Insolvency & restructuring
Pensions Regulator appears to be encouraging IPs to be more proactive on trustee appointment issues.
Extent of harm caused will be looked at when deciding on disqualification.
Insolvency litigation briefing, Sept 2015: how a preference of director unravelled; and more download
Also: burden of proof in wrongful trading cases; and more.
Also: ’measurable loss’; and more.
The creditors of liquidated firm Manches are seeking legal advice to bring a judicial review of the Solicitors Regulation Authority’s (SRA) handling of the liquidation after being left with a £4.2m shortfall in tax receipts.
In a case which marked a significant step in developing cross-Bailiwick restructuring law, Ogier has acted for the joint liquidators of Huelin Renouf Shipping Ltd and Huelin-Renouf (Guernsey) Ltd.
There are set to be reforms to insolvency practitioner remuneration that will come into force on 1 October 2015 as part of The Insolvency (Amendment) Rules 2015.
Safe removal and storage of goods download
The enforcement agent has an obligation to obtain the best price when goods are sold, so any damage is bad news.
DVLA should allow reverse checks download
People with no intention of paying fines can remove and hide vehicles, at the moment.
BVI litigation & insolvency update, Sept 2015: luxury resort auction; fuel supply; and more download
Also: when can judgments be severed; and more.
Couples warned over break-up debts download
Average debt left on a joint card is just under £457
Some provisions have been relaxed.
Company law changes in Guernsey download
Island moves to stay ahead of other financial centre, with company names no longer having to be in Roman script, and other changes
Equity of exoneration is still open to the interpretation of the judge.
South-East firm TWM Solicitors has become the latest to hire a partner from collapsed Scottish outfit McClure Naismith, hiring Mark Parkhouse as head of insolvency.
Personal bankruptcy limits increase download
A person will no longer be able to be made bankrupt if they fail to pay a judgment debt of as little as £750.
Lawmakers have introduced further measures in order to stimulate new loans after the pre-filing for concordato preventivo or for a debt restructuring agreement.
Creditors now being allowed to make competing concordato proposals means that the exclusive powers of the debtor are restricted.
Lawmakers made a few changes to the concordato rules with the foreseeable result of restricting significantly the access by debtors to the procedure.
The Hungarian Parliament has adopted a new legal regime setting out debt settlement procedures for private individuals.
Bona vacantia land and mortgagees download
The Bona vacantia Department of the Government Legal Department has now set out new guidelines.
When is it wrong to trade? download
A recent case provides useful guidance on how the wrongful trading test should be applied.
The Royal Court handed down its decision in In the matter of X (a bankrupt) only months after the decision of the Privy Council in Singularis Holdings Ltd v PricewaterhouseCoopers.
Practice Direction gives comfort to creditors and flexibility to administrators.
It seems logical that Schedule 12 offences should be prosecuted by police.
Special administrators allowed to make a final distribution of client money despite disputed and unidentified claims; and more.
A snapshot of changes following the Deregulation Act.
The PP issued guidance relating to pre-packaged administrations where the same insolvency practitioner continues in the subsequent liquidation or company voluntary arrangement.
This article compares Germany as a typical civil code jurisdiction and England/Wales as a typical common law jurisdiction.
The available remedies.
No amendment to plan can now be made by debtor after voting.
Other party to contract must always be heard on petition filed by the debtor, and other changes.
Also: collateral purpose of winding-up petition is not an abuse of process; and more.
Many insolvency practitioners are trying to get to grips witjh the thorny subject of how to deal with interest rate hedging product (IRHP) mis-selling claims held by insolvent companies.
Bankruptcies fall to 25-year low download
Bankruptcies across England and Wales have fallen to their lowest level in a quarter of a century.
Risk mitigation measures required in bank crisis law.
This practice area covers banking, capital markets, financial regulation and insolvency and restructurings.
…as they take the ’bankruptcy-lite’ option.
The FCA thematic review 15/8 focuses on the level of compliance with existing Consumer Credit Sourcebook rules as based on the Office of Fair Trading’s former Debt Management Guidance.
”You are personally responsible for any payments you may have to make”…
Aldon ruling: liquidator was wrong to place a minimum value of £1 on a liquidated claim.
Also: reporting unenforceable credit agreements; ADR directive; and more.
The Bill will regulate the servicers of credit rather than the owners of the credit, creating a new category of regulated business in Ireland – credit servicing.
A guide to restructuring and insolvency law in Bermuda.
Indication of the Government’s intention to aggressively pursue ’missing’ tax revenues.
The economic recovery is helping to keep UK retailers afloat.
…in the interests of a company.
Schoenherr has advised Österreichische Volksbanken-Aktiengesellschaft in the restructuring of the Volksbanken sector and the continuation of ÖVAG as a run-down entity based on the new run-down regime.
A vehicle designed for securitisations and other transactions where an insolvency-remote vehicle is required.
A debtor can cram down an agreement to dissenting minority lenders.
In May 2015, the Jerusalem District Court issued a judgment imposing personal liability in light of lawful conduct of the affairs of an NPO
Also: spouses’ rights, and the meaning of ’acting by the receivers’.
New rules for the competitive bid process aimed at the sale of the debtor’s assets.
Wragge Lawrence Graham & Co’s finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
Belgian boutique Strelia has added an insolvency specialist to its ranks with the hire of Taylor Wessing partner Bart de Moor and two senior associates.
The Football League has amended its regulations relating to the insolvency of football clubs which will take effect from the start of the 2015-16 season.
Gateley looks at the problems smaller care homes face and what defensive strategies smaller care home operators can adopt to buck the current trend.
Stephenson Harwood has picked up over £6m in legal fees, after it was involved in the three-year long liquidation of Rangers Football Club.
The new debt landscape download
Consumer debt is rising, but business stats show credit controls introduced in the recession are working.
Yes, victims of crime deserve a better deal – but so too do those who are owed money, Mr Gove.
Resolving the rules of insolvency download
Jamie Riley looks at Re Kingstons Investments Ltd and explains why the final decision will be so important for insolvency lawyers.
This article considers the problems which have been identified in respect of Council Regulation (EC) No 1346/2000 on insolvency proceedings and how a new regulation to be adopted addresses those problems.
Summary report of findings on the subjects of dividend distributions and buy-backs of shares download
On 15 June 2015, the Israel Securities Authority reported on the findings of a sampling audit conducted at six reporting corporations on the subjects of dividend distributions and buy-backs of shares.
DLA Piper is facing a possible investigation by the Solicitors’ Regulation Authority (SRA) after its senior partners sent emails to each other following the bankruptcy of a former client.
The High Court held that personal service of a bankruptcy petition on a person nominated by the debtor constituted valid personal service.
From care homes to care at home? download
Occupancy rates at full-service care homes have been falling since 2006.
As a result of the landmark rulings, 33,000 UK creditors will receive a pro rata share in the fallen giant Nortel Group’s residual assets of $7.3bn.
WilmerHale and Bryan Cave have taken lead roles in the sale of Barclays’ US wealth and investment management franchise to Stifel Financial.
Milbank Tweed Hadley & McCloy, Paul Hastings and Weil Gotshal & Manges have all advised on the two and half-year long restructuring of the General Healthcare Group (GHG).
The purpose of this booklet is to provide a quick reference guide to company insolvency laws and procedures in a range of jurisdictions.
Brown Rudnick has strengthened its Paris team with the hire of partners from French firms De Gaulle Fleurance & Associés and August & Debouzy.
Deductibility of losses on receivables and recovery of VAT when the debtor has entered into a debt restructuring agreements with creditors download
According to Legislative Decree No. 175/2014, in case of defaulting transferee/ buyer, the transfer or/supplier is entitled to recover the VAT originally paid to the Treasury.
Enduring effects of an inadmissible concordato preventivo demand in the ensuing bankruptcy liquidation procedure? download
The Tribunal of Reggio Emilia rejected the pleading in the proof of debt procedure of a creditor who requested its own post-concordato debt towards the then bankrupt company to be set off against its own pre-concordato receivable.
Principal insolvency-related changes introduced by the Small Business, Enterprise and Employment Act 2015 (the Act).
The Tribunal of Milan allowed a concordato preventivo proposal to be amended, providing that additional resources for the creditors could be made available through a lien on real estate property belonging to a shareholder of the company.
Perhaps one of the most significant changes to insolvency legislation last month is the power of an administrator to distribute the prescribed part to unsecured creditors without the permission of the court.
Weavering litigation – Cayman hedge fund directors’ duties and indemnity/exculpation clauses back in the spotlight download
The Cayman Islands Court of Appeal has issued its much-anticipated decision in Weavering Macro Fixed Income Fund Limited (In liquidation) vs Stefan Peterson and Hans Ekstrom
HMRC can refuse to pay a refund of overpaid VAT to a supplier.
Finance litigation briefing, May: declaration ‘not worth the paper it was written on’; and more download
Wragge Lawrence Graham & Co’s finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
Big changes to insolvency rules download
Part of the Government’s Red Tape Challenge.
Key indicators to consider when trying to assess the value of IP rights
Serving debtors through social media download
For the first time, a court has permitted a trustee to tell a bankrupt of bankruptcy proceedings by posting on their Facebook page.
Clarification on a liquidator’s authority in relation to anti-suit injuctions and more.
Some 10 years after having received advice from the defendant the claimant learned that the advice had been negligent and had caused him loss.
Tark Grunte Sutkiene senior associate Andis Pauninš has participated in a conference on ‘Insolvency Law in Europe: Current Trends and Future Perspectives’.
High Court clarifies the approach to be taken when applying for a validation order.
Among the questions answered is: I would like to enforce a money judgment by taking control of goods. Are there any practical points of which I should be aware?
It is comforting to solicitors and their insurers that indemnity policies will not be seen as an easy target to cushion clients’ bad business decisions.
Case shows that courts are reluctant to imply terms into contracts that have been freely negotiated between sophisticated parties
The ECJ has released its judgment in a case that concerned the meaning of ‘establishment’ in the European Collective Redundancies Directive.
Economic pessimism hits record low download
Just 16% expect their personal finances to get worse in the next six months.
Interesting cases reviewed include Green v Chubb and HMRC v Changtel.
The defence of illegality – which prevents a claimant from bringing a claim that arises out of its own illegal acts – can’t be used where the company is claiming against its directors.
The decision to invest in a construction project is a major event for an educational establishment. So, if the contractor becomes insolvent, this can cause significant problems.
The ECJ has confirmed that ‘establishment’ means the local employment unit to which the redundant worker is assigned.
No need to aggregate redundancies.
The decision of the Employment Appeal Tribunal in the Woolworths and Ethel Austin cases introduced an alternative interpretation to the meaning of ‘one establishment’.
Can a debtor subject to a concordato preventivo pre-filing regime be authorised to sell some of its assets?
The ECJ has held a secondary insolvency proceeding in the member state where the debtor has its registered office may be opened at the request of creditors entitled under the law of that state.
Relieve the burden on bailiffs; the first in a series of changes The Sheriffs Office would like to see in the regulatory review.
Assigning and enforcing debt download
Debts may be assigned by the creditor to another party, the assignee, who may then proceed with further legal action to recover the debt.
Where will the enforcement vote go? download
Moves to stop the enforcement of debts by way of taking control of goods could be on the way, and other factors enforcement professionals should consider.
Less likeliehood of added costs for businesses, but ECJ ruling lights blue touch paper for disputes about what constitutes the affected establishment.
Personal insolvencies fall again download
Figures at a decade low, following another drop in Q1.
Recent notable insolvency cases download
An update on interesting cases and their outcomes.
The insolvency of City Link continues to command attention, with the spotlight shifting to redundancies. A consultation on the subject has now been launched.
Landlord remedies for pursuing tenants for debts have been subject to major change over the last few years; what are the options now for debt recovery?
Wragge Lawrence Graham & Co’s finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
The introduction of the new insolvency rules is now likely to be delayed until 2016.
If a winding up petition is made to court, any disposition of the company’s property, transfer of shares or alteration in the status of the company’s members is void, if not validated by the court.
What is the effect of liquidation/bankruptcy and dissolution on the ability of a fixed-charge receiver to exercise the powers usually given to a receiver under the LPA or mortgage deed?
The High Court has granted special leave to appeal a decision that held that a liquidator is not required to retain funds from the proceeds of sale of an asset to pay tax before an assessment is issued.
Decision in Re MF Global UK could prevent a repeat of complex, evidence-heavy cases such as Lehman Bros FSD.
Chetal Patel and Anna Przewoznik outline the issues and explain how careful planning is the key to avoiding unpleasant surprises.
Trust deeds vs trustees download
Changes in bankruptcy and pension rights under UK and EU pension schemes.
Two recent cases, both favourable to office-holders, have further developed guidance on compelling parties to produce information and documentation to insolvency office-holders
…and will substantially change the economic environment in the country.
Contracts are often amended prior to or during performance. If they contain a liquidated damages clause, it should not be overlooked.
From 1 June 2015 signicant changes will be made to Russia’s Civil Code regarding the regulation of obligations.
A useful reminder about the risks of the trustee in bankruptcy’s fees and costs on annulment of a bankruptcy
Romania: Cross-border conversions – a realistic way to expand companies' restructuring possibilities? download
In recent years, companies have consistently attempted to extend the scope of their structuring possibilities by trying to cross the borders into other member states.
In Fisker, an investor’s right to credit bid its $168m debt claim was capped at only US$25m, the amount the investor paid for the debt.
Better payouts to all creditors.
Financial Regulatory Developments (FReD), April 2: new mortgage rules; Solvency 2; and more download
Latest developments in the UK, Europe and beyond.
Proposal is intended to address enforcement issues.
When the rule against penalties might apply to a fee payable to a bank under finance documents.
Insolvency update: has the Privy Council turned the Isle of Man’s Chief Justice into a timorous soul? download
In the recent case of Lombard Manx Limited v The Spirit of Montpelier Limited (CHP 2014/23), the principal question was whether the Court had jurisdiction at common law to rescind a winding-up order.
Public entities are exempt from bankruptcy, but not companies that are carrying out business, even though they are held by public agencies, according to recent decisions.
Wragge Lawrence Graham & Co’s dedicated insolvency litigation team brings you its monthly update on the cases and issues affecting the insolvency and fraud investigation industry.
Until recently, there was little call for restructuring and turnaround specialists in the UK to focus on the oil and gas industry. That has now undoubtedly changed.
An analysis of public body liability in the wake of a £9m Companies House administrative blunder.
Swiss resident individuals selling shares in a corporation that are privately held will, instead of a tax-free capital gain, realise income from capital that is partially or fully taxed.
On 27 February 2015, the Government passed new laws which will come into force on 1 October 2015, which are intended to simplify an IP’s record-keeping requirements.
In response to a growing number of cases where clients want to sell or transfer shares in a Cayman Island company which is in liquidation, this report clarifies the rules.
MoJ extends insolvency LASPOA exemption.
With its comprehensive review the Spanish legislator seeks to achieve three goals.
Currently, where a tenant is in arrears of rent totalling £750 or more, a landlord is entitled to serve a statutory demand for payment.
The Small Business, Enterprise and Employment Bill will be implemented on a phased basis, starting later this year.
Divide exposed between the mortgage sector and the landlord/tenant sector.
An overview of the main changes outlined by the Chancellor.
High-street shops closed down at a rate of 16 a day on average in 2014, as the net fall in stores nearly tripled, new figures show.
Yorkshire manufacturers are continuing to lead the way, once again putting in a stronger performance than any other region, according to research by insolvency trade body R3.
Business minister Jo Swinson announced proposed changes to “improve transparency in insolvency practitioner fees”.
