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No Intention? No Notice!

In a judgment that will undoubtedly impact what has become fairly common practice when filing notices of intention to appoint an administrator (“NOITA”), the Court of Appeal has held in JCAM Commercial Real Estate Property XV...more

Can We Work It Out? : An Overview of the Pre-Action Protocol for Debt Claims

After much consultation and debate, the Ministry of Justice has published the final version of the Pre-Action Protocol for Debt Claims (the Protocol), which is due to come into force on 1 October 2017. The Protocol is...more

4/7/2017  /  Creditors , Debt Restructuring , Debtors , UK

Insolvency Rules 2016: Decision Making

The Insolvency Rules 2016 (the 2016 Rules) have effect from 6 April 2016. A key change introduced by the 2016 Rules is a new approach to decision making, including a deemed consent procedure. The new approach is designed to...more

What is Half of Nothing? Wrongful Trading Developments in the ‘Robin Hood’ Case

Case law on wrongful trading has developed significantly over the past two years, with the cases of Ralls Builders and Brooks increasing judicial consideration of the conduct of directors in the period preceding an...more

2/13/2017  /  Creditors , Insolvency , Liquidation , UK

Is Brexit “materially adverse” to you? Perhaps, if it triggers an ‘event of default’ under your agreement(s).

While the impact of the EU referendum decision on outstanding financing transactions is still to be determined, both lenders and borrowers may be wondering if the ramifications of Brexit have or could be considered to...more

Which court is which? Brexit could impact on enforcement options for creditors within, and outside, the EU

England has been the jurisdiction of choice for European restructurings. While other jurisdictions have sought to revamp their insolvency law in recent years in an effort to chip away at the English dominance in the...more

Ralls Builders Limited – clarification on directors' liability for wrongful trading

In February 2016, Mr Justice Snowden handed down his judgment in the High Court proceedings concerning Ralls Builders Limited (in liquidation) [2016] EWHC 243 (Ch). This matter concerned an application by the liquidators of...more

COMI and get it: international approaches to cross-border insolvencies

In our increasingly global world, cross-border insolvencies have become relatively commonplace. Lehman Brothers and Nortel Networks are just two of the matters where parallel proceedings in multiple jurisdictions were...more

Extra-territorial effect of section 236 – the debate continues

Re Omni Trustees Ltd (In Liquidation) [2015] EWHC 2697 (Ch) - In an interesting judgment, the High Court in Manchester has decided not to follow the ruling from earlier this year of Mr Justice Richards in Re MF Global...more

Stuck in the Bunker – OW and Retention of Title

The fallout from the OW Bunker bankruptcy in November last year continues with a number of claims being heard in the English courts. Last month the owners of the vessel “Res Cogitans” appealed to the Court of Appeal against...more

Section 236 of the UK Insolvency Act 1986 – extra-territorial effect?

The English High Court rejects an application by the Joint Special Administrators of MF Global UK Limited (“MF Global”) for an order seeking the production of documents pursuant to section 236 of the Insolvency Act 1986 (the...more

Provisions of The Small Business, Enterprise and Employment Act now in force

We published a client alert in March, confirming that the Small Business, Enterprise and Employment Act 2015 (the “Act”) received Royal Assent on 26 March 2015 and summarising the provisions which will amend insolvency...more

Developments in the insolvency world – The Small Business, Enterprise and Employment Bill

The Small Business, Enterprise and Employment Act (the Act) recently received Royal Assent. The Act introduces a number of new provisions across a wide range of issues, including regulatory reform, public sector procurement...more

Data Protection Act – Obligations of Liquidators

A judgment recently handed down from the High Court clarifies the obligations of liquidators under the Data Protection Act 1998, providing them with greater personal protection from fines or other sanctions. Reed Smith...more

‘Super Priority’ of Financial Support Directions Overturned in Supreme Court of England and Wales

Summary - Yesterday, the Supreme Court allowed an appeal against the decision of the Court of Appeal (14 October 2011) which, in certain circumstances in an insolvency situation, would have accorded “super priority” to...more

7/25/2013  /  Insolvency , Pensions , UK
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