Tag Archives: restructuring

(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

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

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

(UK) Winding Up Petitions – The Hurdle of the Coronavirus Test

The recent case of Re A Company [2021] EWHC 2289 (Ch) outlines how the coronavirus test for winding up petitions will be applied by the Courts. Taking a similar approach, to the cases of Newman v Templar Corp Ltd [2020] EWHC 3740 (Ch) and Re PGH Investments Ltd v Ewing [2021] EWHC 533 (Ch), both … Continue Reading

Settling Tax Debts: How Much Support Will HMRC Provide To Your UK business?

Following the UK business secretary offering assurance that HMRC will take a ‘cautious approach’ to recovering tax debts (see our previous blog), HMRC has now published guidance outlining its approach. This guidance also explains how HMRC might respond where a business has taken advantage of one of the government backed lending schemes (such as a … Continue Reading

New Look and Regis from a UK Insolvency Practitioner’s Perspective

In our second alert in the series we consider the key takeaways for UK insolvency practitioners following the CVA challenges in New Look and Regis.  Our alert considers the following: Nominee’s duties Risks to fees Disclosure requirements Discounts and formulas for calculating landlord claims for voting purposes; and The shape of post-pandemic CVAs To read … Continue Reading

Small suppliers no longer sheltered from the UK “ipso facto” regime

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

HMRC Announces “Cautious Approach” to Recovering UK Tax Debts

We highlighted in our previous blog, the pivotal role that HMRC could play in ensuring the survival of UK businesses when all COVID restrictions are lifted and the government’s various temporary support measures come to an end. The Business Secretary, Kwasi Kwarteng, has now assured business that HMRC will take a “cautious approach” to recovering … Continue Reading

UPDATED Global Insolvency Report: Impact of Covid-19 on Insolvency Laws

Both Spain and Italy have introduced recent changes to their insolvency laws. The changes are covered in our global guide and cover: Spain The obligation for a debtor to file for bankruptcy within two months of becoming insolvent is suspended until December 31 2021. Updates to the Modification of the Creditor’s agreement measures. Postponement of … Continue Reading

Updated: UK Business Viability Guide – understanding director risks and challenges

With the UK taking positive steps towards re-opening the economy, businesses will start to see the true impact that lockdown restrictions (and the lifting of those restrictions) have on supply and demand. The UK government has continued to support UK businesses including,  most recently, extending the prohibition on winding up petitions and the forfeiture moratorium, … Continue Reading

UK Government Consultation- Restoring Trust in Audit and Corporate Governance- A Directors’ Duties and Insolvency Perspective

The Government has issued a consultation paper  regarding statutory audits and financial reporting. The consultation makes proposals in relation to four areas, namely directors, auditors and audit firms, shareholders and the audit regulator. We have previously summarised the proposals impacting the purpose and scope of an audit. This post will focus upon the matters affecting … Continue Reading

Questions and Answers for UK Corporates about the Corporate Insolvency and Governance Act

Following our webinar discussing the impact of the Corporate Insolvency and Governance Act 2020 for corporates, we have prepared a question and answer sheet addressing questions raised including: Does ipso facto apply to just UK contracts? Can a supplier still exercise set off rights if its customer enters into a moratorium? What should a supplier … Continue Reading

UK Insolvency Law Changes – the “New” Moratorium and Other Stakeholders

As set out in the first blog in this series, the Corporate Insolvency and Governance Bill (the “Bill”) introduces a new debtor-in-possession moratorium to give companies breathing space in order to try to rescue the company as a going concern. The first blog outlined how the moratorium will work and the second blog focused on … Continue Reading

UK Insolvency Law changes – What is the proposed new “moratorium”?

On 20 May 2020, the UK Government introduced the Corporate Insolvency and Governance Bill (the “Bill”) to the House of Commons. The Bill introduces a new debtor-in-possession moratorium to give companies breathing space in order to try to rescue the company as a going concern. The Bill is currently only in draft form and therefore … Continue Reading

Bouncebackability – UK Government Unveils Latest Coronavirus Loan Scheme Variant For Smaller Businesses

In a statement to the House of Commons on 27 April 2020, the UK Chancellor of the Exchequer announced another loan scheme designed to support business to ‘bridge’ the economic disruption caused by the Covid-19 pandemic. Sitting alongside the CCFF, CLBILS and CBIL, the new scheme is targeted at the very smallest businesses that have … Continue Reading
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