Redundancy pay rate set to rise download
Annual increases to statutory redundancy pay will take effect from 6 April. The statutory maximum an employee will be able to receive will be £14,250.
To be or not to be insolvent? download
Useful guidance on solicitors’ duties to advise as to the risk of insolvency of the vendor when acting for purchasers in property transactions where deposits are held as agents for the vendor.
TV programme The Sheriffs Are Coming is returning to BBC One on Friday 20 March.
High Court writs download
Covered here are the different types of High Court writs that The Sheriffs Office, as High Court Enforcement Officers (HCEOs), act under.
BVI litigation and insolvency client update: includes cases featuring quasi-partnership, anti-arbitration and costs issues download
Welcome to our first BVI litigation and insolvency bulletin, with updates on selected recent cases and developments.
Insolvency litigators are thanking their lucky stars for the second time in less than a week.
The court fee for issuing proceedings in money claims over £200,000 will be capped at £10,000. Will this put you off issuing a claim for a disputed debt?
David Hinchliffe of Walker Morris has been named Sports Lawyer of the Year for the second year running.
11 Stone Buildings’ insolvency specialists shortlist notable cases and summarise the case background and judgement in an easily digestible ‘Cases Alerter’ format for Corporate Rescue and Insolvency .
Schoenherr is assisting Heta Asset Resolution (HETA) in the preparation of the first European resolution pursuant to the European framework for the recovery and resolution of credit institutions
A clawback action based on Italian insolvency laws in a procedure opened in Italy can have wider limits when the transaction is governed by a foreign law.
Can the proceeds of future business activity be allocated to unsecured creditors in concordato preventivo, when secured creditors are not paid in full ? download
The decision of the Court of Rovereto of 13 October 2014 and the Court of Bergamo of 26 September 2013 took opposite stands on the issue of the allocation.
The CoA says there nothing in the CWR which does not enable an order for security for costs against a non-resident limited liability company in proceedings.
Wragge Lawrence Graham & Co’s dedicated insolvency litigation team bring you their monthly update on the cases and issues affecting the insolvency and fraud investigation industry.
There are two conflicting High Court decisions dealing with the question of whether a trustee in bankruptcy can force a bankrupt to draw down his pension so it can be made available to creditors.
Following years of litigation on collective redundancy folliwing the demise of Woolworths we may be on the cusp of a return to a more employer-friendly position.
It was announced in a written statement of the House of Commons that the exemption was to continue.
Offshore Case Digest: issue 8 download
A high-level summary of the major commercial cases decided in Bermuda, the British Virgin Islands and the Cayman Islands.
On the road to nowhere – part two download
This post looks at the challenges in dealing with insolvent transport/logistics companies. For those involved in dealing with distressed logistics companies, many of the greatest challenges are often around timing.
Carey Olsen associate Jamie Oldfield has been admitted as an advocate of the Royal Court of Guernsey and called to the Guernsey Bar.
Municipal General Reinsurance was finally placed into liquidation on 20 February, nearly 21 years after the appointment of liquidators and following the termination of the scheme of arrangement.
Scottish firms Burness Paull and Levy & McRae are facing legal action from the liquidators of Heather Capital over their involvement in the collapse of the $400m hedge fund.
Property disputes update: changes to bankruptcy thresholds, rights of light, rent refunds and more download
In this edition of our Property Disputes Update we highlight changes on the horizon in bankruptcy thresholds, rights of light and rent refunds.
Once English security has been discharged or released, the charging company (or other interested party) can file one the forms below at Companies House to remove the charge from the register.
Global Employment Lawyer: unresolved issues in Egyptian labour law, tips for dealing with redundancy in China and more download
Significant trends and developments in the area of global employment and labour law.
The selling of gift vouchers by distressed retailers such as Comet, Jessops and HMV in the run-up to going into administration has been the subject of much adverse comment.
William Fry has emerged as the winner of the Irish Department of Finance’s tender to appoint a legal adviser to work on the potential capital restructuring of Ireland’s investments in Allied Irish Banks (AIB).
The Environment Agency has published a new annex to its Enforcement and Sanctions Guidance to cover breaches under the CRC Energy Efficiency Scheme, EU Emissions Trading Scheme and climate change agreements.
When Woolworths went bust at the end of 2008, not only was it a watershed moment for UK retail, but it set in motion potentially significant implications for employers proposing large-scale redundancies.
Oraki v Dean & Dean is an important Court of Appeal decision on the recoverability of the costs and expenses of a trustee in bankruptcy following an application for an annulment of the bankruptcy order.
This is an area that has attracted little attention but it can be full of pitfalls that we professionals ignore at our peril.
Fruit machines and Blue Monkeys: can administrators be personally liable for converting ROT goods? download
The recent decision in Blue Monkey Gaming Ltd v Hudson & Ors provides some useful guidance for administrators and retention of title claimants.
11 Stone Buildings’ Tom Shepherd focuses on three key areas to consider when there is a sale of a business out of administration.
One of the aftershocks of the 2008 crash has been the rise in multi-jurisdictional insolvency-related litigation. This article outlines two cases that highlight the challenges of cross-border proceedings.
Insolvencies fall to nine-year low download
Fewer than 100,000 people became insolvent last year — the first time the total figure has dipped below that threshold since 2005.
Conduct set to be tightly pre-packed download
With a pre-pack, the ability of the insolvency practitioner to sell a company’s assets without the approval of creditors – continues to be the main criticism of the practice
Wragge Lawrence Graham & Co’s dedicated insolvency litigation team bring you their monthly update on the cases and issues affecting the insolvency and fraud investigation industry.
A creditor who obtains a Cayman Islands judgment against a debtor for the payment of money has a number of options to enforce that judgment
In Italy, measures have been taken to preserve the continuity of operation of industrial plants of national strategic interest.
Can the admission to concordato preventivo be revoked if creditors, informed by the judicial commissioner of fraudulent acts, approved the proposal of the debtor? download
The Italian Supreme Court ruled that the disclosure of acts in fraud carried out by the debtor causes the admission to concordato preventivo to be revoked according to Article 173 IBL, even in case of approval by the creditors.
Bankruptcy: are you owed enough? download
Earlier this month, the government published debtor-friendly reforms to the personal insolvency regime, which it is proposed will come into effect from 1 October 2015.
Equity of exoneration — joint mortgagors do not necessarily have joint responsibility for the secured debt
It is a not uncommon situation — the family home is jointly mortgaged to secure the debts of a family member’s business.
The recent High Court decision in Horton v Henry1 has now thrown the debate over the extent to which the pension pot of a bankrupt can be made available to his creditors wide open.
In late December 2014, Russia adopted major changes to its insolvency (bankruptcy) law.
11 Stone Buildings has announced that Marcia Shekerdemian has been appointed Queen’s Counsel, effective from 16 February 2015.
In December 2014 the case of Horton v Henry saw the High Court determine that a bankrupt individual’s uncrystallised pension fund was not available to satisfy his creditors.
Lexa Hilliard QC is a well-respected commercial chancery silk with a strong expertise in domestic and international insolvency, general commercial and company litigation, professional negligence and civil fraud.
When considered practically, the logical approach would be that a property is worth however much people are prepared to pay for it.
The High Court of England and Wales may refuse to exercise its discretion to wind up companies incorporated abroad where there would be little likelihood of the petitioners deriving benefit from the winding-up.
New year — new rules download
Since they were brought in there have been 23 sets of amends to the Insolvency Rules 1986. In 2015/16 the landscape of insolvency legislation will once again change.
The recent English Court of Appeal ruling in Re Danka Business Systems plc considers how insolvency practitioners ought to deal with contingent claims.
Ogier in Jersey has announced that Katharine Marshall and Amy Galley have each been awarded two prizes for achieving the highest marks in the Jersey Advocacy exams in 2014 by The Law Society of Jersey and the Institute of Law.
Insolvency set-off download
Is it possible for a party to deduct a debt owed to it under one contract from a debt owing to it under another?
Our members provide advisory, drafting and advocacy services in respect of banking, finance and financial services disputes, including regulatory issues, in relation to both domestic and cross-border transactions.
11 Stone Buildings’ has a distinguished reputation for insolvency work, being recommended by both Chambers UK and Legal 500 in this area.
We are experienced in advising liquidators, directors, shareholders and creditors of Bermuda solvent and insolvent entities.
A change in the rules is set to make it harder for creditors to force someone into bankruptcy, by raising the amount of debt individuals must have before it is an option.
Those with claims against companies that failed in the aftermath of the financial crisis are finding that the sun has gone down not just on the company but also on their claims for relief. However, all is not necessarily lost.
Espirito Santo at Plateau Saint-Esprit: the destiny of the Portuguese family empire in Luxembourg download
In 2014 five entities of the Luxembourg holding structure of the Banco Espirito Santo Group had their fate in the hands of the judges of a Luxembourg Court. All have been declared bankrupt.
Modernising insolvency in the EU download
Moves are underway to change the insolvency landscape to make it easier for the rescue of businesses operating across member states to be implemented
Collapsed oil prices and Ebola have hit businesses hard, while European plans to copy UK restructuring tools could challenge British courts’ dominant role.
On 4 January the creditors of PJSC Sumykhimprom approved the decision to buy out debts from pledge lenders that refused to approve its rehabilitation plan.
Partner and chairman
Discharging an administration order download
Carey Olsen’s restructuring and insolvency team has achieved a significant success in securing an order for the discharge of an administration order made pursuant to the Companies (Guernsey) Law, 2008.
Liquidators: the power of necessary download
The powers of a liquidator in winding-up a company are set out in Schedule 4 of the Insolvency Act, which all IPs will be familiar with.
This update looks at employer insolvency risk, last-man-standing schemes and contingent assets, following the publication of the Pension Protection Fund’s Levy Estimate for the 2015–16 levy year.
A director of a company who has breached his fiduciary duties as a director could not then, in his capacity as the company’s sole shareholder, ratify the breach where the company was insolvent.
White & Case has advised logistics and parcel distribution company DX Group on its acquisition of assets from its collapsed competitor City Link.
Deciding how to deal with uncollected debts is something which many businesses have to face. It is also a problem which the governme
Negotiating the settlement of a dispute is rarely straightforward.
For more than 150 years, it has been a principle of English law that if an agent takes a bribe or a secret commission, he is liable to account to his principal for the amount received.
Gateley, Macfarlanes and Mayer Brown have all played key roles advising on the controversial administration of courier business City Link, which was handed over to EY on Christmas Eve.
Dacheng has been selected to be in the Shanghai High People Court’s second insolvency receivers’ Roster and Class A Official Receivers’ Roster
Loyens & Loeff has appointed Gerard Blokland, Bastiaan Cornelisse, Tom van Helmond, Natalie Reypens and Michael Scott as partners, effective from 1 January 2015.
DLA Piper has advised Aviva on the disposal of a distressed portfolio of 180 mixed-use properties located across the UK to KWE for £503m.
Protected cell companies download
Guernsey was the first jurisdiction to introduce the concept of a protected cell company but the Companies Law has effectively modernised it.
What the law (s244) says about credit terms once a company has fallen into insolvency
Katie Hooper was sworn in before the Royal Court of Jersey on 1 December and Matt McManus was admitted as a solicitor on 18 December.
An English High Court judgment on an application for recovery of documents provides guidance on the scope of section 236 of the Insolvency Act.
Global Insight — Spanish insolvency laws; retention of title in the UK; portfolio transactions; and more download
Global Insight is a digital publication bringing you news, views and analysis from DLA Piper’s global restructuring group.
Stichting Shell Pensioenfunds v Krys download
The decision in Stichting Shell Pensioenfonds v Krys and another clarifies a liquidator’s authority in relation to antisuit injunctions.
Wragge Lawrence Graham & Co’s dedicated insolvency litigation team brings you its monthly update on the issues affecting the insolvency and fraud investigation industry.
The Guernsey Commerce and Employment Department is seeking input on policy options for the reform of Guernsey’s insolvency regime.
Breach of duty by director of a Cayman fund — the path to investor relief in Cayman vs New York download
One feature of Weavering Macro Fixed Income Fund Ltd v Peterson is that the claims against the directors were brought by the liquidators of a fund in liquidation.
Prager Dreifuss is experienced in advising, among others, banks, hedge funds and other financial institutions in bankruptcy proceedings, restructurings and in bankruptcy-related litigation.
The EBRD is seeking to enhance and shape wider insolvency law and practice.
In a recent appeal case — Wu v Hellard — the court confirmed that it can not order liquidators of a company to provide security for costs where the liquidator brings an action in his own name.
Here, we discuss some key areas where HMRC’s agreement is essential to ensuring a smooth restructuring or insolvency process.
Should the UK adopt Cape Town’s Alternative A insolvency regime? Lessons from the US and Canada download
The UK is consulting on whether to incorporate Cape Town’s Alternative A insolvency regime into English law.
Sometimes when an employer discovers a building defect, it would not be worthwhile for the employer to sue because the main contractor may not have the means to pay the awarded sum.
The recent successful fundraising appeal to save the historic Wedgwood Collection of around 80,000 works of art for the nation received much publicity.
The latest move to improve the Scottish land registration system should be good news for insolvency sales. The new procedure of Advance Notices will modernise the system.
Under the Housing Grants, Construction and Regeneration Act 1996, a party to a construction contract is entitled to payment by instalments.
A rehabilitation plan has been agreed for Ukrainian chemicals giant PJSC Sumykhimprom.
DLA Piper has announced that the firm has been recognised in Law360’s global practice group rankings as a law firm with the largest practice group in eight specific areas of the law.
DLA Piper’s mining-focused lawyers offer practical and relevant advice that is grounded in commercial reality.
The Euromoney International Debt Capital Markets Handbook 2015 — regulatory overview in Luxembourg and recent trends download
Luxembourg is a renowned financial centre and is particularly active in the debt segment of the capital markets.
According to William Ballmann, this ‘encouraging’ research bodes well for employment in the region.
DLA Piper has been named as the winner of the Listed Company Award at the IFT Turnaround and Transformation Awards, held on 26 November.
A recent case held that payments made by insolvent companies out of share premium to redeemed shareholders cannot be clawed back by a liquidator using section 37(6) of the Companies Law.
On 24 November 2014 Guernsey’s Legislation Select Committee passed the Companies (Guernsey) Law, 2008 (Amendment) Ordinance, 2014 with immediateeffect.
The remit of disclosure orders under section 236 and the distinction between information and documentation download
The Chancery Division has granted liquidators’ application for disclosure of documents under s236 Insolvency Act 1986 in order to help them investigate possible claims against the respondents.
When the relatively straightforward ‘out of court’ route for placing a company into administration is not available, it is necessary to make an application to the court for an administration order.
The Chancery division allowed liquidators’ application for disclosure of documents under s.236 Insolvency Act 1986 in order to investigate possible claims against the respondents.
The Privy Council in Bermuda has handed down judgment in the connected cases of Singularis and Saad.
Wanambwa has experience advising major corporates, financial institutions and insolvency practitioners on a broad range of large commercial disputes.
Dacheng has advised State Nuclear Power Technology Corporation, which has signed a framework agreement with Sany Group regarding the restructuring of equity.
Stephen Rosen, head of the financial disputes group at Collyer Bristow, has commented on a recent Panorama programme called ‘Did the bank wreck my business?’.
The litigation team at Colibri Kazakhstan deals with all aspects of commercial dispute resolution cases, most of which result in success.
The Law Commission has launched a research project considering reforms that would enhance the protection given to consumers in retail insolvencies.
Andy Moseby, corporate partner at Kemp Little, has been re-elected to the executive committee of the British Interactive Media Association (BIMA).
We have built a strong reputation in both domestic and cross-border finance transactions, working together with our own offices in other locations or with reputable firms.
