UK

Subscribe to UK RSS Feed

Managing Your European Business in Light of Sanctions imposed on Russia

The huge and devastating impact of COVID-19 on people, economies and business was unforeseen, and although (in the UK, at least, with all restrictions now lifted) the pressures created by COVID-19 are hopefully a thing of the past, businesses are seeing new challenges impacting recovery, trade and growth. It is saddening to watch the developments … Continue Reading

Keeping the (light) Bulb on special energy administrations – an update on the Bulb special administration

In our previous blogs, we discussed the announcement that Bulb Energy Ltd (“Bulb“) was placed into special administration and considered the reasons why special administration (as opposed to ordinary administration) was deemed necessary in Bulb’s case, as well as providing an overview of how special administration differs from ordinary administration (and the supplier of last … Continue Reading

The Reform Of The Spanish Insolvency Act – Positive News For Spanish Companies

At the end of 2021, the Spanish government approved draft reforms of the Spanish insolvency laws that transposes Directive (EU) 2019/1023 of 20 June 2019 on preventive restructuring frameworks into Spanish law. The reform will bring about a comprehensive change in insolvency proceedings in Spain. So what are these changes and what effect will these … Continue Reading

Does your UK businesses have a Plan A, when Plan B ends?

With the end of all Plan B restrictions in sight, 2022 should (fingers crossed) be a better year for UK businesses who have faced a long and tough challenge managing issues such as Brexit, supply chain, the sustainability agenda, ESG, regulatory change and cash flow alongside the unpredictability of COVID. Throughout the pandemic we have … Continue Reading

Failure to file a HR1 form (even if inadvertent) could result in an administrator facing criminal prosecution

Employment law and insolvency law can sometimes have a strained relationship, particularly when laws safeguarding employee rights find themselves in conflict with an insolvency practitioner’s duty to act in the interests of all the creditors (as opposed to any one group). But the case of Palmer vs Northern Derbyshire Magistrates’ Court should be heeded by … Continue Reading

(UK) Keeping the (light) Bulb on special energy administrations – what will happen next to Bulb ?

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

(UK) How Will the New Rent Arbitration Scheme Work for Commercial Landlords and Tenants?

In our second alert in the series, we consider the proposed new rent arbitration scheme and the draft Bill explaining how the process is expected to work, key points to note about the scheme and whether commercial landlords and tenants will use the scheme to resolve outstanding COVID rent arrears disputes. Access the alert here… Continue Reading

Restructuring Foreign Companies in England Using a Restructuring Plan

A restructuring plan may well be a very effective way of restructuring a foreign company. It has several advantages over a scheme of arrangement and with a relatively low entry threshold, the English court has already sanctioned at least one plan for a foreign company in the relatively short time that it has been available.  … Continue Reading

How Does the New UK Code Of Practice Assist Landords and Tenants in Rent Negotiations?

Further to our previous blog outlining the new rules about payment and collection of unpaid commercial rent, our first alert looks at the new Code of Practice in detail. This answers questions relevant to both commercial landlords and tenants who have yet to start or are in the process of negotiating payment of rent arrears … Continue Reading

Directors of Dissolved Companies and COVID Fraud

On 12 May 2021, The Rating (Coronavirus) and Director Disqualification (Dissolved Companies) Bill was introduced to Parliament. The Bill passed through the Commons stages unaltered and recently passed the Committee stage at the House of Lords on 10 November 2021. The Report stage will be taking place on 1 December 2021.… Continue Reading

New UK Rules Governing Unpaid Commercial Rent

Landlords and tenants have both had their own struggles with paying or recovering rent during the COVID-19 pandemic. Rent arrears accrued during 2020 as sectors, such as retail and hospitality, remained closed for a large part of the year and in an effort to support businesses get back on their feet, landlords were prohibited from … Continue Reading

Temporary insolvency practice direction provides certainty about administration appointments

Throughout the pandemic we have seen a succession of temporary practice directions, enabling practitioners to deal with the swearing of notices of intention (NOI) and notices of appointment (NOA) of administrators remotely, as well as answering a question which the judiciary had grappled with several times – when does a notice of intention or notice … Continue Reading

Nero CVA challenge – part two: the rejection of the challenge

In our earlier blog, we considered the application to strike out the challenge against the Caffè Nero company voluntary arrangement (“CVA”) (Nero Holdings Ltd v Young) and the rejection of Caffè Nero’s strike-out action by the Court. In particular, the Nero case focuses on electronic voting (which is increasingly popular in the current climate) and … Continue Reading

A (partial) phasing out of the current prohibitions on presenting UK winding up petitions?

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

UK Court Sanctions First “Mid-tier” Company Restructuring Plan

Opening the door for the SME market, Sir Alistair Norris has sanctioned the first ever restructuring plan for a “mid-market” company.  The plan sanctioned in Amicus Finance PLC (in administration) is also the first restructuring plan proposed by insolvency practitioners and the first to cram down a secured creditor. The sanction judgment is short, but … Continue Reading

A Return from the Edge? A New Policy Statement from the UK Government on Commercial Rent Debts

For some time, the government has been considering how best to manage the billions of estimated rent arrears in order to avoid a flurry of winding-up petitions and evictions. This requires a careful balance to protect both landlords and businesses in need, which proposed legislation to ringfence certain rent debt seeks to do. In their … Continue Reading
LexBlog