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The UK Insolvency Service’s New Consultation on the Adoption of Two Insolvency-Related UNCITRAL Model Laws

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

The National Security Investment Act 2021 and its Implications for Distressed Investments and Restructuring

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

Sanctioned: Virgin Active's Restructuring Plans

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-Packs: Can You See Us For What We Are Now?

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 UK Restructuring Plan: Key Features And The Story So Far

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

1/25/2021  /  CIGA , Creditors , Restructuring , Shareholders , UK

Directors’ Duties Transcend Insolvency

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

The Truth about Dishonesty in Fraudulent Trading under English Law

Case: Pantiles Investments Ltd & Anor v Winckler [2019] EWHC 1298 (Ch) (23 May 2019) - A recent decision of the English High Court (the “Court”) has found a director guilty of fraudulent trading under s. 213 Insolvency Act...more

Return of Crown Preference at the Expense of Floating Chargeholders

Much controversy followed the British government’s announcement in 2018 that it intended to reintroduce a statutory priority for certain tax debts of companies subject to the UK insolvency regime. Following consultation by...more

Defrauding Creditors Through Dividends, and the Shift of Directors’ Duties

The Court of Appeal of England and Wales (“CA”) made a significant ruling on two matters affecting the powers and duties of directors of English companies....more

New UK Insolvency Regime for Universities and Colleges

The introduction of a special insolvency regime for university education and sixth form colleges in England and Wales (“Colleges”) is timely in light of growing concerns about debt-heavy Colleges. The new insolvency regime...more

How the UK Government's “No Deal Brexit” Planning Impacts Cross-Border Restructuring and Insolvency in the UK

English law restructuring and insolvency tools are used to implement financial restructurings and the external administration of foreign companies. The attractiveness of the English tools and legal system is highlighted by...more

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