Collyer Bristow has settled its dispute with Scottish football club Rangers for £24m, bringing an end to the long-running litigation over fees the firm was paid following a controversial 2011 takeover.
Mark Fletcher has commented on the EAT’s decision that UK law is not compatible with EU law on the protection of workers during large-scale redundancies.
Ince & Co is co-ordinating a strategy to meet the fears of ship owners whose vessels remain vulnerable to arrest in the wake of the OW Bunker collapse.
The liquidators of Gibraltar firm Marrache & Co are suing the local branch of accountancy firm Baker Tilly for negligence, breach of duty, conspiracy and dishonest assistance for audit advice given prior to Marrache’s collapse in 2010.
This article explores some current healthcare financing trends and speculates on what they may portend for work in a healthcare restructuring professional’s ‘pipeline’.
On 24 October 2014, the Commerce & Employment department published its consultation paper on various options for reforming Guernsey’s insolvency regime.
RMF Market Neutral Strategies (Master) v DD Growth Premium 2X Fund represents a victory for common sense and for the Cayman Islands funds industry.
Game over — Supreme Court order gives certainty to landlords and insolvency practitioners acting for tenant companies download
Game Retail is reeling from the effects of the Supreme Court’s refusal of permission to allow reconsideration of an earlier Court of Appeal decision.
Both cases discussed in this briefing provide useful guidance on the stance the Bermudan courts will take in relation to assisting foreign liquidators.
Financial Regulatory Developments — FSB consults on total loss absorbency; PRA extends liquidity waivers; and more download
Dentons has released the 14 November 2014 issue of its Financial Regulatory Developments (FReD) publication.
Stephenson Harwood has earned £46,000 from the liquidation of Coventry City Football Club according to recent insolvency filings with Companies House.
Useful guidance from IoM court on the procedure and principles applicable to payment of provisional liquidators’ fees.
Voicu & Filipescu provides high-class legal assistance in any type of debt recovery proceedings, including both amiable and litigious solutions.
Over the past few months, the press has reported a rash of upcoming spin-offs.
M&A diligence: marking a document ‘without prejudice’ may not be enough to prevent admission to court download
Marking a document ‘without prejudice’ will not necessarily be a conclusive factor when a court decides whether the document is admissible in evidence.
In the Game Station litigation, the Supreme Court didn’t get spooked by the previous case law and on Halloween confirmed that the Court of Appeal’s decision will stand.
Voicu & Filipescu’s corporate and commercial work is at the heart of our practice. We service a broad range of Romanian and international clients.
The Yorkshire and the Humber region has shown a steady recovery across a broad range of sectors, including hospitality.
Gateley has welcomed associate Joanne Sears and solicitors Becky Shepherd and Emma Taylor to its residential development team.
Cross-border insolvency: Privy Council slams the door on Bermuda’s Modified Universalism approach download
The Judicial Committee of the Privy Council (Lords Neuberger, Mance, Clarke, Collins and Sumption) has delivered an important judgment.
Eversheds partner Andrew Henderson has commented on new global rules to prevent banks that are ‘too big to fail’ from being bailed out by taxpayer.
Roman Marchenko, senior partner at Ilyashev & Partners, has delivered a report at the European Bank for Reconstruction and Development (EBRD) workshop.
Gateley has advised East Midlands-based haulage, storage and logistics business Lockwood Holdings on a major shareholder restructuring deal.
The CMA is to make a ‘Phase 2’ market investigation reference in relation to the supply of retail banking services to personal current account customers and SMEs.
B P Collins has acted for Simon Elvin Holdings (SEH), advising on a share exchange between SEH and sister company Nigel Quiney Publications.
Overtime must be included in holiday pay — implications for employers and insolvency practitioners download
This briefing looks at the main points arising from the EAT decision, and the implications for employers and insolvency practitioners.
20 Essex Street is well known for its expertise in contentious and non-contentious restructurings, insolvency law and company law.
Wragge Lawrence Graham & Co’s engineering and construction experts consider the principal changes in the new Third Parties (Rights Against Insurers) Act 2010.
US & The Americas: Mexico’s guidelines for clean energy certificates will support renewable energy development download
As part of a historic restructuring of its electrical power sector, Mexico will create a market for tradable clean energy certificates.
Ogier is expanding in Jersey with the recruitment of partner Matthew Shaxson from Mourant Ozannes.
Mourant Ozannes has announced three internal promotions to group partner with effect from February.
A hearing date has been set for the CJEU to consider questions referred by the Court of Appeal in the Woolworths collective redundancy case.
Guernsey insolvency law consultation download
A consultation process to update the insolvency laws and practices in Guernsey has been launched by a government department on the island.
InSure — final version of Solvency II Delegated Regulation; IMD 2 compromise proposals; and more download
InSure features a round-up of developments affecting the insurance industry.
Shipping E-Brief — more pitfalls for owners looking to terminate for unpaid hire; Hong Kong ship arrest; and more
The Shipping E-Brief is a quarterly publication providing you with key information on legal decisions and developments in shipping and related business areas.
This note focuses on two aspects of the new rules that have attracted the most vocal criticism.
The Luxembourg District Court sitting in commercial matters has declared bankrupt the group parent company ESPIRITO SANTO INTERNATIONAL SA.
William Ballmann, chair of R3 in Yorkshire and partner at Gateley, has commented on the July–September England and Wales insolvency statistics.
Karolina Stawowska, tax adviser and partner in charge of the tax advisory practice at Wierzbowski Eversheds, has been recognised by Women in Business Law.
The Tribunal of Milan with a decision of 12 June 2014 took a stand which is in sharp contrast with mainstream case law, with respect to clauses.
Group restructurings: one single group ‘concordato preventivo’ proposal, procedure and voting majority? download
Two recent decisions of the tribunals of Ferrara and Palermo address some of the major issues involved in group restructurings under Italian insolvency laws.
Does EU Regulation No. 1346/2000 apply to a defendant not domiciled in EU in a claw-back action brought by the insolvency receiver? download
Mr Schmid, the receiver appointed in an insolvency procedure commenced in Germany, brought before a German court a claw-back action against an individual, domiciled in Switzerland.
The Pension Protection Fund (PPF) levy determination for 2015–16 will have a number of key differences from previous years.
Insolvency litigation update — courts will not have jurisdiction to hear a winding-up petition in respect of foreign companies; and more download
Wragge Lawrence Graham & Co’s insolvency litigation team brings you its monthly update on the cases and issues affecting the insolvency and fraud investigation industry.
Transfer of land — why it may not be safe for a buyer to ignore unregistered third-party rights over land download
A buyer who was aware of unregistered third-party rights in equipment on land it was purchasing was liable to the third party under the tort of procuring a breach of contract.
Bankruptcies reach 15-year low download
The number of individuals facing bankruptcy in England and Wales dropped to its lowest point in 15 years during the third quarter, new figures show.
Ogier Guernsey and Ogier Jersey have been recognised for their corporate and finance and investment funds expertise by IFLR.
A number of partners and attorneys from Dacheng attended the 6th East Asia Symposium on Business Restructuring & Insolvency Law and Practice held in Kyoto.
This note is relevant to office holders who have, or may have, claims that, prior to April 2015, they ought — or wish — to bring against any third party.
In Avonwick, David Richards J had to consider whether correspondence marked by litigation lawyers ‘Without Prejudice & Subject to Contract’ was privileged.
Lenders, borrowers and other counterparties are looking more closely at the impact of possible insolvency proceedings.
Freshfields Bruckhaus Deringer, Macfarlanes and Forsters are among the firms to advise on the rescue of the Monarch Group by investment firm Greybull Capital.
In the context of personal insolvency, the most valuable asset within the estate is often the property in which the bankrupt resides and in which he has an interest.
The paper, which has been issued by EIOPA on its own initiative, considers how various aspects of the so-called ‘holistic balance sheet’ might work.
An end to the insolvency exemption download
The LASPO exemption for insolvency cases is due to come to an end in April 2015.
Is the PPF levy for your scheme fair? Does it reflect the true risk of the scheme ever becoming a burden to the PPF?
Shakil Najib has joined No5 Chambers as a member of the commercial and chancery, international and public law groups.
Jersey cell companies download
This briefing sets out the main features of Jersey cell companies and highlights the benefits offered by this highly flexible type of company.
Our team advises creditors and other stakeholders in financially troubled entities in relation to insolvency, bankruptcy and forced reorganisation proceedings.
The Luxembourg District Court sitting in commercial matters has rejected the applications of ESI and RIO FORTE to be placed under controlled management.
Addleshaw Goddard has appointed Malcolm Pike as head of the Manchester office, as part of the new-look leadership team at the firm.
The Supreme Court decision in FHR European Ventures LLP & Ors v Cedar Capital Partners LLC provides a reminder that bribery also gives rise to civil claims.
The Romanian real-estate market shows signs of recovery, especially due to the increased number of office projects and transactions with agricultural lands.
Shoosmiths has boosted its corporate offering in the north west by bringing in a new senior associate and two further lawyers into its growing Manchester office.
The Luxembourg District Court sitting in commercial matters has declared bankrupt the companies ESFG and ESFIL.
Gateley’s William Ballmann has commented on research by R3 that has revealed that Yorkshire and the Humber is performing well across most sectors.
Shoosmiths is celebrating success following the announcement of the recoveries services practice group’s ‘top-tier’ Legal 500 rankings.
Andrew Henderson, partner and regulation expert at Eversheds, has commented on new derivatives rules proposed in the US.
Subsequent to the rejection by the Luxembourg District Court of ESFG and ESFIL applications for controlled management on 3 October 2014, both entities have filed for bankruptcy.
Outer Temple Chambers has been commended in the FT’s Innovative Lawyers 2014 Report.
Following the insolvency of Comet and recent tribunal litigation, the potential repercussions are now even more serious for insolvency practitioners who get it wrong.
Gateley has hired Dan French as a partner in its corporate recovery team. French specialises in corporate recovery and restructuring.
According to The Legal 500, following the merger of Wragge & Co and Lawrence Graham in May 2014, the firm has ‘more strength and depth as well as wider international coverage’.
Wragge Lawrence Graham & Co has appointed a new operations director. Andrew Edginton took up his new role at the law firm on 6 October.
Insolvency Act amendments adopted download
As of 13 August 2014, the amendments and supplements to the Insolvency Act are in force, published in the Official Gazette of RS no. 83/2014.
On the making of a bankruptcy order, the bankrupt’s estate vests in the trustee in bankruptcy. However, it is not always clear exactly what falls within the bankrupt’s estate.
Shepherd and Wedderburn has acquired out of administration the business and assets of Tods Murray, a Scottish law firm whose history spans 158 years.
Eversheds attorney-at-law Lina Aleknaite — van der Molen has been invited to become a member of the Expert Advisory Group for the SREIR research project.
On 6 August 2014, the Insolvency Service published a call for evidence in order to consider how the debt relief order process can be improved.
Don’t leave me this way? Plans to force IT suppliers to continue to provide services to insolvent customers download
The Insolvency Service is undertaking a consultation exercise regarding a plan to ensure the continuity of supply of IT services to insolvent companies.
DLA Piper’s restructuring team has been named ‘Insolvency Law Firm’ and ‘International Firm of the Year’ at the 2014 Insolvency & Rescue Awards.
Global Insight — bankruptcy sales for distressed hospitals: four questions to ask before you begin; and more
DLA Piper has published issue 11 of its restructuring e-newsletter Global Insight .
The Pensions Regulator has finally reached a compromise in respect of the Financial Support Directions it issued in connection with the Lehman Brothers pension scheme.
The VAT payable on IBR advice provided by PricewaterhouseCoopers on the restructure of Airtours Holiday Transport was not recoverable.
Ogier has appointed three new partners across the Jersey and Luxembourg offices. The appointments are effective from 1 October 2014.
Ince & Co has announced the promotion of corporate specialist Matthew Stratton, who has been with the firm for three years, to partner.
The rise of specialist portfolios: a look at trends and opportunities in distressed property download
For a certain breed of investor, distressed property portfolios — often referred to as ‘zombie’ assets — are starting to look less cadaverous.
Insolvency litigation briefing — directors will be responsible for breaches of accounting practice; and more download
Wragge Lawrence Graham & Co’s insolvency litigation team brings you its monthly update on the cases and issues affecting the insolvency and fraud investigation industry.
Remuneration of voluntary liquidators where the company subsequently goes into insolvent liquidation download
The BVI court has considered the approach to be adopted in fixing the remuneration of voluntary liquidators where the company subsequently enters insolvent liquidation.
The Supreme Court and the Court of Appeal in England have recently considered the remedy of marshalling.
Kings Chambers has announced that Doug Cochran, on the successful completion of his pupillage, has accepted an invitation of tenancy.
On 14 October, Gateley’s corporate recovery team will be holding the next in the series of its restructuring breakfast briefings.
Barnea & Co offers unique expertise in consulting, managing and representing companies, lenders and creditors in all corporate insolvency proceedings.
Barnea & Co offers a comprehensive service to lenders, borrowers, advisers and other intermediaries. We represent financial institutions both in Israel and abroad.
Collyer Bristow examines some of the issues that can arise in the relationship between principal, agent and those they do business with.
Dentons has hired a partner and four associates from King & Wood Mallesons SJ Berwin (KWMSJB)’s Paris office in an effort to strengthen its restructuring team, following the departure of two partners earlier this year.
Ilyashev & Partners is an official partner of the 2nd Annual Forum of In-House Counsel, which will be held on 23 October 2014.
All law firms will be affected by a wide range of legislative changes hitting the sector from 1 April 2013.
In Lehman Brothers Finance SA v SAL Oppenheim JR & CIE KGAA, the Commercial Court considered the early termination provisions of the 1992 ISDA master agreement.
The following commentary provides a brief overview of the short to medium term changes expected in the post-referendum environment.
The TMA — of which Dejan Nikolic of Karanovic & Nikolic is a member of the managing board — has launched its Serbia chapter with a members’ meeting at the Crown Plaza Hotel.
Bankruptcy and liquidation trusts: under what conditions can they be recognised in the Italian legal system? download
The Italian Supreme Court of Cassation has ruled that trusts can be recognised in Italy, when the settlor is insolvent, only if they are consistent with the purposes of the procedure.
A debtor in a concordato preventivo pre-filing regime can suspend but not terminate agreements pursuant to bankruptcy law download
Can the Bankruptcy Court authorise the debtor to terminate credit facility agreements when the debtor submitted a pre-filing for concordato preventivo?
‘International bankruptcy’: which court has jurisdiction to commence insolvency proceedings? download
The Italian Supreme Court of Cassation has addressed a key issue under EC Regulation No. 1346/2000: the location of the ‘centre of main interests’ of a company.
Make law firm pre-packs work for you download
Smaller-firm failures can offer growth opportunities for motivated and well-run practices.
Like a python after swallowing an antelope, Akin Gump London may want to rest a while.
London restructuring team’s mass exit may speed $2bn mega-merger talks
King & Capital has instituted a system of standardised documents and operating processes to serve as a pre-warning system against commercial legal risk.
The Court of Appeal has held that administrators must make payment in respect of rent for any period during which he retains possession of the demised property.
The much anticipated tie-up between Akin Gump Strauss Hauer & Feld and Bingham McCutcheon’s London office closes only one chapter of speculation over the fate of the US firm.
Shoosmiths has expanded its real-estate offering in Edinburgh with the hire of an established senior associate. Sheelagh Cooley joins from Anderson Strathern.
While the general view is that the recession is over, some of its effects can still be felt today.
Akin Gump is to merge with Bingham McCutchen’s $52.3m (£32.1m)-turnover London office in a deal that will add 22 partners in London, Frankfurt and Hong Kong.
