On 1 October 2015, several changes to UK insolvency legislation are coming into force. Insolvency practitioners and stakeholders should take note of the following key amendments to make sure they are up to date with these changes. The amendments are the next raft of changes to insolvency law under the Small Business Enterprise and Employment Act … Continue Reading
Latest Lehman judgment reassures end users on Close-out Rights It is undeniable that the legal complexities, and unprecedented facts, of the long running Lehman Brothers saga have generated a wealth of legal principal, most notably through the Waterfall series of litigation. Against the background of administration, this trilogy (creatively named Waterfall I Application, Waterfall I Appeal and the upcoming Waterfall … Continue Reading
On 1 October 2015 the Insolvency (Protection of Essential Supplies) Order 2015 (“PESO”) will come into force. PESO aims to strengthen the statutory protection provided to insolvent companies and insolvency practitioners who need to utilise ‘essential supplies’ to continue to trade. Essential Supplies When a business enters an insolvency process they often need continuity of … Continue Reading
New guidance from the Pension Protection Fund (PPF) regarding pre-packaged administrations (pre-packs) outlines their approach to pre-packs when the same insolvency practitioner (IP) proposes to continue as office holder in any subsequent liquidation or company voluntary arrangement (CVA). The PPF has long highlighted the risk that a pre-pack can often be used to avoid a … Continue Reading
Despite the fact that there have been no football club insolvencies in over two seasons, on 5 June 2015 the Football League voted to amend its rules on football insolvencies. The amendments to the existing rules were approved at the recent Football League Conference and will come into force from the start of the 2015-16 … Continue Reading
Tim Jarvis, one of our tax strategy and benefits partners, was interviewed this month by LexisNexis for his analysis of a new and important case on VAT recovery. The outcome of the case is potentially very good news for customers in insolvency situations who have been incorrectly charged VAT. The circumstances of the insolvency situation … Continue Reading
It has been an interesting 12 months in the world of insolvency and restructuring. The spotlight has been firmly on the profession following the findings of the Graham report on pre-pack administration sales in 2014, the Small Business, Enterprise and Employment Act 2015 (“SBEEA”) coming into force on 26 May 2015 (in an endeavour to … Continue Reading
On 26 May 2015 new UK insolvency law changes take effect and all insolvency practitioners and stakeholders should be aware of these amended rules which apply from today onwards. Read on to make sure you are up to date! The previous government pushed a number legislative changes through parliament before the General Election, which included … Continue Reading
A recent English High Court decision has held that prospective Administrators do not need to look behind the directors’ motives in appointing them; they need to look ahead as to what might happen in the administration and consider whether the statutory purpose of the administration can be achieved. The Administrators in this case got caught … Continue Reading
Is UK Retail still in the doldrums? Christmas is a critical time for most retailers and can be the difference between life and death for many high street stores. With the economy’s recovery in its early stages and purse strings remaining tight, Christmas 2014 was never expected to be all tinsel and mistletoe. Christmas trading … Continue Reading
