The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a...more
2/23/2024
/ Corporate Restructuring ,
Cramdown ,
Creditors ,
Debt Restructuring ,
Equity ,
Financial Distress ,
Insolvency ,
Scheme of Arrangement ,
Statements of Economic Interest ,
UK ,
UK Companies Acts
Executive Summary - The UK National Security and Investment Act (the Act) came into force on 4 January 2022, and applies to transactions that completed as of 11 November 2020. The Act is designed to govern arrangements that...more
The UK Supreme Court has delivered its long awaited judgment in BTI v Sequana. It considers if and when directors of a financially distressed company incorporated in England and Wales have a duty to consider, or to act in...more
INTRODUCTION - The UK insolvency profession is relatively small and highly specialised. In the region of 1,570 professionally qualified Insolvency Practitioners are authorised under the Insolvency Act 1986 to act as...more
The UK government has announced that temporary restrictions on creditor action introduced in the Corporate Insolvency and Governance Act 2020 are to be phased out. These temporary restrictions were put in place to protect...more
EXECUTIVE SUMMARY - On 26 April 2021, draft Payment and Electronic Money Institution Insolvency Regulations (Regulations) were brought before the UK Parliament for approval. They will introduce a new special administration...more
EXECUTIVE SUMMARY - A Pre-Pack Sale is the sale of all or substantially all of an English company’s assets to a third-party purchaser immediately or shortly after the distressed company goes into a UK rescue procedure called...more
The UK government has extended its suspension of various rules and procedures affecting distressed businesses as a result of the coronavirus (COVID-19) pandemic. However, with the UK lockdown easing on a rolling basis up to...more
EXECUTIVE SUMMARY - On a UK company’s insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying...more
EXECUTIVE SUMMARY - R3 Association of Business Recovery Professionals (R3), a trade association for the United Kingdom’s insolvency and restructuring industry, has launched a standard form proposal (Standard Form) for company...more
EXECUTIVE SUMMARY - On 8 October 2020, the UK Government's Insolvency Service issued a report on the state of pre-pack sales following the administration of insolvent UK companies (Pre-Pack Sales) and published draft...more
Executive Summary - New legislation will introduce permanent and temporary reforms to the UK restructuring and insolvency regime....more
The UK Government announced on Saturday 28 March 2020 that it intends to amend UK insolvency law to suspend the offence of wrongful trading by directors of UK companies and to give UK companies the breathing space to allow...more
In a consultation issued by the UK tax authority, HM Revenue & Customs (HMRC), on 26 February 2019, a change in the order of asset distribution in the insolvency of UK companies has been proposed. The amendments would newly...more
Introduction - On 20 November 2018, the UK government issued new draft insolvency legislation. In the event of a “no deal” Brexit, the proposed legislation would amend UK insolvency legislation and European Union (“EU”)...more
Introduction - Following recent proposed changes to UK restructuring and insolvency law, a new European Union (“EU”) directive concerning restructuring within EU Member States proposed by the European Commission...more
The UK government announced on 26 August 2018 that it will legislate to change aspects of the UK restructuring and insolvency systems. The reforms are a response to recent high-profile domestic corporate insolvencies and the...more
Insurance claims represent assets in insolvency which may be capable of realisation or assignment by an insolvency practitioner (IP). If properly managed, such claims can prove to be a significant source of recovery. ...more
The 2008 collapse of the Lehman Brothers group (“the Group”) continues to generate questions of English insolvency law of interest to the international business community. A recent judgment of the UK Supreme Court considered,...more
The regime for dealing with insolvency proceedings within the European Union (EU) is about to become more coordinated. The timing is ironic given that the change will take place in the period leading up to the March 2019 exit...more
The updated UK Insolvency Rules 2016 will come into force on 6 April 2017.
The new rules have four aims:
- to reflect modern business practice and increase efficiency;
- to restructure and modernise the 1986...more
The Third Party (Rights Against Insurers) Act 2010 (the “2010 Act”) finally comes into force on 1 August 2016.
The 2010 Act makes it easier for a third party to bring a claim against an insurer when the insured party has...more
Jersey LLPs: a new dawn as investment and property holding vehicles
A recent amendment to the Limited Liability Partnership (Jersey) Law 1997 (the "Law") could see Jersey Limited Liability Partnerships (Jersey LLPs) gain...more