Allen & Overy has scooped a key role in the administration of Phones 4U, having been instructed by the company and its administrator PwC.
The Walker Morris Housing Group has won a four-year appointment to Procurement for Housing.
Over the last several years, a wide range of healthcare companies have faced financial distress as a result of declining revenues and high operating costs.
Our banking and finance team has a wealth of experience in all transactions of this nature.
Our corporate team advises public and private companies, owner-managed businesses and entrepreneurs on a wide range of corporate matters.
Our corporate recovery team provides a full recovery and insolvency service.
Partner — Nottingham
Partner — Birmingham
Senior partner — Birmingham
Partner — London
HBJ Gateley has appointed Jamie Mathewson as head of new business development for debt recovery and enforcement.
Partner — Leeds
With his firm understood to be talking merger with Morgan Lewis & Bockius, Bingham McCutchen’s London managing partner James Roome could be set to quit, an exit that could have a major impact on Bingham’s future in the City.
A recent ruling has changed the way employers must now calculate holiday pay, with implications for both trading solvent businesses and insolvent businesses.
Schoenherr has advised the lender syndicate of bauMax on the sale of the art collection ‘Sammlung Essl’ to a company controlled by the Haselsteiner Group.
EU/Austria: TSO certification proceedings reveal Austrian gas law’s possible non-compliance with EU Gas Directive download
On 18 July 2014, E-Control released its affirmative decision in relation to the certification of Trans Austria Gasleitung as a transmission system operator (TSO) for gas.
This experienced team is dedicated to going the extra mile and developing lasting relationships with clients.
Boyanov & Co advises financial institutions on high-profile and big-ticket finance transactions, banking M&A deals, debt restructurings, note issuance and regulatory matters.
On 1 September 2014, Ewa Szlachetka became a partner at Wierzbowski Eversheds, where she will head the firm’s mergers and acquisitions practice.
Boyanov & Co has the most extensive experience in aircraft finance in Bulgaria. Our lawyers are recognised for their expertise, pragmatism and efficiency.
The German bank restructuring and resolution regime is approaching its ‘home stretch’.
A number of Tier 2 sponsors do not consider the effect of changes to their company structure on their sponsor licence and/or what their obligations are in such circumstances.
Boyanov & Co provides employment advice on a permanent basis and acts as outside counsel for companies such as Mondelez Bulgaria and Ideal Standard.
Boyanov & Co is well known for its excellent and experienced litigators with exceptional expertise in litigation and alternative dispute resolution matters.
The government has introduced the Small Business, Enterprise and Employment Bill, which if passed will make changes to the insolvency profession.
Insolvency litigation update — disclosure of documents can be justified if litigant engages in strategy of concealment; and more download
Wragge Lawrence Graham & Co’s insolvency litigation team brings you its monthly update on the cases affecting the insolvency and fraud investigation industry.
Partner, Forensic Services
Licensed issuers can now issue and trade covered warrants on exchanges outside the free zones in the UAE.
DLA Piper has signed a lease renewal to expand to two floors containing 45,000ft² located at Southeast Financial Center in Florida.
Cobbetts’ administrator KPMG has postponed a final distribution of £336,687 to Lloyds Bank after receiving notice of legal action relating to the sum by four former partners.
The new law came into force on 13 August 2014, and the deadline for privatisation of socially owned capital to be completed is 31 December 2015.
On 5 August 2014, the National Assembly of the Republic of Serbia enacted the Law on amendments and additions to the Insolvency Law.
On 5 August 2014, the National Assembly of the Republic of Serbia enacted a new privatisation law, which came into force on 13 August 2014.
BWB has been at the heart of the social enterprise sector for more than 20 years.
Our specialist property dispute resolution team can help to steer you through the complexities of the law to identify practical, cost-effective options.
With a diverse client base and varied work load, the property team has an unusual breadth of vision and understanding.
In a recent case, the court considered whether deeds intending to indemnify a factor’s losses under an invoice discounting agreement were an indemnity or a guarantee.
BWB’s dispute resolution and litigation team is made up of experienced litigators with a wide-ranging practice.
Our team operates predominantly in the small to mid-cap market, where we have extensive experience and a client-focused approach.
Our charity and social enterprise team works with more charities than any other law firm in the country.
Our insolvency group is a team of lawyers with expertise in various areas, working together to provide the best possible service to clients dealing with insolvency.
BWB advises on finance issues for a broad range of clients, both for those providing finance and to those receiving it, be that in the not-for-profit or commercial sectors.
Calculations on ISDA close-out: Lehman Brothers Finance SA (in liquidation) v Sal Oppenheim jr & cie KGAA download
This case provides further guidance in relation to how payment on early termination of a 1992 ISDA Master Agreement should be calculated where automatic early termination applies.
The amendments and supplements to the Bankruptcy Law that were adopted on 2 August 2014 came into force on 13 August 2014.
Poland: the latest changes in Polish Public Procurement Law — the biggest amendment since 2004 download
On 25 July 2014, the Polish Parliament passed on an amendment of the Public Procurement Law.
The new amendments to the Russian Civil Code will only apply to legal relationships that emerge after 1 July 2014.
International co-operation in cross-border insolvencies: smoothing the path for foreign liquidators in Hong Kong download
A decision of the High Court of the Hong Kong SAR should make the task of liquidators of BVI, Cayman and other foreign companies more straightforward in the region.
Dentons, Linklaters, Travers Smith and Weil Gotshal & Manges have settled a £184m battle between the Pensions Regulator and Lehman Brothers administrators PricewaterhouseCoopers (PwC).
Shoosmiths has announced the appointment of two partners who will be based at the firm’s Birmingham office: Karen Featherstone and David Adams.
Insolvent liquidation — a guide download
This note provides a short summary of the two formal insolvent liquidation processes.
As of mid-August 2014, the Serbian Insolvency Act applies in its amended form.
Pre-packs — do they have a future? download
In June 2014, Teresa Graham published her report on pre-pack administrations.
What was previously regarded as a mission impossible has now become a process with fewer formalities and less time required.
Bankruptcy shake-up considered download
The government is to consider a plan that would bring an end to people being made bankrupt for owing as little as £750.
Our restructuring and insolvency team has extensive experience in all aspects of domestic and cross-border restructurings and insolvency matters.
F, a party to a contract of affreightment that was expressly subject to English law, had an express right to terminate the contract on the insolvency of the other party, P.
The Commercial Court (Andrew Smith J) has recently handed down judgment on an intriguing battle between UBS and KSF.
On 29 May 2014, the Pension Protection Fund published ‘Consultation on the second PPF Levy Triennium — 2015–16 to 2017–18’.
The Court of Appeal has held that Olympic Airlines had not experienced an insolvency event for the purposes of section 121 of the Pensions Act 2004.
On 19 June 2014, ISDA published a standard form amendment to the ISDA Master Agreement.
Protected cell companies in Guernsey download
This briefing describes the features of a protected cell company and summarises the formation, structure and the liquidation procedures particular to this type of company.
This briefing describes the features of an incorporated cell company and summarises the formation, structure and liquidation procedures particular to this type of company.
The government is seeking views on implementing enhanced powers to ensure the continuity of the supply of essential services to insolvent businesses and individuals.
In a recent case, the Scottish Court of Session reiterated the importance of acting consistently with agreed procedures for making a demand under a performance bond.
In Fons Hf v Corporal Ltd & Anor, the Court of Appeal held, in the context of a specific agreement, that ‘debentures’ included loan agreements.
The Global Law Intelligence Unit is a faculty of expert Allen & Overy lawyers dedicated to cross-border law and to helping solve the puzzles of multi-jurisdictional law.
Insolvency litigation briefing — July 2014: report and review on the latest cases and issues download
Wragge Lawrence Graham & Co’s insolvency litigation team brings you its monthly update on the cases and issues affecting the insolvency and fraud investigation industry.
The list of ‘insolvency events’ suffered by an employer that are required in order to qualify a scheme for PPF entry does not include events occurring outside the UK.
Eversheds’ Simon Waller has commented on news from the Insolvency Service that company liquidations in England and Wales decreased in April and June 2014.
Michael Hughes reports on the decision of Justice Davies in the Federal Court of Australia refusing ASIC’s application to remove liquidators appointed to two companies.
KPMG has commented following the IASB’s issuance of the fourth and final version of its new standard on financial instruments accounting — IFRS 9 Financial Instruments.
Earlier this month, frozen food retailer Iceland Foods announced that it had refinanced its existing debt with a high-yield bond issue and a super-senior revolving credit facility.
On 11 July 2014, Ernest Borel Holdings, advised by Dacheng, was successfully launched on the main board of the Hong Kong Stock Exchange (SEHK).
Walker Morris’s David Hinchliffe has been named Sports Lawyer of the Year at Finance Monthly’s Law Awards.
Gillian Duffy has joined Schillings as a senior associate, making her the latest addition to join the firm’s expanding reputation defence practice.
Partner and head of corporate/commercial
Ince & Co has worked with Jefferies in advising a group of ship owners with vessels on long-term charter to Israeli box line ZIM on its $3bn restructuring.
Getting it right: how to make a successful application for the appointment of provisional liquidators download
The main job of a judge is to determine and uphold rights of property ownership, so applications to appoint provisional liquidators tend to go against the judicial grain.
Gambling on title download
A thorny issue in administrations, and liquidations for that matter, is the question of retention of title.
Formal, court-driven restructuring proceedings are available into Luxembourg law, but for practical reasons, these are rarely used in practice.
The recovery in global M&A markets is developing a broader base, according to Allen & Overy’s latest M&A Index.
DLA Piper has advised Oakley Capital on its acquisition of North Sails Europe, a licensee and distributor for North Sails’ sailing technology and products.
Luxembourg is one of the leading domiciles worldwide for international investment vehicles.
The risks of revolutionary design — Sainsbury’s Supermarkets Ltd v Condek Holdings Ltd and Others download
Who can an employer look to when a revolutionary design goes wrong and the company that designed and constructed it has gone into liquidation?
Partners Li Xin and Liu Jianghua recently sat as experts of a panel for reviewing restructuring plans filed by enterprises, profiles of listing applicants and other relevant materials.
The government has launched a consultation on its proposals to force more crucial suppliers to continue to supply their services during formal insolvencies, irrespective of any pre-existing debts.
Dentons’ restructuring, insolvency and bankruptcy group considers the legal, commercial and practical issues when buying from an insolvent company.
The Dentons restructuring, insolvency and bankruptcy group considers the English law position.
The Dentons restructuring, insolvency and bankruptcy group considers the legal, commercial and practical issues.
HFN represents Chinese acquirers in takeover of Brookstone Holdings.
Three brothers who ran one of Gibraltar’s largest law firms were jailed last week for fraud, four years after their firm, Marrache & Co, was put into liquidation.
DLA Piper has announced that Kevin Finger and Jeffrey Torosian will join the firm’s litigation practice as partners in the Chicago office.
Pillsbury has announced the appointment of 10 partners to firm-wide practice and industry leadership posts.
On 30 May 2014, the Insolvency (Scotland) Amendment Rules 2014 came into force altering the rules that regulate administrations, liquidations and receiverships in Scotland.
The dispute has given rise to a number of decisions touching on recognition and assistance to foreign insolvency practitioners, receivers and government agencies.
Head of corporate, private equity and venture capital
Managing partner and head of employment
Carey Olsen has been recognised as Offshore Firm of the Year by The Lawyer magazine.
Conyers Dill & Pearman has announced the appointment of Dennis Ryan as head of corporate services in its Dubai office, effective 1 July 2014.
DLA Piper has received five Turnaround Atlas Awards from Global M&A Network for its work on value-creating restructuring and turnaround transactions.
The Pension Protection Fund (PPF) has issued a consultation paper on its plans for the PPF levy over the three years from 2015–16 onwards.
This article concerns the investigation of antecedent transactions during the course of the winding up of a company.
The current insolvency regime in Jersey can be traced back to the 18th century.
This edition of Governance News provides a synopsis of Minter Ellison’s weekly summary of corporate law and governance developments in Australia and overseas.
Global Insight is a digital publication bringing you news, views and analysis from DLA Piper’s global restructuring group.
Insolvency litigation briefing: insolvent company brings claim for breach of fiduciary duties and dishonest assistance; and more download
Wragge Lawrence Graham & Co brings you its monthly update on the latest cases and issues affecting the insolvency and fraud investigation industry.
The German automotive group ATU has achieved a restructuring of its finances via a UK administration and pre-pack sale.
Gateley has announced one hire and two promotions across the Leicester and Nottingham offices.
The government has published its review of pre-packs following continued disquiet about their merits, particularly among unsecured creditor groups.
Tax-efficient borrowing download
Businesses should aim to pay the lowest rate of interest when borrowing from banks, as well as ensuring any financing is structured tax efficiently.
A recent decision has highlighted an older and wider meaning of debenture: any document that creates or acknowledges a debt (and not just one creating security).
William Ballmann, chair of insolvency trade body R3 in Yorkshire and partner at Gateley, has responded to Teresa Graham’s wide-ranging report on ‘pre-pack’ administrations.
Ilyashev & Partners has been named one of the top law firms in Ukraine by Ukranian Law Firms 2014 — A Handbook for Foreign Clients directory.
DLA Piper has announced that Kevin Lytle and Craig Cartwright have joined the firm’s real-estate practice as partners in the Phoenix office.
In a recent case, an invoice discounter purchased the debts of a company whose directors signed an indemnity in the discounter’s favour.
German group restructures via a pre-pack administration and sidesteps need to change COMI or establish connection with the UK download
The case — Re Christophorus 3 Ltd  EWHC 1162 (Ch) — is notable for the fact that the group had almost no connections with the UK.
Gateley’s Tim Cooper has commented on a review by Teresa Graham CBE that makes recommendations for change on how struggling companies should be pre-packaged and sold.
Instead of an outright ban on pre-packs, Teresa Graham wants to see a ‘clean-up’ involving ’major improvements on how [pre-packs] are administered’.
The UK government has published the findings and recommendations of an independent review into pre-pack administrations, carried out by Teresa Graham CBE.
Partner — Manchester
Hungary wishes to follow the approach taken by many other countries by creating a ‘bad bank’.
Schoenherr has advised a consortium of creditor banks on the debt restructuring and refinancing of Slovenia’s Poslovni sistem Mercator dd and its subsidiaries.
Ilyashev & Partners has successfully represented PJSC SUMYKHIMPROM in the Kharkiv Commercial Court of Appeal.
IFLR1000 Energy and Infrastructure 2014 has recommended Ilyashev & Partners on its energy and infrastructure and financial and corporate work.
LK Shields has appointed solicitor Liam Carney as a partner in its banking practice. Carney previously worked as a partner in two other Irish law firms.
LK Shields Solicitors advises on public offerings and private placing of equity and debt securities.
LK Shields Solicitors has extensive experience of all insolvency and corporate restructuring issues.
LK Shields Solicitors offers a range of domestic banking services. The firm also represents creditors and debtors in examinership and liquidation proceedings.
The Serbian Parliament has passed a Law on Amendments to the Privatization Law, relating to creditors’ claims against companies in restructuring.
Agriculture in Yorkshire is showing a strong recovery compared with other regions, according to research by insolvency trade body R3.
Testing times for insolvency download
The Court of Appeal has recently considered the Eurosail test for insolvency. The court’s ruling is to be welcomed for several reasons.
Priority of security is important where a borrower becomes insolvent and its assets are insufficient to discharge all its liabilities.
Our employment team is renowned for its impressive technical expertise, proactive approach and ability to deliver practical and commercial solutions.
Our team advise on a wide range of finance-related matters. Our significant experience gives us the ability to provide responsive, practical advice tailored to our clients’ business objectives.
