Following on from our blog: Does e-filing give you a headache? Does the recent guidance issued by the Chancellor help ease the pain? In this blog we consider that guidance, two recent cases on e-filing a notice of appointment of administrators (“NOA”) out of hours and further judicial consideration on how the 10 day period … Continue Reading
Hong Kong’s well-established financial market, low taxation incentives, and laissez-faire policies have consistently earned the city the title of the World’s Freest Economy and the third easiest place to do business in. Yet, the city’s on-going social movements seem to be having an influence on its financials. Hong Kong reported a GDP contraction of 2.9% … Continue Reading
We previously considered the potential implications for insolvency professionals of the rise of cryptocurrencies (available here). One of the principal issues identified was the uncertainty surrounding the legal status of cryptocurrencies; what class of asset were they and, subsequently, how would they be treated under English law? This question had been subject to little legal … Continue Reading
In this blog, we highlight changes to law, practice and procedure that will or could impact the restructuring insolvency market this year – covering important changes that should be on your radar – as well as providing an update on those changes that were expected but which might be delayed beyond 2020.… Continue Reading
First, there was the HMV case, then Skeggs Beef and SJ Henderson. Following which we had further judicial decision in All Star Leisure and now Keyworker Homes, all of which considered the validity of appointment of administrators using the e-filing system. Keyworker Homes deals with these questions: Can a notice of intention to appoint administrators … Continue Reading
Following an independent review of HMRC’s loan charge the UK Government has announced that there will be a number of changes to the loan charge, which in some cases will include repayment. Not only will some directors be able to claim back payments made in settlement, others will be able to take advantage of more flexible … Continue Reading
Happy New year to all of our blog readers! With the start of a new decade, we are giving our restructuring and insolvency blog a fresh new look and name: Restructuring GlobalView. Restructuring GlobalView will provide readers with unique perspectives on restructuring and insolvency issues from around the globe, offering practical views from the global … Continue Reading
E-filing a notice of appointment of administrators outside of court counter opening hours can impact the validity of an administrator’s appointment. The recent high court rulings in SJ Henderson & Company Limited and Re Triumph Furniture Limited [2019] EWHC 2742, and Re Skeggs Beef Limited [2019] EWHC 2607 (Ch) should serve as a caution that a company, … Continue Reading
The hair salon Regis announced recently that the company has entered administration. The news might not come as a surprise because the chain, prior to the company’s administration, was subject to a company voluntary arrangement (“CVA”) whose validity was challenged by landlords. The joint administrator of Regis commented: “trading challenges, coupled with the uncertainty caused by … Continue Reading
The Government announced an independent review of HMRCs loan charge in September 2019. In this blog we consider the effect of the review on directors who have or are settling claims with HMRC and highlight that the review does not impact on potential claims against directors of insolvent businesses. Regardless of the outcome of the review, … Continue Reading
Dealing with pensions in insolvency can be challenging for insolvency practitioners (“IPs”) and the Pension Scheme Bill (“Bill”) presents another. Whilst a prudent insolvent practitioner should not be unduly alarmed, s114 of the Bill inserts a new section 80B into the Pensions Act 2004 which gives the Pensions Regulator (tPR) power to issue insolvency practitioners … Continue Reading
Retail remains a challenging market but there are a number of ways retailers can proactively manage their property portfolio costs to address those challenges. In our video partners Prew Lumley and John Alderton consider practical options for tenants when negotiating with landlords, including recent trends with Company Voluntary Arrangements. Thinking smart and being proactive may … Continue Reading
Since the news of Thomas Cook’s demise a lot of focus has been on its travel customers. But beyond repatriating stranded holiday makers, the impact of large scale insolvencies such as Thomas Cook, Carillion and British Steel can be far reaching. Those relying on the likes of Thomas Cook for business may also face financial … Continue Reading
Can a CVA bind a landlord in respect of future rents? Is the landlord a creditor in respect of future rent? What about the right to forfeit; can a CVA modify that right? Is compromising rent under a CVA automatically unfair to landlords when other trade creditors are paid in full? These were some of … Continue Reading
Thomas Cook is the latest holiday company and high street retailer to hit the headlines with its collapse into liquidation. It comes at a huge cost to the Government and Civil Aviation Authority who bear the cost of repatriating an estimated 150,000 holidaymakers. In addition, over 22,000 worldwide jobs are now at risk and there … Continue Reading
The recent case of Martin v McLaren Construction [2019] EWHC 2059 (Ch) reminds practitioners to make sure that the debt which forms the basis of a statutory demand pursuant to s268(1) of the Insolvency Act 1986, is due and payable. You might assume that a statutory demand under s268(1) is a demand for payment and … Continue Reading
When can an insolvency practitioner pursue directors for declaring unlawful dividends? Does an insolvency practitioner need to demonstrate that the directors knew, or ought to have known, that the dividend was paid unlawfully, or is it a strict liability issue? Can director/shareholders rely on professionally prepared accounts to avoid liability?… Continue Reading
Prime Minister Boris Johnson promises that the UK will leave the EU on 31 October with “no ifs or buts”. With three months left until the UK is due to leave the EU, the Prime Minister states that he hopes to negotiate a better deal, but concern remains that the UK will leave the EU … Continue Reading
In a recent report by INSOL International, only 5% of insolvency practitioners (“IPs”) said that they had a “comprehensive or practical/working or understanding” of crypto-currency. So with over 4,000 types of cryptocurrency now available and as payment technology continues to develop, we look at some issues facing IPs, including How to identify cryptocurrency How to … Continue Reading
We recently commented on the Government’s Clean Air Strategy raising awareness of the potential impact on a wide range of businesses if they failed to plan ahead to ensure compliance. Hot on the heels of this follows the Government’s Green Finance Strategy, launched on 2 July 2019. This strategy, together with the Clean Air Strategy … Continue Reading
Today the Government published draft provisions for inclusion in the Finance Bill which will amend the Insolvency Act 1986 and grant HMRC preferential status on insolvency. A status that was removed in 2003 but which will be re-instated (in part) from 6 April 2020. Despite huge concern from the lending market, voiced in responses to the … Continue Reading
There in an increasing focus on emissions and pollution through various regulations and initiatives. You may have seen coverage of, or taken part in activities for “Clean Air Day” on 20 June 2019, a campaign to grow awareness about air pollution. Clean Air legislation has of course been around for a number of decades, with … Continue Reading
There has been an influx of company voluntary arrangements (“CVAs”) in recent times, as retailers fight to rescue their UK high street stores. Retail CVAs accounts for the highest proportion of CVAs at 19%. As more and more CVAs are approved, we consider some of the recent trends seen in the retail sector which showcase … Continue Reading
Last year we wrote an article ‘Let’s Fly Away’ reporting on the increasing number of airline insolvencies. The Department for Transport has now published its final report reviewing airline insolvency and in this article, we look at the recommendations of that report. Changes that we might expect to see in the future include: -a new … Continue Reading
