Can a Company Voluntary Arrangement (“CVA”) complete, but still remain in place and bind creditors? The simple answer is yes; but it does require (a) the terms of the CVA to be carefully drafted to allow notice of completion to be filed before the end of the CVA term; (b) compliance with the terms of … Continue Reading
In the first of our short videos in relation to business recovery and resilience, John Alderton (Partner in our Restructuring & Insolvency team), responds to the question: ‘There hasn’t been a wave of insolvencies, is business stress still there or are we through the worst of it?’ Please click here to listen to John’s answer.… Continue Reading
We discussed the announcement that Bulb Energy Ltd (“Bulb”) was due to be placed into special administration in our previous blog outlining how the rules for energy supply companies work, the supplier of last resort (“SoLR”) regime and what energy supply company special administration entails. In this blog we look at why it was necessary … Continue Reading
As has been widely reported, the recent energy price volatility (coupled with the price cap limiting suppliers’ ability to pass increased costs on to consumers) has caused a number of energy supply company failures. Yesterday saw the announcement of the collapse of Bulb, one of the UK’s largest energy suppliers, with it being due to … Continue Reading
Further to our blog last week regarding the restrictions on presentation of winding-up petitions being (partially) lifted, the draft legislation replacing the existing restrictions has now been published and is due to come into force on 29 September 2021. Following the end of the current restrictions on 30 September 2021 (please see our previous blogs … Continue Reading
Our most recently updated guide includes updates for the UK, France, Italy, Germany, Czech Republic and Slovakia. In brief, the updates include: UK Updates to the Coronavirus Job Retention Scheme (CJRS) including that claims for furlough days in August 2021 must be made by 14 September 2021. Updates to temporary extension to carry back of … Continue Reading
On 29 September 2021, our panel of experts will consider the position of UK landlords and tenants post-pandemic. Our speakers will explore strategies for rent recovery and rent payment from both the landlord’s and tenant’s view, the question of arbitration versus negotiation, the impact of re-negotiating and re-gearing leases on covenant strength and values, and … Continue Reading
Last year, the Corporate Insolvency and Governance Act 2020 made a number of changes to the UK insolvency landscape. Amongst the changes, was the addition of the “ipso facto” regime, which prevents suppliers terminating supply contracts as a result of insolvency-related events. Up until 30 June 2021, “small suppliers” were exempt from the regime. However, … Continue Reading
As a result of the rapid spread of the Delta variant of COVID-19, the UK Government has announced a four-week delay to the easing of COVID-19 restrictions in England and the Step 3 restrictions will remain in place for now. The Government’s intention is that England will move to Step 4 (the lifting of all … Continue Reading
Last night, the UK government confirmed what had been widely mooted in the press over the weekend – that there will be a four-week delay to the easing of COVID-19 restrictions in England and that the Step 3 restrictions will remain in place for now. The government’s intention is that England will move to Step 4 (the … Continue Reading
Our most recently updated guide includes updates for Germany, the Kingdom of Saudia Arabia and Prague, notably: Germany Based on the “Guideline for Federal Funding of Production Plants for Borosilicate Tubular Glass and Glass Vials for Use in Vaccine Production”, the BMWi is funding important products for vaccine supply in Germany. Kingdom of Saudi Arabia … Continue Reading
The most notable changes to our updated guide this week are those impacting Germany where: The suspension of the obligation to file for bankruptcy has expired. A new preventive restructuring framework for enterprises has been introduced (implementation of the European Directive on the Preventive Restructuring Framework). The suspension of the obligation to file for insolvency … Continue Reading
On Monday, Zacaroli J handed down his eagerly anticipated judgment in Lazari Properties (2) Limited (and others) v New Look Retailers Limited (and others). The New Look landlords challenged the New Look CVA and raised a number of arguments which some believed could be the end of CVAs as we know them. In particular, the … Continue Reading
The most notable changes to our updated guide this week are those impacting Japan where the period of the expanded Employment Adjustment Subsidy has not been extended beyond April 30 2021 and Germany, where the Suspension of the Obligation to File for Bankruptcy expires on 30 April 2021. All other jurisdictions remain largely the same. … Continue Reading
Our most recently updated guide includes updates for the Czech Republic, France, UK, Italy, Germany, the Slovak Republic and the UAE, notably: Czech Republic There have been updates to: The deadline for submitting applications for the COVID-lease programme has now expired. A new COVID-2021 programme has been introduced. A new COVID Uncovered Costs programme has … Continue Reading
The most notable changes to our updated guide this week are those impacting Japan where the period of the expanded Employment Adjustment Subsidy will be extended until April 30 2021. All other jurisdictions remain largely the same. Please click here to see our updated guide.… Continue Reading
Our most recently updated guide includes updates for the UK, Italy, Germany and the Czech Republic notably: UK Updates to the Coronavirus Job Retention Scheme (CJRS) Grants under the Self-Employment Income Support Scheme (SEISS) have been extended. An increase to the Value Added Tax (VAT) for hospitality, holiday accommodation and attractions. The full relief available … Continue Reading
There has been a significant increase in the use of CVAs, in particular in the retail and hospitality sector over the last 12 to 24 months, largely impacting landlord creditors. A CVA proposal can often run to hundreds of pages, and understanding what it means, how it impacts creditors and whether the terms offer a … Continue Reading
2021 remains challenging for many businesses, and uncertainties about the future make it imperative for UK businesses to identify and address potential risks to their business now. We have updated our Assessing Your Business Viability and Director Risk Guide to assist UK businesses with identifying those risk areas. Our guide covers cash flow considerations, financial … Continue Reading
The Debt Respite Scheme (Breathing Space) comes into force on 4 May 2021. This allows individuals to obtain “breathing space” from creditors under certain circumstances. A breathing space can be obtained if: An individual cannot or is unlikely to be able to repay their debts and a debt adviser considers a breathing space appropriate – … Continue Reading
The case of Arlington Infrastructure Ltd (In Administration) v Woolrych [2020] EWHC 3123 (Ch) is a cautionary reminder to qualifying floating charge holders (and their advisors) to review the terms of all security documents, before seeking to appoint an administrator. In this case, failure by junior chargeholders to obtain consent from senior chargeholders (as required … Continue Reading
The Government has issued what we might hope will be the final piece of the jigsaw on the latest extension to the Coronavirus Job Retention Scheme (CJRS) – the Treasury Direction (TD4). TD4 sets out the law that will govern the extension of the CJRS (at least until 31 January 2021) and formally withdraws the … Continue Reading
Late on 10 November 2020, the UK Government published detailed guidance on the extension to the Coronavirus Job Retention Scheme (CJRS). As expected, the guidance largely reflects what was contained in the policy paper and is broadly the same as the last CJRS guidance. Our employment colleagues have produced an updated alert and quick guide … Continue Reading
As you will have seen in recent announcements, the government is now: Extending the Coronavirus Job Retention Scheme (CJRS) until 31 March 2021. Postponing the Job Support Scheme (JSS), possibly indefinitely. Scrapping the Job Retention Bonus (JRB), but this will apparently be replaced by another “retention incentive at the appropriate time”. Businesses that have spent … Continue Reading
