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NEWS
Restructuring & Insolvency analysis: Cineworld was one of the largest cinema chains in the world, with hundreds of sites and thousands of screens. It suffered a steep decline in ticket sales due to the coronavirus (COVID-19) pandemic, and the loss of revenue resulted in the reduction in the liquidity of the group. Although creditors were initially prepared to support the cinema chain, in due course the creditors wanted to see a restructuring. Following the approval of the US Bankruptcy Court to a reorganisation plan, a condition of which was that Cineworld Group plc (‘the Company’) would be placed into administration, the directors of the Company applied for an administration order. The court was required to consider its jurisdiction to make an administration order. Written by Katie Farmer, partner at Trowers & Hamlins LLP
PRECEDENTS
Date [insert date of appointment] Parties 1 [insert name of Lender] of [insert address][ incorporated in England and Wales with company registration number [insert company registration number]] ('Lender'); 2 [[insert name of Receiver] OR [insert name of Receivers]] of [insert address] (['Receiver' OR ‘Receivers’]'). 1 The Mortgage By a mortgage ('the Mortgage') dated [insert date of mortgage] and made between (1) [insert name of borrower] ('the Borrower') and (2) the Lender, the property described in the schedule ('the Property') was charged in favour of the Lender by way of legal mortgage to secure payment of the sum of £[insert amount of loan] on [insert date for redemption or brief details of other repayment arrangements] and payment or discharge of all other money, obligations and liabilities covenanted to be
NEWS
The Local Government and Social Care Ombudsman has announced that Amerdeep Somal has been confirmed as the Local Government and Social Care Ombudsman. The appointment will commence on 1 February 2024.
PRACTICE NOTES
This Practice Note focuses on how a company secretary of a public company or a private company may be appointed. It does not discuss how a company secretary of a public company or a private company may resign or be removed, as to which see Practice Notes: Resignation of a company secretary and Removal of a company secretary. The role of a company secretary The role and specific duties of a company secretary are not prescribed by the Companies Act 2006 (CA 2006) and will usually be governed by the secretary’s contract of employment. In general, a company secretary’s role will encompass, among other things: • the maintenance of the company’s records and registers, both statutory and non-statutory • running the agenda for, and taking minutes of, board meetings and members' meetings, and • filing documents with Companies House, as required by statute CA 2006 permits the same person to act as both a director and the company secretary of a company, if desired. However, there is a proviso in CA 2006, s 280 that
FLOWCHARTS
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FLOWCHARTS
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PRECEDENTS
This document provides general guidance regarding the appointment of a guardian for a child. Your family lawyer will be able to provide specific advice based on your circumstances.. There are several ways in which a guardian may be appointed and the point at which that appointment takes effect will be dependent on the circumstances. This guide provides a summary of the way that a guardian may be appointed. What is a guardian? A legal guardian is someone who has been formally appointed to take care of a child when certain persons have died, most typically the child's parents. It is sensible for parents to appoint one or more individuals, as guardians, to take care of their children and to be responsible for them if they both die before their children reach the age of 18. When the appointment is effective a guardian acquires parental responsibility for the child and is in a similar position to a parent with parental responsibility. Parental responsibility is defined in law by the Children Act 1989 as all the rights, duties, powers, responsibilities and authority
CHECKLISTS
Introduction, documentation and searches This Checklist should be used by a lawyer acting for a chargeholder seeking to appoint a fixed charge receiver over property (land or buildings) owned by a company registered in England. This Checklist also assumes that the property over which the charge has been granted is registered land located in England. The Checklist may also be used by a lawyer when reporting on the validity of appointment of a fixed charge receiver. Definitions The following definitions are used in this Checklist: • Chargeholder means the secured party who seeks to appoint a receiver pursuant to the Charge granted by the Company pursuant to the terms of the security documentation • Company means the company that has granted the Charge in favour of the Chargeholder • Charge means the charge by way of a legal mortgage granted by the Company in favour of the Chargeholder pursuant to which the receiver is to be appointed. This is often contained within the security documentation usually being a debenture or a mortgage deed • Receiver means a
NEWS
Private Client analysis: This is another case where adult siblings are in dispute over administration of an estate in which the party most proximate to their deceased mother had obtained a grant of probate of a Will disputed by the others. The defendant was the primary beneficiary under that Will. The claimants also alleged that their defendant brother had exerted undue influence on the mother to take out a substantial short-term loan secured on the former family home, the proceeds of which, they alleged, had been used by the defendant to buy property. The claimants obtained a freezing order, and the defendant did not provide information as ordered. Tenants of the mortgaged property vacated it and arrears clocked up over a few months. Matters were brought to a head when the mortgagee put in a receiver and threatened a sale at auction. The defendant applied for a necessary variation of the freezing order to re-mortgage and avoid that sale. The claimant applied for summary disposal (which was not pursued at the hearing) and the appointment of an administrator pending suit. Peter Knox QC dismissed the defendant’s application, appointed the administrator pending suit and gave the defendant 14 days to comply with his obligations under the CPR (acknowledge service, file and serve a defence) and the freezing order. Written by Martin Young, barrister at 9 Stone Buildings, Lincoln’s Inn.
CHECKLISTS
Checklist This Checklist sets out the steps that must be taken to appoint an administrator using the court route. This Checklist should be used in conjunction with the following Practice Notes: • Court appointments—who can apply and in what circumstances? • Court appointment of administrators—the procedure Step/action Time (days) Section/rule Application 1 Prepare documentation for application:● administration application● witness statement in support of administration application● draft administration order● proposed administrator’s statement and consent to actLinks to the relevant Forms/Precedents can be found at the end of this Checklist. Day 1 Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, rr 3.2, 3.3 and 3.6Practice Direction on Insolvency Proceedings (PDIP, para 6.1) 2 All the above must be filed with the court, accompanied by the appropriate fee (see the Practice Note: Court fees in insolvency proceedings).Additional copies of these documents for service (see step 3 below as to who should be served) should be filed at court for endorsement, and then service.The
CHECKLISTS
Checklist This Checklist sets out the steps that must be taken by a qualifying floating charge holder (QFCH) to appoint an administrator using the out-of-court route during usual court opening hours. There are a number of criteria that must be checked before the QFCH should take steps to appoint an administrator using the out-of-court procedure. Guidance may be found in the following Practice Notes: • Out-of-court administrator appointments—who can appoint and in what circumstances? • Out-of-court administration appointments by a QFCH—the procedure This Checklist does not cover how a QFCH may appoint an administrator outside of court opening hours. For further information on that, see Practice Note: How to file for administration out of court opening hours. Step/action Time (days) Section/rule Notice of intention to appoint 1. A QFCH must give at least two business days notice to any prior ranking QFCH, or alternatively any prior ranking QFCH must consent to short notice in writing.For details of service provisions,
CHECKLISTS
This Checklist sets out the steps that must be taken by the director(s) or the company to appoint an administrator using the out-of-court route under paragraph 22 of Schedule B1 of the Insolvency Act 1986 (IA 1986). There are a number of criteria to be checked and steps to be fulfilled. Detailed guidance is found in the following Practice Notes, which should be consulted in conjunction with this Checklist: • Out-of-court administrator appointments—who can appoint and in what circumstances? • Out-of-court administration appointments by a company or its directors—the procedure For a quick view, the flowchart below shows the basic steps required. The flowchart assumes that the company in question is not regulated by the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), or the Independent Football Regulator (though the Checklist itself does cover the additional steps required in such situations). For Precedent appointment forms, see: Forms below. Appointment flowchart Appointment checklist Step/action Time (days) Section/rule Pre-appointment 1 If