In this client alert, we set out the key findings by the Court of Appeal in Darty Holdings SAS v Geoffrey Carton-Kelly [2023] EWCA Civ 1135, which considers an appeal against the High Court decision that a repayment by Comet...more
On 13 March 2023, the Bank of England (BoE), in consultation with the Prudential Regulation Authority (PRA), HM Treasury (HMT), and the Financial Conduct Authority (FCA), made the decision to sell Silicon Valley Bank UK...more
The Part 26A Restructuring Plan (“RP”) is a relatively new addition to the English insolvency regime; despite this, the flexibility it provides to both distressed companies and their creditors has made it an important and...more
In Grant & Ors v FR Acquisitions Corporation (Europe) Ltd & Anor (Re Lehman Brothers International (Europe)) [2022] EWHC 2532 (Ch), the English High Court ruled on an application for directions (the “Application”) made by the...more
The Supreme Court of the United Kingdom (“SC”) has recently handed down a decision in the case of BTI v Sequana, dealing with the powers and duties of company directors. The appeal was expected to be of considerable...more
On July 7, 2022, the UK Insolvency Service, an executive agency of government responsible for a variety of roles in administering the UK insolvency regime, published a consultation on the UK’s proposed adoption of two...more
On 1 August 2022, the English High Court granted the administrators of Petropavlovsk PLC (the “Company”) permission to enter into a sale of its Russian assets to Russian entity UMMC-Invest (the “Proposed Sale”) amidst...more
The National Security Investment Act 2021 (the “Act”) came into effect on 4 January 2022 and introduced a new UK investment screening regime focused on national security risks (the “NSI Regime”). It is similar to the...more
This update summarises the latest jurisprudence on insolvent schemes of arrangement (schemes) and restructuring plans (RPs), and provides an overview of the key themes that are emerging in this area...more
Many investors, including PE firms, are waiting with bated breath to see how the UK economy, currently dependent on COVID-19-related government support, will respond once that stimulus is withdrawn. An increase in UK company...more
On 8 July 2021, the Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations) will come into force in the UK and introduce a new special administration regime for insolvent payment institutions...more
In dismissing Darty Holdings SAS’ (“Darty”) appeal in a recent decision, Miles J. has confirmed that an English court will look at the actual relationship between the parties involved, rather than the wider context, when...more
On 12 May 2021, the High Court sanctioned three inter-conditional restructuring plans, under the Part 26A of the Companies Act 2006, for certain English subsidiaries of the Virgin Active group, despite major opposition of...more
Pre-packaged sales are often used as a rapid and discreet method to rescue a company, providing business continuity and preserving value. After years of heavy criticism due to the lack of transparency associated with such...more
The Part A1 Moratorium is an insolvency process that was introduced by the Corporate Insolvency Governance Act 2020 to help financially distressed companies obtain temporary protection from creditor action, while the company...more
As the UK Government’s COVID-19 support measures ease, there are a number of considerations that directors should be thinking about...
...more
2/19/2021
/ Business Closures ,
Business Interruption ,
Convertible Notes ,
Coronavirus/COVID-19 ,
Creditors ,
Enforcement Actions ,
Job Retention Schemes ,
Loans ,
Relief Measures ,
UK ,
Wrongful Trading
The Corporate Insolvency and Governance Act 2020 introduced a new restructuring plan (the “Restructuring Plan”) under Part 26A of the Companies Act 2006. As a recent entrant into the market, the Restructuring Plan is now...more
The UK’s reformed restructuring regime shows its force with the first successful cross-class cram-down following the introduction of the new restructuring plan. A quick legal update on the key features of the restructuring...more
On 20 May 2020, in response to the coronavirus pandemic, the UK government published the text of the Corporate Insolvency and Governance Bill 2020 (the “Bill”), a 238-page document which sets out some of the most sweeping...more
Insolvency intersected with the UK government’s response to the coronavirus pandemic in an application to the High Court by the administrators of restaurant chain Carluccio’s. Considering the government’s Coronavirus Job...more
Howard Morris authored an article for Law360 that analyzes the U.K. government’s recent plans to take away the threat to corporate directors of personal financial liability once there is no reasonable prospect that their...more
This client alert summarises the recent announcement by the UK government concerning reforms to UK insolvency law to help struggling businesses, being:
•US-style restructuring tools to allow companies to continue trading as...more
3/30/2020
/ Best Practices ,
Business Continuity Plans ,
Coronavirus/COVID-19 ,
Crisis Management ,
Emergency Management Plans ,
Health and Safety ,
Infectious Diseases ,
Public Health ,
Risk Management ,
Traveling Employee ,
Workplace Safety
As COVID-19 continues to cause widespread economic disruption, the UK government has announced lending measures to support struggling businesses. This alert summarises:
•the measures available;
•key legal considerations for...more
The High Court recently ruled that the general directors’ duties prescribed by sections 171-177 of the Companies Act 2006 (“CA 2006”) (the “General Duties”) continue to apply to directors after their company has entered...more
Currently, when a UK airline enters insolvency, its operations cease, aeroplanes are grounded and passengers are stranded – in part due to the heavy industry regulation and, in part, because of complex aeroplane financing...more