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To trade or not to trade? Record fines for BHS directors shed new light on decisions in the twilight zone

When a company is in financial distress, its directors will face difficult choices. Should they trade on to trade out of the company's financial difficulties or should they file for insolvency? If they delay filing and the...more

Adler on Appeal – Adler plan set aside in first ever appeal of an English restructuring plan

On 23 January 2024, the English Court of Appeal set aside the April 2023 order of the High Court sanctioning the English Part 26A restructuring plan (the “Plan”) proposed by AGPS BondCo plc (the “Plan Company”), a subsidiary...more

1/24/2024  /  Appeals , Creditors , Insolvency , Restructuring

Its (not) a GAS: UK High Court refuses to sanction HMRC-cramming restructuring plan

HMRC has successfully opposed a restructuring plan (“Plan”) brought by The Great Annual Savings Company Limited (“GAS” or “the Company”) under which HMRC would have been crammed down as a dissenting creditor. The Court held...more

Beware the Ides of March – practical considerations if your bank is failing

Everybody knows that, logically, banks can fail. Few expect them to. Silicon Valley Bank (SVB), the U.S.’s 16th largest bank, was closed on 10 March 2023, and the Federal Deposit Insurance Corporation (FDIC) appointed as...more

Parallel lines – Hong Kong Airlines undergoes English and Hong Kong restructuring

Hong Kong’s last remaining independent airline carrier, Hong Kong Airlines Limited has undergone a significant debt restructuring. In parallel proceedings (a restructuring plan in the UK and a scheme of arrangement in Hong...more

Review of company voluntary arrangements (“CVAs”)

On 28 June 2022 the Insolvency Service published a report it had commissioned from RSM UK to assess the impact that CVAs were having on commercial landlords (the “Report”). The Report was commissioned in response to a number...more

Another first: out of the money creditors excluded from voting on Smile Telecoms’ restructuring plan

Smile Telecoms, which last year implemented the first restructuring plan for a cross-border African business, has now achieved another first by using section 901C(4) of the Companies Act 2006 to exclude all bar one class from...more

Second Suspension of liability for Wrongful Trading

On 26 November 2020, the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading and Extension of the Relevant Period) Regulations 2020 (the “Regulations”) came into force....more

Easing the Burden: helping businesses stay afloat in the pandemic era

On 28 March 2020 the Secretary of State for BEIS, Alok Sharma, announced that changes would be made to the UK insolvency laws to help companies "…emerge intact the other side of the COVID-19 pandemic…to give them extra time...more

CVAs – retail’s flexible friendship continues

On 19 September 2019, Norris J handed down judgment in the challenge brought by six landlords against the Debenhams Retail Limited (Debenhams) company voluntary arrangement (CVA) which was approved by 94.71% of Debenham’s...more

English recognition for Agrokor insolvency: not a tick-box exercise

On 9 November 2017, in a rare example of a contested recognition hearing, His Honour Judge Paul Matthews granted recognition of Agrokor’s extraordinary administration (EA) as a foreign main proceeding under the Cross-Border...more

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