Tag Archives: restructuring

(UK) What practical changes can IPs expect from the proposed amendments to FCA guidance?

The UK Financial Conduct Authority (FCA has issued a consultation about proposed changes to its Guidance for Insolvency Practitioners.  The aim is to clarify existing guidance and provide more information to insolvency practitioners (IPs) on how to deal with regulated firms. The proposed amendments (shown as track changes in this document) intend to update the … Continue Reading

Subchapter V Debt Limit: Don’t Get Caught Assuming Congress Will Act (It Probably Will…But Still) (US)

In my most recent blog post, I provided some tips for creditors who find themselves in the Subchapter V arena. This is somewhat of a follow-up to that one. There is a general consensus that Subchapter V has been successful for debtors in smaller cases. The American Bankruptcy Institute recently commented that Subchapter V bankruptcies … Continue Reading

UK Litigation Funding post PACCAR – Tying up Loose Ends

Last year we discussed the impact of funding insolvency litigation following the Supreme Court decision in PACCAR where the court found that litigation funding agreements (LFAs) were damaged based agreements.  This meant that unless LFAs complied with the Damages Based Agreements Regulations 2013 (DBA Regulations), they were unenforceable.  Although concluding that the outcome of the … Continue Reading

Update for Insolvency Practitioners on UK Companies House Filings

Following our previous alert, in which we highlighted an issue with entries relating to registered security maintained at Companies House being incorrectly updated to indicate that they had in fact been discharged without the awareness of the relevant company or security holder, it appears that some (potentially all) unauthorised filings have been – or are in … Continue Reading

Quick Guide to Administration (UK)

For those unfamilar with the various insolvency processes it is not always easy to differentiate between them. In our latest insight we have produced a quick guide to administration that explains the procedure, benefits and effect of administration on third parties, including employees, suppliers and landlords. Our quick guide also explains the administrator’s role and … Continue Reading

Members Voluntary Liquidations (MVL) – Update

In recent months, there have been a few changes regarding MVLs which we have set out in this insight as a helpful reminder to practitioners.  Our insight considers the changes to filing statements of solvency, comments on the practice of remote swearing those statements and highlights the change in policy regarding clearance letters from HMRC.… Continue Reading

Additional Caution Required for Insolvency Practitioners Relying on Companies House Filings (UK)

Over the past week, reports have emerged about filings that have been made at Companies House marking a charge as satisfied, without the company’s or relevant lender’s knowledge. There were rumours last week, which were simply that, because Companies House had not publicly announced any issue, but, as we have seen over the weekend and … Continue Reading

The Restructuring Outlook in Australia, Asia Pacific and the US in 2024

In our latest insight we look back at the key restructuring cases and events from last year in the United States, Asia-Pacific, and Australia and consider the outlook in 2024 for restructuring transactions as a whole.   This insight provides an overview of the US banking crisis involving Silicon Valley Bank and Signature Bank, the … Continue Reading

Aggregate’s UK Restructuring Plan Sanction Hearing: Adler in Action

On 7th February 2024, Mr Justice Richards heard closing submissions in the English High Court for a contested sanction hearing for Aggregate Group’s Part 26A restructuring plan. This hearing presented one of the first opportunities to analyse how the Adler decision will affect restructuring plans going forward.… Continue Reading

Changes to the UK Water Special Administration Regime – Do Pension Trustees of Water Industry Schemes Need to Care?

Changes are afoot to the statutory regime governing special administrations for regulated water companies (the SAR) following the publication of a suite of new legislation. Impact of the changes on pension trustees Further details of the changes are set out below, but perhaps the most significant change for creditors generally, and pension trustees in particular, … Continue Reading

Sri Lanka’s Restructuring Plan Is Here to Stay (US)

In March 2022, the International Monetary Fund (the “IMF”) assessed Sri Lanka’s public debt to be unsustainable after the country entered the pandemic with thin reserve buffers, high debt levels, and no fiscal space. The IMF’s determination prompted Sri Lanka to begin restructuring its debt the following month. As part of that process, Sri Lanka … Continue Reading

(UK) Timing, disclosure and fairness: lessons from the Adler judgment

On 23 January 2024, the Court of Appeal handed down its much anticipated judgment[1] on the appeal of the Adler restructuring plan pursuant to Part 26A of the Companies Act 2006 (“RP”), which was sanctioned by the High Court on 12 April 2023[2], with judgment setting out the reasoning for that decision handed down on … Continue Reading

Czech Republic’s New Act on Preventive Restructuring: Game-Changer in Creditor-Debtor Relationships

On 23 September 2023, the new Act on Preventive Restructuring (284/2003 Coll.) entered into effect in the Czech Republic (the “Czech Preventive Restructuring Act”), incorporating the EU Directive 2019/1023 on preventive restructuring frameworks in the Czech legal environment.  This legislation has been designed to enable debtors in financial difficulties to continue business by changing the … Continue Reading

Prepared Liquidation – Pre-Pack Sales Under Polish Bankruptcy Law

Amid the current market uncertainties, distressed asset sales are likely to rise. International investors are looking for efficient solutions, preferably ones that reflect solutions in their home jurisdictions. One popular mechanism is the use of pre-pack sales.  A pre-pack sale manages the adverse impact of insolvency proceedings on the distressed company’s business, while reducing the … Continue Reading

(UK) Director Administration Appointments: Does the Company Really Need a Moratorium?

With increased public awareness that a notice of intention to appoint administrators (NOI) has been filed, we are finding that third parties – usually the company’s creditors, suppliers and employees – are disrupting the administration process in a way that can cause significant risks to a company’s ability to continue trading, the overall value of … Continue Reading

(UK) HMRC and Restructuring Plans: The Next Chapter

A thorny question facing a company when considering a Restructuring Plan is how to deal with HMRC particularly following HMRC’s opposition to recent plans. Creditors now have some assistance in these deliberations thanks to guidance published by HMRC setting out how they will approach discussions with companies considering a Restructuring Plan. The guidance reflects the … Continue Reading

Are UK Administrators Criminally Liable For Failing to File a HR1?

The answer to that question and with a huge sigh of relief is thankfully not, following the Supreme Court finding that an administrator of a company appointed under the Insolvency Act 1986 (“IA 1986”) is not an “officer” of the company within the meaning of section 194(3) of the Trade Union and Labour Relations (Consolidation) … Continue Reading

Cryptocurrency Brings Disruption to Bankruptcy Courts—What Parties Can Expect and the Open Issues Still To Be Resolved (Part Two)

In this second part of our blog exploring the various issues courts need to address in applying the Bankruptcy Code to cryptocurrency, we expand upon our roadmap.  In part one, we addressed whether cryptocurrency constitutes property of the estate, the impacts of cryptocurrency’s fluctuating valuation, issues of perfection, and the effects of cryptocurrency on debtor-in-possession … Continue Reading
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