We work across the full range of competition law and regulatory regimes and have a strong track record in: mergers, acquisitions, joint ventures and public offers; cartels; and monopoly infringements.
The Court of Appeal has found that a net contribution clause contained in an architect’s appointment with domestic clients relating to a domestic property was effective.
Shoosmiths has announced that two of its key partners have been shortlisted for the Manchester Downtown in Business Women in Business Awards.
In contrast to non-solvency non-payment of rent, in insolvency situations the landlord must prove for rent he is owed.
Addleshaw Goddard discusses four recent decisions regarding disclosure and privilege, including Rawlinson and another v Akers and another.
In a High Court decision, the liquidators of an insolvent company successfully applied for the company’s accountants to produce documents detailing their dealings with the company.
The turbulent economic climate of recent years has heightened the importance to litigants (and their advisers) of establishing the solvency of all parties to proceedings.
Weekly Newsletter Italy: HR consultancy; competition, EU and regulatory; and financial services disputes and investigations download
Eversheds has published its weekly newsletter covering Italy for 19–25 May 2014. It looks at HR consultancy, competition, EU and regulatory, financial services disputes and more.
Allen & Overy in Asia-Pacific has picked up 66 awards to date in the current round of legal industry awards, culminating in IFLR Asia’s ‘International Law Firm of the Year’.
Amendments to the Insolvency (Scotland) Rules 1986 come into effect on 30 May 2014.
US District Court reaffirms distressed debt funds not eligible assignees under loan agreement download
The US District Court for the Western District of Washington found that certain distressed debt funds were not ‘financial institutions’ under the definition of ‘eligible assignee’.
The legislative ‘black hole’ in aircraft creditors’ rights in Canada: pre-Cape Town Convention interests download
The entry of the Cape Town Convention into force is positive, but has led to a legislative ‘black hole’ in the protection provided to certain aviation creditors.
Pillsbury has announced that for 2014, Chambers USA has ranked 86 individual Pillsbury lawyers, with 12 partners recognised in two or more categories for a total of 98 individual lawyer rankings.
Allen & Overy has announced the hiring of Attila K Csongrady as counsel to join the firm’s CEE English law banking and finance practice.
Collyer Bristow has hired partner Robin Henry to its financial disputes group. Henry advises on structured finance and distressed debt strategies.
Shoosmiths has welcomed partner Liz Sweeney and associate Ruth Evans to its banking team.
Foresight is an easy-to-use legal calendar that outlines major cases, government policy and forthcoming legislation right through to 2017.
Unless it would be obviously apparent that a guarantor lacked mental capacity when entering into a guarantee, the guarantee is binding.
A recent insolvency case in which a late application to adjourn the trial of an application under IA 1986 fell foul of the Mitchell principles is interesting in a number of respects.
The government has made a number of changes to enforcement via High Court enforcement officers. The major changes are covered within this article.
Speechly Bircham’s head of intellectual property (IP) Alexander Carter-Silk has quit for Brown Rudnick, while its corporate recovery chief Christopher Harlowe has resigned for offshore firm Mourant Ozannes.
Mourant Ozannes has announced that Christopher Harlowe has joined the firm as a partner in the Cayman Islands litigation and insolvency practice.
The Judicial Committee of the Privy Counsel has handed down its decision in the trial of certain preliminary issues in Fairfield Sentry Ltd (in Liquidation) v Migani and Others.
Serbia: privatisation law reformed — how can creditors protect their claims on companies in restructuring? download
The Serbian Parliament has passed a new law amending the law on privatisation under urgent procedure. The new law entered into force on 13 May 2014.
It is usual to find a lien clause in contracts for the carriage of goods and in freight-forwarding contracts.
One of the key themes to emerge from George Osborne’s 2014 Budget announcement was the radical overhaul of the current pensions system.
DLA Piper’s restructuring team has acted for Edinburgh businesswoman Ann Budge on her takeover of Hearts of Midlothian.
Schoenherr has advised Slovenian creditor financial institutions in the debt restructuring of Laško Group, a regional beverage manufacturer and distributor.
Lauren Lee highlights the outcome of a court case that could benefit companies looking to serve legal proceedings on debtors living outside the UK.
Third Circuit concludes personal injury causes of action against a successor to debtor’s business are generalised claims download
Personal injury claims of individuals allegedly harmed by a bankrupt debtor’s products cannot be asserted against a pre-petition purchaser of the debtor’s assets.
Dacheng has advised Guangdong Guangzhou Daily Media Co on its proposed takeover of Shanghai Advision Media Co via payment of cash and stock issue.
Privy Council hands down judgment in claim against redeemed investors by liquidators of Fairfield Sentry download
The Privy Council has handed down judgment in the claim brought by the liquidators of Fairfield Sentry against a number of redeemed investors.
The case of Bank of Ireland v Edeneast Ltd centred on the scope of (the Northern Ireland equivalent of) the Insolvency Act 1986 (section 35).
Pillsbury has welcomed Armando Castro as a partner in the firm’s Corporate & Securities — Technology practice in Silicon Valley.
Shoosmiths has contributed to a report by the Royal College of Psychiatrists and the Money Advice Trust that will help vulnerable people receive better service.
Collyer Bristow has appointed financial markets and distressed debt specialist Robin Henry and experienced commercial litigator Roger Billins.
On 29 April 2014, Zhengzhou Chunquan Energy Saving Co was successfully launched on the National Equities Exchange and Quotations (NEEQ) system.
One of the most valuable assets of the Hellenic Republic is the Piraeus seaport, the largest port in Greece and one of the largest in the Mediterranean Sea.
Introduction of a new insolvency risk measure for employers by the PPF may affect the levy payable by pension schemes download
The introduction of a new insolvency risk measure for employers by the Pension Protection Fund (PPF) may affect the levy payable by pension schemes
Dacheng senior partner Zhang Lei has been elected deputy head of the Economic Law Committee of All China Lawyers Association (ACLA).
Many questions arise when a contractual partner enters into insolvency. One is: what happens with the debtor’s ongoing contracts when the insolvency starts?
The government has decided to increase a number of the court fees payable from 22 April 2014.
Group companies and the avoiding of subpoenas in terms of sections 417 and 418 of Act 61 of 1973 download
An interesting judgment was delivered by the Honourable J Majiki on 19 November 2013 in the Eastern Cape High Court, Port Elizabeth.
New policy on the appointment of insolvency practitioners — could this be a turning point in the South African insolvency industry? download
The minister of justice and constitutional development has recently determined a policy on the appointment of insolvency practitioners.
Dacheng has advised JD Capital Co on its was successful launch on the National Equities Exchange and Quotations on 23 April.
Dacheng has advised Shenzhen Gaoshanshui Landscape Co on its successful launch on the National Equities Exchange and Quotations (NEEQ).
The High Court has held that in certain circumstances the European Insolvency Regulations 1346/2000/EC may effectively extend the jurisdictional reach of the English courts.
William Ballmann has commented following the news that only 18 per cent of businesses in Yorkshire and the north east are showing signs of business distress.
Section 153 (1)(b)(ii) of the Companies Act 71 of 2008 is intended to afford a remedy to affected persons who support a business rescue plan that has been voted down by creditors.
Dacheng members have been appointed the heads of committees at the eighth council meeting of Jiangsu Lawyers Association.
Baker Tilly’s restructuring and recovery specialists provide expertise in restructuring, recovery and insolvency services.
A recent decision has confirmed the purpose and effect of key provisions relating to transitional security interests, perfection, priority and vesting rules under the PPSA 2009.
Where monies are improperly paid out of a company, they may be traced through various accounts to the end recipient, even if each stage in the laundering cannot be identified.
The court’s interpretation of ‘unfair harm’ in the context of paragraph 74 of Schedule B1 of Insolvency Act 1986 has recently been considered by the High Court.
On 16 April 2014, the Privy Council issued a welcome decision in the Fairfield Sentry case.
On 1 April 2014, the FCA published its research into ‘Consumer Credit and Consumers in Vulnerable Circumstances’ customer segmentation.
Eversheds’ Spotlight briefing includes developments in Italian derivatives case law and an overview of the amendments made to Spain’s insolvency regulation.
Corporate lawyers at Walker Morris have advised private equity house Key Capital Partners on its £3.3m investment in Hallam Medical.
Cayman Court of Appeal clarifies the scope of the international co-operation provisions of the Companies Law download
The Court of Appeal delivered its judgment in the case of Picard v Primeo Fund on 16 April 2014.
Hogan Lovells has been shortlisted for 11 Euromoney Legal Media Group Americas Women in Business Law awards.
Ince & Co has promoted two lawyers to the partnership with effect from 1 May 2014.
Eversheds partner Tim Buckingham has commented on the news that the Mt Gox Bitcoin exchange has entered administration.
The Supreme Court has held that financial support directions issued to a company by the Pensions Regulator will rank as a ‘provable debt’ of a company.
The assets restructuring programme of Yunnan Greenland Biological Technology has been approved by the M&A and Restructuring Review Committee of the CSRC.
Conyers Dill & Pearman has advised on the grant of a new senior $657m credit facility to Orient-Express Hotels.
Hogan Lovells has been shortlisted for 11 Euromoney Legal Media Group Americas Women in Business Law Awards.
Misapplying the prescribed part download
You will already be aware that office holders are required to set aside certain realisations for the benefit of unsecured creditors under the Insolvency Act 1986.
Article 2 of Law no. 2014-1 of 2 January 2014 enabled the French government to simplify and secure the legislation relating to companies in difficulty.
The fourth edition of Doyle & Keay’s Insolvency Legislation: Annotations & Commentary, written by Louis Doyle and Prof Andrew Keay, has been published.
Lehman: new limitations on plan payment of individual creditors’ committee members’ professional fees download
A court has issued a decision barring reorganisation plans from paying the legal fees of members of official creditors’ committees absent a showing of substantial contribution to the estate.
Jeffrey B Grill has been appointed to serve as managing partner of Pillsbury’s Washington DC office, effective 14 April 2014.
In Global Tradewaves Ltd, liquidators appointed by the BVI court to GTL obtained leave to examine a former director of GTL in relation to the company’s affairs.
Ince & Co partner Andrew Chan, who has advised maritime and trade clients throughout a career spanning more than 30 years, is retiring from the firm.
Law à la Mode — April 2014: fashion flair transforms wearable technologies; delivering IT services in the retail sector; and more download
DLA Piper has released the April 2014 issue of its Law à la Mode publication.
Global Insight is a digital publication bringing you news, views and analysis from DLA Piper’s global restructuring group.
NCTM has been reorganising the leadership positions for its departments, resulting in new co-ordinators for its 12 departments, with Vittorio Noseda as the overall leader.
Penningtons Manches aims to provide pensions advice across a range of issues in a straightforward and easily understandable manner.
Approachable and commercially aware, our specialists have in-depth experience of the issues faced by businesses when managing their staff.
We provide clear, pragmatic and practical advice to businesses large and small from around the globe on the corporate transactions and the legal issues they face.
Our specialist team provides a comprehensive range of construction law solutions across the wide spectrum of projects undertaken in the construction industry.
DLA Piper has announced that Ashley R Altschuler will join the firm’s litigation practice as a partner in Wilmington, Delaware, with an office also in New York.
Eversheds has announced new senior office partner roles for the firm’s London, Newcastle, Nottingham and Cardiff offices. The changes will take effect as of 1 May 2014.
Government plans to change the way insolvency practitioner fees are calculated in some cases will hurt creditors and force smaller insolvency firms out of the market, says R3.
Milton Keynes corporate briefing: ‘reasonable’ notice periods; transparency and trust in UK business; and more download
What is a ‘reasonable’ notice period when the contract is silent? This was the question that came before Mr Justice Norris towards the end of 2013.
How deep do you bury the golden egg? Court of Appeal declines jurisdiction to wind up Yung Kee Holdings download
The Court of Appeal has declined jurisdiction to wind up Yung Kee Holdings, upholding the decision that the company did not have ‘sufficient connection’ with Hong Kong.
That science and new scientific developments are a vital part of our modern society is reflected in one of the changes brought in by the new Defamation Act 2013.
Penningtons Manches’ multi-disciplinary team advises on the full spectrum of restructuring, insolvency, bankruptcy and recovery.
Partner — Cayman Islands
Partner — Guernsey
Partner — Guernsey
Partner — Guernsey
Proportionate liability clauses are a common feature in professional firms’ engagement letters. But there has been very little case law on whether they work or not.
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Guernsey
Whether you are managing a real-estate portfolio, a distressed manufacturer or healthcare service provider; purchasing a weakened retail operation or struggling transportation business; or simply a trader of heavily discounted sovereign and institutional debt and other securities, you can rely on us to take the edge off your anxiety.
DLA Piper has advised Tawa, renamed Pro Global Insurance Solutions, on the reorganisation of its operations culminating in the demerger of its risk carrier business.
The offshore world has seen an increase in insolvency matters raising cross-border issues together with a clear trend of judicial inventiveness.
Section 306 of the Insolvency Act 1986 provides that a bankrupt’s estate shall vest immediately in the trustee in bankruptcy and no registration is required to effect that vesting.
Partner — Jersey
Partner — Jersey
Partner (LLP) — London, Jersey
Partner (LLP) — London
Commercial rent arrears recovery download
Commercial rent arrears recovery will replace the ancient common law remedy of distress currently available to landlords.
When the debt relief procedure for natural persons was introduced in 2008, it was considered that it should be available only for a natural person’s non-business debts.
An English scheme for a company that has a ‘sufficiently close connection’ with the jurisdiction can be proposed, albeit recognition in Poland is at the discretion of the Polish courts.
Lehman surplus distribution download
The High Court has decided how the expected surplus assets of Lehman Brothers International Europe should be distributed between a number of creditors.
To rescind a winding-up order, the court must be satisfied that the circumstances of the case are materially different to those before the court that made the order.
Whether you’re a new start-up or an established corporation with offices based locally and/or around the world, IBB is here to assist with your business needs.
We see ourselves as both your legal and business partner and work with you to ensure that litigation doesn’t become an unwelcome distraction from your daily operations.
At IBB Solicitors, our property dispute resolution experts can provide constructive advice to effectively resolve a dispute.
The decision in Rawlinson & Hunter Trustees SA and Ors v Akers & Anr has highlighted the difficulties in establishing litigation privilege in relation to internal reports.
GRATA Law Firm’s banking and finance group is a leading legal counsel in the areas of capital markets, project finance and infrastructure projects development and financial transactions
We advise on all fund structures including open and closed-ended, limited partnerships, unit trusts and companies in the BVI, the Cayman Islands, Guernsey and Jersey.
Whether you’re planning an acquisition or a sale, entering into a joint venture or considering a corporate restructure our M&A lawyers can help.
Whether you’re a director, a debtor, a secured or unsecured creditor or an insolvency practitioner, we offer a proven track record of working with you and your advisers.
Allen & Overy has won the International Law Firm of the Year award at the second annual Law Firm of the Year competition in Slovakia.
Hogan Lovells’ London pensions team has launched ‘Pensions360: the full picture’, a new, free and interactive website for corporate clients.
The two ways for a solvent company to voluntarily dissolve is to do so by MVL or by applying to the Registrar of Companies to have the company struck off the register.
Court — ‘blessing’ of pre-packs download
If administrators can show the merits of a pre-pack sale of a company’s business, the courts are likely to give the administrators liberty to enter into the pre-pack.
Law on deadlines for settlement of financial liabilities in commercial transactions — solvency crisis an ongoing issue download
The law on deadlines for settlement of financial liabilities in commercial transactions entered into force in December 2012 and became a current regulation on 31 March 2013.
