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Includes new legislation due to coronavirus. Temporary provisions centre around winding-up petitions, wrongful trading and ipso facto clauses. Permanent changes include the creation of two corporate insolvency processes.
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This week's edition of Restructuring & Insolvency weekly highlights includes: the High Court’s sanctioning of Thames Water’s restructuring plan, the...
Restructuring & Insolvency analysis: This judgment concerned two sets of legal proceedings connected to allegations of serious dishonesty, fraudulent...
The Insolvency Service has reported the disqualification of Callum Jones, director of Colourcoat Ltd, for a period of four years following an...
The Supreme Court has unanimously dismissed the appeal, affirming that the language and purpose of section 423 of the Insolvency Act 1986 (IA 1986)...
Restructuring & Insolvency analysis: The High Court has taken a measured approach in addressing applications by Joint Official Liquidators (JOLs)...
Part 26A restructuring plan—key casesPart 26A restructuring plans have been available since 26 June 2020 (see Practice Notes: Part 26A restructuring...
Corporate Insolvency and Governance Act 2020—temporary changes to the wrongful trading regime [Archived]What is the background to the temporary...
Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986What is wrongful trading?A wrongful trading claim applies to a person...
The effect of insolvency on guaranteesWhat is a guarantee?A guarantee is an agreement between one person/entity (the guarantor) and another...
Sanctions against Russia/Belarus—FAQs for finance and restructuring lawyersVarious governments, under their relevant sanctions regimes, have imposed...
Gazette notice for the presentation of a winding-up petition under rule 7.10 of the Insolvency (England and Wales) Rules 2016Court Reference No:[...
Application notice for a fraudulent trading claim under sections 213 and 246ZA of the Insolvency Act 1986Note: This Precedent should be used in...
Deed of release: for a debenture or mortgage—company in administrationThis Deed is made on [insert day and month] 20[insert year]Parties1[insert name...
Witness statement in support of an application for a declaration that a transaction is void under section 284 of the Insolvency Act 1986Applicant(s):...
Witness statement in support of a fraudulent trading application under sections 213 and 246ZA of the Insolvency Act 1986While both liquidators and...
Role, powers, functions and duties of a liquidatorThe role and function of a liquidatorA liquidator is the officer appointed when a company goes into...
What is a statutory declaration of solvency, and what happens if a false declaration of solvency is madeCoronavirus (COVID-19)This content is affected...
Bonds and notesThe terms ‘bonds’ and ‘notes’ are used interchangeably (and there is no legal difference between the terms), though notes tend to be...
Obtaining Official Copies from HM Land RegistryThis Practice Note provides guidance in obtaining official copies of the entries on the title of a...
Dissolution of a company following compulsory liquidation or creditors' voluntary liquidationDissolution marks the end of a company’s life. It...
Bankruptcy searchesBankruptcy searches at the Land Charges DepartmentWhen a bankruptcy petition is presented by a creditor, the court shall as soon as...
Dissolution and bona vacantia—dealing with the Treasury SolicitorBona vacantia means ‘goods without an owner’ and is a relevant consideration where...
Cashflow and balance sheet tests for insolvencyIntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and...
Key elements of a standstill agreementWhen restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of...
Scotland: protected trust deedsTrust deeds have, for many years, been utilised by debtors as a means of reaching a compromise with their creditors as...
What is considered onerous property or contracts?DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee...
RecapitalisationsThe term 'recapitalisation' refers to a company changing the proportions of its debt and equity, something which can be achieved in a...
Role, powers, functions and duties of an administratorThe role, powers and duties of an appointed administrator are set out in the Insolvency Act 1986...
The effect of a bankruptcy order on an individual voluntary arrangement (IVA), its assets, and the creditorsThe gap in the insolvency legislationIt is...
The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016The primary...
Schemes of arrangement—process and statutory frameworkSchemes of arrangement—definition and basis in statuteA scheme of arrangement is a...
A court order that requires a debtor's employer to deduct a portion of the debtor's earnings form their salary and remit them to their creditor
An official newsletter published for the government by Her Majesty’s Stationery Office (HMSO) in which various official announcements are recorded. Details of all bankruptcies and protected trust deeds must be published in the AiB’s Register of Insolvencies
A clause used by suppliers to retain title to goods.