers the...

Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 15th Jan

Practice notes

Key tax considerations relevant to company voluntary arrangements (CVAs) with creditors

This Practice Note outlines the main tax implications where a company implements a company voluntary arrangement (CVA) under Part I of the Insolvency...

Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 15th Jan

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R&I spotlight

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

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

Impact of failure to give notice to a prior floating charge holder on an out of court administration appointment by a junior floating charge holder (NMUL Realisations Ltd)

Brussels I regulation: Failure to refer question of EU law to the Court of Justice not a bar to enforcement (CDR Creances SAS v Tapie)

Recognition and enforcement of UK judgments in Norway post no-deal Brexit

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

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

Effect of equitable, contractual and structural subordination

Most recent R&I spotlight content

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Joint, several, and joint and several liability

Insurance conduct regulation—COBS and ICOBS

Declaratory relief of planning decisions

Issue of redeemable shares

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