Managing partner, GRATA Kazakhstan
Senior partner and advocate, GRATA Kazakhstan
The court has reaffirmed the danger of using a winding-up petition as a means of debt collection where the underlying debt is disputed and of refusing to mediate.
Royal Decree-Law 4/2014, of 7 March 2014, on urgent matters in relation to refinancing agreements and debt restructuring download
The Spanish Council of Ministers has passed the Royal Decree-Law 4/2014 on urgent matters in relation to refinancing agreements and debt restructuring.
Addleshaw Goddard will promote eight of the firm’s lawyers to partners, bringing the total of new partners appointed since the beginning of the financial year to 27.
Finance Update — March 2014: lease guarantor released when landlord granted licence for works download
A guarantor will be released from liability if the parties to the contract that is guaranteed vary its terms if it does not confirm its obligations.
Performance bonds are widely used in a variety of commercial agreements from construction contracts to insolvency business sales.
Austria: breach of trust — a recent Supreme Court ruling has broad implications for stock corporations download
Austria’s breach of trust provision found its way back into the limelight recently via the criminal proceedings against the former management of LIBRO AG.
Finance Update — March 2014: has the US flipped on the enforceability of liquidation protocols in swaps? download
A US court has now recognised as effective the liquidation protocol contained in an ISDA governed interest rate swap.
Governance News — 25 March 2014: corporate law and governance developments in Australia and overseas download
The latest edition of Governance News from Minter Ellison provides a synopsis of its weekly summary of corporate law and governance developments in Australia and overseas.
Guernsey: all potentially interested parties to be considered by the court when blessing a decision of trustees download
The Guernsey Court of Appeal has upheld a decision blessing a trustee’s decision to pay for the costs of refinancing a trust asset from the assets of a family trust.
William Ballmann, chair of insolvency trade body R3 in Yorkshire and partner at Gateley, has commented on an R3 report about people in Yorkshire worried about their level of debt.
Starting 1 January 2014, the tax treatment of debt restructuring modifies both Spain’s Corporate Income Tax Law and its stamp-duty regulations.
Conyers Dill & Pearman’s British Virgin Islands office has recently added four attorneys to its corporate and litigation practices.
NCTM has assisted with the the closing of the complex restructuring of Edilmonte Roma, a company owned by the Ferro family.
An administrator who uses premises for the purpose of the administration must pay rent as an expense accruing on a daily basis.
We have seen an increasing number of cases where a client holds and wishes to sell or transfer shares in a Cayman Islands company that is in liquidation.
At a time when well-known names are disappearing from the high street as a result of retailers going into administration, the spectre of corporate insolvencies has never loomed larger.
This note contains a brief commentary on some of the main legal terms in international debt issues of or guaranteed by Ukraine.
The Serbian political scene has seen a good deal of turbulence these past months due to all the events preceding the elections.
In Re C (a Bankrupt) BVIHC 0080/2013: common law recognition of a foreign bankruptcy trustee in the BVI download
In Re C (a Bankrupt) BVIHC 0080/2013, Mr Justice Bannister QC allowed common law recognition of a foreign bankruptcy trustee for the first time in the BVI.
Ten practices and 24 Pillsbury attorneys have been ranked among the world’s top lawyers according to the 2014 Chambers Global guide.
DLA Piper has successfully acted for ING Bank in litigation proceedings initiated by, among others, Stichting Restschuld Eerlijk Delen.
Why are you creating that pre-action document? More on litigation privilege (especially if you are a liquidator)
The Court of Appeal has had the opportunity to review litigation privilege again in the appeal of the decision in Tchenguiz v Director of the Serious Fraud Office.
In a group action for damages for defects in breast implants, the claimants were concerned about the financial position of the lead defendant.
The Court of Appeal has found a director personally liable for the legal costs of an action brought against his company.
Penningtons Manches has announced that Séamas Gray has joined the law firm as a restructuring and insolvency partner.
From 6 April 2014, industrial and provident societies will be able to enter administration or make a voluntary arrangement with creditors.
In Re Parmeko Holdings Ltd, the court had to consider whether to give directions to administrators where creditors had failed to vote on their proposals.
NCTM has announced the internal promotion of four professionals who have excelled in their various areas of the law in the last few years.
The liquidation preference is a right that can be required by venture capital investors in recognition of the risk they bear on their capital contribution.
Schoenherr practice areas in Austria and across CEE attained eight rankings in the top tier (Band 1) awarded by Chambers and Partners.
Directors take care: new guidelines to help interpret two of the Companies Act statutory duties of directors download
We now have recent guidelines to help interpret two of the Companies Act statutory duties of directors.
BDK offers specialised knowledge in banking transactions, capital markets, project finance, derivatives and structured finance products and insolvency and restructuring.
We advise on the most appropriate corporate forms for establishing a presence in local jurisdictions, as well as on more complex issues.
Fondazione Enasarco v Lehman Brothers Finance is an important decision in the context of characterising which claims will fall as insolvency-derived claims.
From 15 March 2014, Hungarian law will recognise the concept of trust, and the problems with securing syndicated loans under Hungarian law seem to be solved.
Stricter control on insolvency fees? download
On 17 February 2014, government minister Jenny Willott announced that the government intends to place limits on the fees insolvency practitioners can charge.
Claire van Overdijk of No5 Chambers has been appointed to the attorney-general’s London C panel of junior counsel to the Crown.
Shoosmiths has hired Kenny Scott, who has expertise and specific experience of advising clients in a number of sectors.
Practically every aspect of financial law is regulated and controlled to the highest degree. Not so state insolvency.
The purpose of this paper is to examine the impact of a sovereign state restructuring on credit default swaps.
The pari passu clause typically provides that the bond debt will rank pari passu with other debt or, in the case of sovereigns, other external debt.
This paper explores how the Greek debt reorganisation of 2012 changed the rules of sovereign insolvency.
Cyprus is a tiny economy but the treatment of its financial problems by the eurozone could have symbolic and far-reaching consequences.
This note contains a brief commentary on some of the main legal terms in international debt issues of or guaranteed by Ukraine.
The firm provides highly professional advice on banking, corporate finance, debt collection, investment, property assets & lease, securities.
Schoenherr offers a unique combination of the know-how of a boutique insolvency firm and the comprehensive range of legal services of an international law firm. The firm’s insolvency and restructuring team covers all areas of insolvency law.
Our core practice is advising and representing clients on transactions and complex corporate and commercial matters.
Schoenherr advises on banking, finance (including project and acquisition finance), debt restructuring and re-financing, acquisition and disposition of distressed assets and loan portfolios, claims trading, capital market transactions (including equity/equity linked, hybrid, debt and regulatory capital issuances) funds, derivatives, structured finance, securitisations and other financial services.
Partner and co-head of the shipping group Oliver Rossbach will participate in a panel discussion at INSOL Hong Kong about shipping insolvencies and restructurings.
Taylor Wessing’s Düsseldorf restructuring team has helped the insolvency adminstrator of five subsidiary companies sue three former board members of Babcock Borsig.
Insolvency proceedings were opened in respect of the assets of a German resident; the liquidator then sought to set aside a transaction that had been entered into with a resident of Switzerland.
Marshalling is an equitable remedy for achieving fairness between two or more secured creditors of the same debtor.
The Court of Appeal has delivered its judgment in the eagerly anticipated Game administration.
DLA Piper’s debt finance team, part of the finance and projects group, closed three major deals in the week ending 2 March 2014.
The Hungarian government has adopted a decree introducing an electronic auction system to be applied in the course of the public sale of the assets of companies in liquidation.
If two or more creditor meetings are needed to approve an IVA, the IVA will bind any creditor whose claim against the debtor arose after the first meeting.
An administrator, liquidator or receiver must make a ‘prescribed part’ of the company’s net property available for the satisfaction of unsecured debts.
If an individual borrower is made bankrupt or dies or if a corporate borrower goes into liquidation, any receiver appointed loses the agency relationship they would have previously had.
According to Taylor Wessing’s Amy Patterson, the key question that remains is whether the change in COMI is one of substance or mere illusion.
Where administrators use leasehold premises for the benefit of the administration, they should pay the rent attributable to that period as an expense of the administration.
Nabarro’s French best friend August & Debouzy has abandoned its European alliance, leaving the firm on the hunt for a new Paris partner.
Steve Webb has confirmed that the government is ‘actively exploring’ if it can amend the Pension Protection Fund (PPF) legislation in regard to employer insolvency.
DLA Piper has advised Tilad, a multi-family office based in the Gulf region, on the acquisition of the BMW Logistics Centre in Niederaichbach near Munich.
Mourant Ozannes has announced the promotion of three litigation lawyers in the Cayman Islands to senior positions within the firm.
The recent judgment in the Guernsey case of (Investec & ors v Glenalla & ors) deals with the risks faced by the trustees of an insolvent trust.
AAA: Game Station — fair play? download
Rent accruing during a period of administration should be treated as an expense of the administration, irrespective of the date on which it falls due for payment.
In a decision in January, the Information Commissioner’s Office found that the Financial Conduct Authority had breached the Freedom of Information Act 2000.
In July 2013, the EAT held that all the employees made redundant from two insolvent retail businesses were entitled to be collectively consulted, regardless of where they worked.
It is now two years since the collapse of mammoth firm Dewey & LeBoeuf. But the next chapter in the story of its dramatic spiral into crisis is about to emerge in lurid technicolour following a High Court trial last week.
The government is debating the proposals to the Deregulation Bill. There is one controversial clause that will introduce partial licences for insolvency practitioners.
Claire Sharf has joined Eversheds as a legal director in the law firm’s restructuring team. Lemi McAuley will also be joining the team as a senior associate.
Hogan Lovells has been presented with the Restructuring Team of the Year award at the International Finance Law Review (IFLR) Asia Awards during a ceremony in Hong Kong on 26 February.
DLA Piper has appointed Richard Hopkinson-Woolley, Laurence Rogers and Neville Wright to its real-estate team. The three partners join the firm from BLP.
PPF entry and overseas employers download
The case of Olympic Airlines has highlighted the difficulty for a pension scheme with an overseas employer in gaining entry to the Pension Protection Fund (PPF).
The High Court will examine whether banking giant Barclays colluded with the now defunct Dewey & LeBoeuf to induce partners to take out individual loans to keep the firm afloat.
This decision represents a welcome return to the ‘pay for what you use’ principle and strikes a fairer balance between different creditor and expense groups.
The overlap of Australia’s new transfer pricing laws with the thin capitalisation rules is causing challenges and likely duplication of analysis for taxpayers.
FINRA has issued a notice on a proposed new regulatory structure for firms that limit their activities to advising companies on capital raising and corporate restructuring.
Anina Boshoff, a finance partner at Edward Nathan Sonnenbergs, is joining Hogan Lovells on 1 March 2014 to head up the banking and finance department in Johannesburg.
Finance companies are liable to the ultimate customer on the basis of joint and several liability with the supplier — and this includes in relation to fraudulent misrepresentations.
Berwin Leighton Paisner (BLP) has appointed projects and infrastructure head Adam Dann as finance head following the surprise resignation of partner Matthew Kellett last October.
The Court of Appeal has ruled that rent is an administration expense, payable on a daily basis for the period during which premises are retained for the benefit of the administration.
The Court of Appeal has given judgment in the Gamestation case (Jervis v Pillar Denton and Others). It affects the way that rent is treated in an administration.
Some of the UK’s largest landlords have overturned previous High Court cases that had allowed insolvent tenants to continue trading from their premises without paying rent.
Landlords have won their appeal to claim unpaid rent for a period that a company is in administration and trading from a property as an expense of the administration.
Gateley partner William Ballmann explains his concerns about the suggestions for amending the way insolvency practitioner fees are set in the absence of secured creditors.
DLA Piper’s 2014 European Acquisition Finance Debt Report has revealed that the market landscape is changing dramatically.
Guarantor consent download
When referring to a guarantee, it is common law that a change to the debt that is being guaranteed can result in a discharge of the guarantor’s obligations.
Great news for commercial landlords download
Two recent decisions have swung the pendulum of convenience towards insolvency practitioners and away from commercial landlords.
Berwin Leighton Paisner (BLP) has overturned a precedent at the Court of Appeal which will see collapsed company Game forced to hand over £3m in unpaid rent when it went into administration.
Great news for commercial landlords download
Two recent decisions have swung the pendulum of convenience towards insolvency practitioners and away from commercial landlords.
Decision on whether receivers and liquidators must withhold tax in absence of an assessment download
Justice Logan of the Federal Court has handed down the much anticipated decision in Australian Building Systems Pty Ltd v Commissioner of Taxation.
This report presents detailed results of a survey of more than 250 debt providers, advisers, sponsors and corporates active in the European acquisition finance debt market.
Liquidators were appointed as administrators of the companies on referral from the Mawson Group, a business advisory and restructuring firm that services distressed companies.
The DWP has provided long-awaited confirmation of the approach that will be taken to scheme benefits that are reclassified from money purchase to defined benefit in April 2014.
A team of attorneys from Dacheng’s Wuhan office has advised Ferguson (Wuhan) Biotechnologies on its application for a listing at the NEEQ system.
If an employer becomes insolvent and has a defined-benefit (DB) pension scheme in deficit, the Pension Protection Fund (PPF) will act as a creditor on behalf of the scheme to maximise recovery from the employer.
Bingham has posted its biggest decline in firm-wide revenue for 20 years, with total turnover for 2013 falling by 12.6 per cent from $871.8m to $762m.
Guarantor consent download
When referring to a guarantee, it is common law that a change to the debt that is being guaranteed can result in a discharge of the guarantor’s obligations.
Dentons and Olswang have advised on the acquisition of Readers Digest by Mike Luckwell, the venture capitalist behind Bob the Builder, from Better Capital for the nominal sum of £1.
Minter Ellison has provided advice to Antofagasta, a copper company that has restructured two Australian companies via two schemes of arrangement under the Corporations Act.
Eversheds Bitans lawyers will be providing legal advice free of charge in Latvia on 10, 11 and 14 March.
The Court of Appeal has accepted the arguments of Bank of Scotland in the first reported case to analyse the proper content of a unilateral notice registered in the charges register to a property.
The Insolvency Service’s most recent quarterly statistics show a 12 per cent rise in construction company compulsory liquidations.
Hogan Lovells has hired Andy Ferris as a partner in its Singapore international debt capital markets team. He will join the law firm on 3 March 2014.
In Barnet the Second Circuit departs from precedent and sets the stage for potential circuit split download
The Second Circuit has reversed the bankruptcy court that had granted recognition under chapter 15 to an Australian company that had not introduced any evidence of assets or operations in the US.
Ship arrest in Greece download
If a ship is arrested in Greece, the Greek legal framework provides for two types of seizure of the assets of the debtor.
This note provides a brief summary of Cayman Islands Monetary Authority’s Statement of Guidance for Regulated Funds — Corporate Governance.
The long-awaited reforms to the Transfer of Undertakings (Protection of Employment) Regulations 2006 have come into force.
JPM advises on all aspects of individual employment issues, as well as on collective bargaining agreements, redundancy plans and social and restructuring programmes.
This remains JPM’s main area of activity with an outstanding track record and leading expertise in Serbia and the region.
NCTM has assisted La Gardenia Beauty, an Italy-based beauty and cosmetics retailer, with its restructuring following the entry of Fondo Orlando Italy into its share capital.
Stephenson Harwood has hired Yann Beckers as a partner in its Paris banking and finance department. He joins the law firm from Clifford Chance.
A recent case has emphasised the importance of getting the drafting of loan agreements right.
Where a counterparty was entitled to specific performance of a contract with a company prior to its entry into administration, the counterparty should still be entitled to specific performance.
The market news section of InCredit focuses on the EC proposing a structural reform package on the EU banking sector and more.
The Pension Protection Fund has recently published an explanatory statement entitled ‘Restructuring and insolvency: the PPF approach’.
A winding-up petition is not appropriate for a debt that is disputed on substantial and bona fide grounds.
Proceedings determining a creditor’s entitlement to prove a liquidation did fall within the ‘insolvency exception’ to the Lugano Convention.
Where different, equally ranking unsecured noteholders had no realistic prospect of obtaining any return on the alternative scenario of an insolvency, they could vote as a single class.
Ben Larkin, the head of the restructuring practice at Berwin Leighton Paisner (BLP), has become the latest high-profile partner to quit the firm.
Gateley has revealed an £8m jump in profit after fully integrating the Manchester office of failed firm Halliwells in May 2012.
Ince & Co has announced the appointment of Hugh O’Donovan, who will join the firm’s aviation group as head of commercial aviation on 21 February 2014.
No5 Chambers has released the first edition of its Commercial & Chancery Bulletin for 2014.
Mourant Ozannes has announced the promotion of a number of lawyers to senior positions within the firm.
Administration is looming for North West law firm Linder Myers, which has signalled its intention to appoint administrators.
Public companies and large private companies that have been incorporated a number of years are likely to have accumulated a number of subsidiaries, some of which will be defunct.
In July 2013, the EAT controversially held that all the employees made redundant from two insolvent retail businesses were entitled to be collectively consulted.
Willkie Farr & Gallagher Paris restructuring partner Maurice Lantourne has left to set up a boutique after six years with the US firm.
A new case in the court of session reminds lenders that a high degree of care is required where a wife is granting a security on account of her husband’s debts.
The English commercial court has denied an application to set aside an anti-suit injunction restraining a defendant from pursuing litigation against a claimant in an Israeli court.
Binder Grösswang has appointed attorneys Dr Stephan Heckenthaler and Dr Markus Uitz as partners in the firm, effective 1 February 2014.
Allen & Overy has continued to strengthen its position as a leading adviser in global debt and equity capital markets.
The restructure of the Channel Islands Stock Exchange by way of a scheme of arrangement was approved by the Royal Court in Guernsey last Friday.
Hogan Lovells has recruited partner Don McGown to join its London corporate practice. He joins on 3 February 2014.
Owner’s right to deal with property download
In Blemain Finance Ltd v Goulding, the court had to determine whose interests prevailed.
A winding-up order was wrongly made where a creditor was described as a contingent creditor, but the underlying debt upon that the petition was based appeared to be genuinely dispute
Equity of exoneration download
A sub-surety was entitled to an indemnity from the assets of a guarantor before a third party’s debt bit upon the guarantor’s assets.
Eversheds Bianchini has advised a pool of Italian banks led by Unicredit on a debt restructuring agreement for San Giorgio and its group of companies.
NCTM Studio Legale Associato has been chosen as the winner of the ‘Prize for Innovation’ award at the Legalcommunity 2014 Energy Awards.
The Security Interests (Jersey) Law 2012 provides Jersey with a modern, efficient regime for the creation and enforcement of security interests in intangible property.
Kirkland & Ellis (K&E), Cadwalader Wickersham & Taft, Simpson Thacher & Bartlett, and Allen & Overy (A&O) are part of a 10-strong legal team that has advised on the restructuring of German auto-repair company ATU.
Conyers Dill & Pearman has advised a consortium of financial institutions in connection with a refinancing of €800m of debt facilities granted to the Hilding Anders group.
Hogan Lovells has advised EDF in relation to its 100-year bond issue in pound sterling, which enabled EDF to raise £1.35bn.
King & Wood Mallesons has advised Beihai Port on its major assets restructuring to integrate Fangcheng Port, Qinzhou Port and Beihai Port into ‘One Port’.
US Bankruptcy Court defines the limits of shareholder safe harbour in failed leveraged buyouts download
A recent opinion may have implications for shareholders who receive payments in connection with a leveraged buyout when the underlying company then files for bankruptcy.
DLA Piper has announced the appointments of Mark Fairbairn and Ashley Bell to the firm’s restructuring group from O’Melveny & Myers.
Hogan Lovells has boosted its international debt capital markets practice by hiring counsel Katia Merlini.
Retail bonds can present not only an attractive alternative or addition to bank finance but also a way to promote stronger links with customers and to engender greater brand loyalty.
DLA Piper has added Hong Kong partner Mark Fairbairn and Singapore of counsel Ashley Bell to its restructuring group, both joining from O’Melveny & Myers.
Claire Jackson of Kings Chambers has acted for Manchester City Council in an appeal relating to the non-payment of council tax.
Court rules that Garlock’s settlement history does not accurately represent its actual asbestos liability download
Garlock Sealing Technologies is only liable for a fraction of the asbestos liability alleged against it by current and future mesothelioma claimants.
King & Wood Mallesons has advised Neway Valve on its successful listing on the Main Board of the Shanghai Stock Exchange.
Taylor Wessing asked lawyers across its restructuring and corporate recovery team to describe how things might develop in this market during 2014.
Mayer Brown is advising on the $1.2bn restructuring and $133m sale of ATP Oil & Gas UK to Alpha Petroleum, the UK subsidiary of private equity house Petroleum Equity.
The realities are that in any football insolvency the creditors (including the players) lose out and the players involved are usually at the lower-level clubs.
Restructuring firms anticipate a boom when UK interest rates get jacked up and from mandates coming from Asia
Shameer Jasani has been appointed as a partner in the Cayman Islands office while Ray Ng joins the BVI and Asia office as partner and head of litigation.
The UK Competition Appeal Tribunal has released its ruling on the applications by Eurotunnel and SCOP for review of a Competition Commission report.
French firm Gide Loyrette Nouel has added a pair of restructuring partners from Dentons to its Paris restructuring practice, in a continuation of a several months-long hiring spree.
Hogan Lovells has announced that it has opened an office in São Paulo, Brazil — its second in Brazil, with one already in Rio de Janeiro.
Hogan Lovells summarises Spanish tax issues to be considered both in the purchase of distressed debt and in connection with any restructuring of such debt.
Competition in the NHS download
One of the most controversial aspects of the Lansley reforms was the drive towards applying market principles to the NHS.
Several legal novelties have come into force in Croatia. The most important is the new law on oil and the oil derivatives market.
French firm August & Debouzy has boosted its private equity practice with the hire of partner David Malamed from Weil Gotshal & Manges.
DLA Piper has hired Tim Tan as a partner in the corporate group of the Bangkok office. Tan joins from O’Melveney & Myers.
This client update highlights some of the developments from the Fall National Meeting held by the National Association of Insurance Commissioners.
President Barack Obama has signed into law the Bipartisan Budget Act of 2013.
King & Wood Mallesons has advised DBP on its AUD745m bank debt refinancing transaction, provided by a syndicate of Australian, Asian and Canadian banks.
Foreign entities seeking recognition under Chapter 15 of the Bankruptcy Code must have a residence, domicile, place of business or assets in the US.
Hogan Lovells has appointed London partner Tom Whelan to serve as global co-head of private equity from 1 January 2014 alongside Jeffrey Hurlburt.
Addleshaw Goddard is increasing its capability in Hong Kong following the appointment of a third partner in its associated local law firm.
A recent ruling has held that the enforcement of claims by an insolvent claimant in arbitration is contradictory to the aims of the insolvency proceedings and to a creditor’s interests.
Newcastle-headquartered Ward Hadaway has picked up the majority of the work in progress (WIP) from the recently defunct corporate boutique EOS Law in Manchester.
A date has been set for the appeal, by a group of landlords, in relation to unpaid rent following the collapse into administration of the Game group of companies last year.
While most will eagerly anticipate the gifts the festive season will bring, this time of year can be treacherous for tenants and landlords alike.
DLA Piper has represented Fibra UNO, Mexico’s first publicly traded REIT, in its debut in the Mexican debt capital markets.
Not many people shed a tear for the players when a club goes into administration. But the players involved in the majority of cases are at the lower level clubs.
Mills & Reeve has merged with George Davies Solicitors, increasing its national insolvency and recovery team by 50 per cent.
DLA Piper has represented Isola USA Corp in connection with the refinancing of its senior debt and pay-down of other debt.
Conyers Dill & Pearman has advised Kofax on a corporate restructuring by way of a scheme of arrangement under the UK Companies Act 2006 between Kofax and its shareholders.
Partner Cao Qi will advise the government of Jinshan District, Shanghai, on matters related to corporate restructuring and listing.
Walker Morris has appointed insolvency specialist Gawain Moore, who originally trained at Walker Morris, as a director in its restructuring and insolvency group.
On 5 November 2013, the European Commission published draft revised guidelines on state aid for rescuing and restructuring firms (non-financial firms) in difficulty.
Governance News — 10 December 2013 download
Governance News from Minter Ellison summarises the top headlines in corporate governance this week.
HMRC has updated Notice 700/56 (the Notice), sections 2 and 17 of which refer to LPA receivers.
‘Conversion’ consists of an act of deliberately dealing with goods in a manner inconsistent with the owner’s rights to use the goods, thereby depriving the owner of those rights.
The current position is that rent and service charges payable in advance and which fall due before the appointment of an administrator are not considered an expense of the administration.
A summary of some of the transactions the RCR lawyers of Taylor Wessing have been involved in.
KPMG’s Larry Bradley believes that the IAASB’s proposals are an important first step towards better meeting the needs of users who want more insight into audits than is currently possible.
This short article surveys some key news from Pierre Tallot who heads up the Taylor Wessing RCR practice in France.
The Bermuda Court of Appeal has held that statements in relation to assistance at common law to foreign officeholders made in an earlier Privy Council decision were not binding on it.
This is an important decision that is helpful to administrators wishing to cut costs to avoid closure of a business pending its sale as a going concern.
Directors cede management powers on the appointment of administrators; however, the ability to cause the company to challenge the validity of appointment is an example of an exception to this rule.
Limited recourse clauses questioned download
The judge’s comments call into question the impact of limited recourse provisions and bankruptcy remoteness.
High Court decides: liquidators of insolvent landlords can disclaim leases with the effect of extinguishing the tenant’s leasehold interest download
In Willmott Growers Group Inc v Willmott Forests Limited, the majority of the High Court upheld the Victorian Court of Appeal’s conclusion that the liquidators of an insolvent landlord can disclaim a lease.
The Chambers UK Bar Guide has ranked No5 Chambers in 15 practice areas.
Olswang is launching a business dedicated to restructuring and insolvency through a strategic partnership with a German insolvency lawyer.
Judge Martin Glenn has held that original issue discount (OID) created in a prepetition ‘fair market value’ debt exchange is not disallowable in bankruptcy.
Hogan Lovells has advised OTKRITIE Bank and Raiffeisen Bank International as joint arrangers on Vneshprombank’s debut 9.00 per cent $200m Reg S issue of loan participation notes.
Banking giant Barclays is attempting to avoid a full trial over defunct firm Dewey & LeBoeuf after issuing a summary judgment application to the High Court in a case against three former partners over loans.
The Court of Appeal for Bermuda has delivered an important judgment about the jurisdiction of the Bermuda court to assist foreign liquidators by ordering the production of documents by persons in Bermuda.
The London office of US firm Locke Lord has snagged its second headline restructuring in under a month, with the mandate from rugby league club London Broncos to advise on its administration.
This is the fourth of four articles summarising the general duties and potential liabilities of a director of an English private company (which is not in a group with a PLC).
DLA Piper has announced that Dr Michael Burg has joined the firm’s corporate practice as a partner in the Cologne office.
Guy Flynn, chair of DLA Piper’s Maryland real-estate practice, has been honoured with a 2013 Leadership in Law award by The Daily Record.
King & Wood Mallesons has advised the Transurban Group on its acquisition of all of the senior secured debt exposure of Sydney’s Cross City Tunnel (CCT).
Lawyers from DLA Piper in Kyiv have contributed to the World Bank’s 2014 Doing Business report, looking at the local market in Ukraine.
Dentons’ former co-chief executive Howard Morris has joined Morrison & Foerster (MoFo) as head of business restructuring and insolvency in London.
Sports lawyers at Walker Morris have won a major employment legal case in the Court of Appeal for Crystal Palace FC.
DLA Piper has been ranked as a leading firm in the 2014 edition of World Tax, a directory of the leading tax advisory firms.
On 5 October 2013, the government of Ecuador announced that it has established a commission to audit the majority of bilateral investment treaties (BITs) to which it is party.
This ANPR signals an effort on the part of the CFPB to expand dramatically the category of debt collectors subject to such federal regulation.
Allen & Overy has succeeded in the category of corporate law and has also been named Law Firm of the Year 2013 for Best Client Service.
Slaughter and May has been hit with criticism over its relationship with Ernst & Young (E&Y) in a judgment relating to its fee-charging in an administration.
Shoosmiths has been appointed to advise the joint administrators of high street shoe retailer Barratts, which went into administration yesterday (11 November).
The Deputy Pensions Ombudsman held that an insolvent employer should pay certain outstanding pension contributions, plus interest.
In this case, the High Court looked at the issue of whether a claim for a section 75 debt should be reduced by the amount of other payments made to the trustees.
A decision of the Court of Appeal in relation to Olympic Airlines has left UK pension scheme members without the protection of the Pension Protection Fund.
Locke Lord’s London office has been instructed by the joint administrators for video rental company Blockbuster, which went into administration today (11 November).
Final CFTC rules on protection of collateral for uncleared swaps and treatment of portfolio margining account in bankruptcy download
The CFTC has adopted the final rules on protection of collateral for uncleared swaps and treatment of portfolio margining account in bankruptcy.
HLC Environmental Projects Ltd (the company) was involved in two waste management and recycling projects based in Wales.
Hogan Lovells has recruited Spanish tax partner Javier Gazulla Ascoz into its Madrid tax team. Gazulla Ascoz joined the firm on 1 November.
A court was prepared to take into account the number of documents and the nature and complexity of the case in deciding whether a disclosure order had been complied with.
Section 234 of the Insolvency Act 1986 protects a liquidator from a claim in conversion.
Issues of company solvency are best determined at trial, with the benefit of a full hearing, rather than in the course of application for interim relief.
Pre-packs are used in the Netherlands now and new steps are being taken to formalise this by introducing provisions into the Bankruptcy Act.
Follett Stock’s 30 remaining staff were made redundant at midday on Monday (4 November) when the firm was liquidated at a High Court hearing.
The cost of stock-piling in the lead-up to Christmas, combined with the pressure caused by the usual rent quarter day in December, causes cash-flow issues for many businesses.
Withers has recruited partner Julie Teal to its London real-estate group. The law firm has also hired associates David Holland and Eloise Morgan.
The Pension Protection Fund (PPF) announced at the end of July 2013 that it is changing its insolvency risk provider from Dun & Bradstreet to Experian.
In this update from Stephenson Harwood’s Piraeus office we take a look at recent changes to the tonnage tax regime in Greece applying to foreign-flagged vessels enacted in January this year by the Greek government.
Walker Morris has been ranked in 27 practice areas in the 2014 edition of Chambers & Partners.
On 25 September 2013, the French government released the key measures of the draft Finance Bill for 2014 that would have a notable impact on French companies.
Corporate debt download
HMRC launched a consultation in June 2013 on modernising the taxation of corporate debt and derivative contracts.
Allen & Overy has picked up eight accolades at the annual IFLR Middle East Awards ceremony in Dubai, including the International Firm of the Year award.
DLA Piper has advised SNF Floerger, a producer of flocculants for water treatment, oil and gas applications and mineral extraction, on the refinancing by its holding company SPCM SA.
The Cayman Islands Stock Exchange (CSX) is a leading offshore exchange for the listing of specialist debt securities, Eurobonds and insurance- and risk-related securities.
Hogan Lovells has been shortlisted in three categories for the Legal Week 2013 British Legal Awards.
Hogan Lovells has advised the general partner of Trophy Property Development on a restructuring of the fund’s underlying real-estate assets in China and its internal management.
The Hungarian Act on Bankruptcy and Liquidation Proceedings contains special rules on bankruptcy and insolvency procedures for major economic companies carrying out strategically important activities.
The Channel Islands Stock Exchange (CISX) has clarified how to approach dealings with the CISX in the period prior to its proposed restructure.
Reform of protected trust deeds in Scotland has been widely discussed in the context of overall bankruptcy reform.
This alert provides guidance on what private contracting parties affected by the US shutdown should consider.
Shoosmiths has been shortlisted in two categories for the Credit Today Debt Collection Awards 2013.
Sintons has recruited lawyers Caroline Swift, Metab Hussain and Emma Pern to its corporate team.
Proposal forms often contain basis of contract clauses and accuracy in completing the proposal is as important as it has ever been. This article explains why.
Pinsent Masons has been appointed joint administrator for collapsed litigation and corporate law firm Harris Cartier, which has been sold to two buyers, Gordon Dadds and personal injury firm Neil Hudgell.
Investors, banks and companies can rely on Maravela & Asociatii for tailored advice with regard to any transactions unfolding under the rules and regulations governing the capital markets.
The FCA has proposed to extend eligibility to claim on the Financial Services Compensation Scheme to all unincorporated associations and certain large partnerships.
Our lawyers’ insolvency practice is acknowledged for its quality and tailored solutions delivered to clients irrespective of their sector of activity.
Stephenson Harwood has been appointed to two of the Pension Protection Fund’s (PPF’s) new legal panels.
Minter Ellison’s insolvency and reconstruction team is consistently recognised by independent, international surveys as one of the leading practices in Australia and New Zealand.
The recent case confirms that the holder of security by way of a bill of sale can enforce its security in respect of lending regulated by the CCA where the customer is declared bankrupt.
With the outstanding quality of its professional legal services, Dacheng has become the first-choice legal services provider for the great majority of state-owned enterprises in China.
We pride ourselves on our ability to link in seamlessly with a wider offering in providing advice to all business stakeholders in a distressed context.
Allen & Overy has advised Saudi Arabian solar company Sun & Life on the acquisition of the insolvent solar division of the Flabeg Group.
The Central Bank of Russia has published amendments to Regulation 395-P regulating banks’ capital that revised certain of its current requirements for subordinated debt instruments.
Sintons has been recognised by The Legal 500 for its excellence and in-depth expertise across a range of legal disciplines.
DLA Piper has announced that the firm is relocating its Wilmington office to a 23-storey office building at 1201 North Market Street on 30 September.
KWM recognised by Asian-Mena Counsel In-House Community Representing Corporate Asia & Middle East Survey 2013
King & Wood Mallesons has been named Firm of the Year 2013 in China across six practice areas.
Royal Court of Jersey reconfirms flexible use of just and equitable winding-up jurisdiction download
The Royal Court of Jersey has again shown its readiness to utilise the just and equitable winding-up jurisdiction.
No5 Chambers has announced that Mark Anderson QC and Nageena Khalique have been shortlisted for The Chambers 100 UK Bar.
Chambers has announced that Paul Chaisty QC, Lesley Anderson QC and David Casement QC have been shortlisted in the Queen’s Counsel rankings.
Kings Chambers has announced that Aidan Reay has accepted a full tenancy following the successful completion of his pupillage.
Amendments to the Croatian Act on Financial Operations and Pre-bankruptcy Settlement Proceedings became applicable on 7 September 2013.
DLA Piper has advised Eastman Kodak on the worldwide implementation of a chapter 11 restructuring.
New laws to be brought into force next year will curtail the ability of some IT suppliers to terminate their agreement with counterparty where the customer becomes insolvent.
RBS was the facility agent for certain lenders in a complex real-estate financing involving multiple tiers of senior and junior debt.
The Hungarian Liquidation Act contains special rules on bankruptcy and insolvency procedures for major economic companies carrying out strategically important activities.
Uncertainty has long surrounded the obligations of an LPA receiver when dealing with a borrower’s VAT position.
The issue was whether certain commercial-mortgage-backed notes were disenfranchised from voting, pursuant to the interpretation of two trust deeds.
The application was made by Southern Pacific Personal Loans Ltd (SPPLL), a member of the Lehman Brothers group of companies that had gone into voluntary liquidation.
A claim in relation to a ‘section 75 debt’ was not to be reduced by a subsequent payment of £2m to the scheme despite the calculation being made prior to that payment.
Administration order refused download
There was insufficient supporting evidence for the proposed administrator’s assertion that the administration of the Company would achieve one of the statutory purposes of administration.
In the matter of Aspis Jersey Ltd, Mourant Ozannes acted for the liquidator of T Bank SA, one of the first Greek banks to enter insolvency following the recent financial crisis.
DLA Piper has appointed David Chijner and Noam Ankri as partners in its restructuring team in Paris
DLA Piper has continued the growth of its Paris office with the hire of partners from Dentons and Fried Frank Harris Shriver & Jacobson.
New laws will curtail the ability of some IT suppliers to terminate their agreement with counterparty where the customer becomes insolvent.
Sintons has overseen a group restructure for the Malhotra Group, which involved all of its holdings being consolidated into one formal group that will obtain PLC status.
The UK Privy Council, the highest court for the BVI, has agreed to hear a further appeal that will provide final determination concerning the validity of the Sentry redemptions.
Hogan Lovells has advised the trustees of KPP on the settlement of its claims against EKC and Kodak Ltd.
A company in liquidation will not be stopped from bringing claims against directors and other parties for wrongdoing, where the company can be said to be a victim of the wrongdoing.
The German Federal Supreme Court has confirmed the liability of former shareholders.
The Insolvency Service is asking for views on a number of proposals that would simplify the law governing insolvency procedures and the regulations that affect insolvency practitioners.
When applying the Supreme Court’s judgment in Eurosail to determine the solvency of a company, the court will focus on the debts that are due or will fall due in the reasonably near future.
Major changes to the Czech Insolvency Act 2008 are due to enter into force on 1 January 2014.
The German Federal Court of Justice, in a decision on 6 June 2013, has held a tax consultant liable for the consulted company filing late for insolvency.
Phoenix companies: prohibited names download
When a limited liability company fails and a director of that business continues to trade under the same or a similar name after its failure, there is often disquiet.
The defence of privilege to an English liquidator’s application for the production of documents under sections 234 and 236 IA 1986 is to be decided on the basis of English law.
Where a company processing personal data enters liquidation, the liquidators are not the ‘data controllers’ pursuant to the Data Protection Act 1998.
Stephenson Harwood, Macfarlanes, CMS and Hogan Lovells have won roles on Baker Tilly’s acquisition of debt-laden accountancy firm RSM Tenon Group.
Herbert Smith Freehills (HSF) and Linklaters have taken lead roles on the scheme of arrangement designed to compensate consumers who had been missold protection for credit card theft and identity fraud.
DLA Piper has advised Orchard Supply Hardware Stores in the sale of its business to Lowe’s Companies Inc, which has been approved by the US Bankruptcy Court.
The Insolvency Service and the Department for Business, Innovation and Skills have published consultations proposing amendments to the regulations affecting insolvency practitioners.
Weil Gotshal & Manges has led a successful application to the High Court to clarify the right of clients of MF Global UK to claim money from the general estate of the collapsed broker.
FCA review of Client Assets Regime: radical proposals for the speedy return of cash and assets on insolvency download
The FCA sets out some fairly radical proposals aimed at improvements in two areas: the amount and speed of return of client assets following insolvency; and reducing the ‘market impact’ of insolvency.
Walker Morris insolvency lawyers have successfully defended a major Court of Appeal case for the joint administrators of Vowden Investments.
Proposed changes to the Employer Debt Regulations risk missing opportunity to facilitate corporate restructurings download
The Employer Debt Regulations provide the detail about debts that become due from employers that exit from underfunded defined-benefit pension schemes.
It remains to be seen whether proposed changes to the Pension Protection Fund (PPF) compensation regime will lead to increased PPF levies.
Taylor Wessing has relaunched its shipping practice.
Taylor Wessing has advised a ship financing bank that is helping an issuing house to incorporate several ships from a closed fund into a new company.
DLA Piper won summary judgment on behalf of Devonshire Campus, LLC, one of multiple lenders involved in a multi-tranche loan secured by a mortgage.
This briefing note is intended to provide guidance to insolvency practitioners who wish to consider whether to seek repayment on behalf of the company of dividends paid to shareholders.
The case involved two groups (the Nortel group and the Lehman group) each of which contained occupational pension schemes with substantial funding deficits.
The much-anticipated judgment in Nortel Companies and others, Re  UKSC 52 (24 July 2013) was delivered by the Supreme Court on 24 July.
With business liquidations and administrations down in the first quarter (Q1) of 2013, what will be the likely effect on claims against insolvency practitioners?
DLA Piper Weiss-Tessbach has advised Columbus McKinnon on the acquisition of Hebetechnik Gesellschaft.
Financial support directions are orders from the Pensions Regulator to other members of a corporate group to stand behind the obligations of a service company or under-resourced employer.
Conyers’ London and Bermuda teams have advised the Randall & Quilter Group as to Bermuda law on its corporate restructuring.
DLA Piper has signed a letter of intent with Hines Interests to relocate its Chicago office from 203N LaSalle to River Point.
The UK Supreme Court has given judgment in the Nortel and Lehman Brothers pensions cases, ruling that pensions FSDs and CNs rank as provable debts in an insolvency.
The Court of Appeal has held that a lender with defective security over property was entitled, through subrogation, to an unpaid vendor’s lien over that property.
The Court of Appeal has upheld the decision of the High Court in a case in which Walker Morris’s finance litigation team acted for the successful party.
Consent payment or solicitation payments have become a relatively common way in which debtors undergoing a restructuring can incentivise bondholders to vote in favour of the restructuring.
Supreme Court decides there is no point to the 'point of no return' test for insolvency defaults download
The Supreme Court has considered how to construe and apply contractual terms incorporating the insolvency tests contained in section 123 of the Insolvency Act 1986.
A recent case has highlighted the problems that can arise when a complex set of finance documents recording the respective rights and priorities of a group of lenders is amended.
Hogan Lovells has advised on the £5.5m sale of fashion brand Nicole Farhi to Maxine Hargreaves-Adams.
The Court of Appeal has overturned a High Court decision where the court refused to make an administration order in relation to a Jersey registered company with assets in the UK.
Luxembourg is the first European country to deal with the question of what happens to data in the event of a company being declared bankrupt.
A recent opinion by Lord Hodge in the Court of Session has clarified an administrator’s powers and duties in cases where they wish to bring an administration to an end.
DLA Piper’s Spotlight on Belgium publication provides an overview of current legal developments that may have an impact on business activities.
DLA Piper has announced its involvement in the acquisition of Nicole Farhi by Maxine Hargreaves-Adams.
Binder Grösswang comprehensively advises clients in all areas of insolvency law and in the case of restructurings and reorganisations. We advise investors, banks and companies facing business partners that are in a financial crisis as well as companies that are in financial difficulties.
National and cross-border corporate mergers and acquisitions constitute a significant focus of work at Binder Grösswang. The majority of our lawyers are engaged in this key area.
On 28 April 2013, SAFE released its Circular on Administrative Measures for Foreign Debt Registration, which came into effect on 13 May 2013.
A team from Nabarro has guided UK Coal through a second restructuring following a fire at Daw Mill.
Nabarro has retained its role as lead adviser to UK Coal after the struggling company filed for administration, with administrators at PricewaterhouseCoopers (PwC) turning to Addleshaw Goddard.
We provide the most appropriate solutions for creditors, insolvent companies and/or their management bodies, and for investors.
Yes, beware German liquidators, but also be aware of the range of their rights and responsibilities
The sudden death of media mogul Ian Robert Maxwell and its aftermath are still felt in the pensions industry today.
DLA Piper has announced that its restructuring practice received top honours at the 2013 Turnaround Atlas Awards. The firm was recognised in three categories.
DLA Piper recently held its inaugural European Restructuring Summit in London.
Director's application for administration refused where other directors considered business was viable download
This was a sole director’s application for administration under paragraph 12 of Schedule B1 to the Insolvency Act 1986.
The court refused Mr Kemsley’s application to restrain Barclays from pursuing the New York Proceedings and the Florida Proceedings.
Deemed service of a letter of demand download
Where the intended recipient of a letter of demand denies receipt in fact, but it can be shown that its service complied with the relevant loan document, the letter of demand will be treated as served.
Applications under the Civil Procedure Rules for extensions of time will be scrutinised more rigorously by the court following the amendment to the overriding objective in April 2013.
A customer had at times exceeded her overdraft/credit card limit by a modest amount. Her bank thought it was necessary to contact her by telephone to discuss her accounts.
A liquidator may not assign the conduct of such an appeal to the company’s former directors.
A new fee regime will take effect for employment claims brought on or after 29 July 2013.
Olympic Airlines was put into special liquidation in Greece on 2 October 2009. It had carried on business in England. It employed about 27 people and operated a pension scheme.
The Lawyer’s Restructuring Team of the Year shortlisted firms pulled a diverse range of companies – and even a country – back from the brink last year
Sales of a debtor’s assets, pursuant to section 363 of the Bankruptcy Code or through a confirmed chapter 11 plan of reorganisation, have become increasingly common in recent years.
Ogier Corporate Services has won the ICSA Jersey Administration Team of the Year award.
The Bankruptcy and Debt Advice (Scotland) Bill was introduced in the Scottish Parliament on 11 June 2013.
Brown Rudnick is advising a campaign representing up to 15,000 Co-operative Bank retail bondholders raising concerns about the lender’s £1.5bn restructuring.
The Italian government provisionally approved certain minimal amendments to the rules governing the concordato preventivo proceedings.
Simon Thomas joins Addleshaw Goddard.
Morisons Solicitors and HBJ Gateley have been appointed to advise on the administration of Edinburgh football club Heart of Midlothian FC.
Walker Morris has advised Cott Developments on its acquisition of Calypso Soft Drinks.
As of 6 April 2013, the Companies Act 2006 (Amendment of Part 25) Regulations 2013 have been in force.
The rising disparity in property prices between the north and the south and between London boroughs themselves appears to breaking new ground.
The Financial Collateral Arrangements (No.2) Regulations introduced a new means for a security holder to enforce its security in respect of financial collateral.
In RVB Investments Ltd v Bibby  EWHC 65 (Ch), a landlord (RVB) issued proceedings against the surety (Bibby) of an insolvent tenant.
The Court of Appeal has found that a receiver appointed under the Criminal Justice Act 1988, but discharged in 2006, was still entitled to be recover sums from the receivership assets.
Allen & Overy (A&O) and Linklaters have taken headline roles advising on the Co-operative Group’s £1.5bn debt restructuring that will see bondholders offered shares in the bank through a so-called ‘bail-in’.
German courts are coming down on the side of liquidators when interpreting the Insolvency Act
King & Wood Mallesons has been named CSR Firm of the Year for the fifth consecutive year at the 2013 ALB awards.
US firm Bryan Cave has picked up two lawyers from Dentons’ Paris office, including litigation head Constantin Achillas, in a bid to strengthen its litigation and financial services teams.
The Late Payment of Commercial Debts Regulations 2013 came into force on 16 March amending the previous legislation, which had been in place since 1998.
Taylor Wessing has released the May 2013 edition of its Restructuring and Corporate Recovery Update.
Shoosmiths’ Emma Gibson has defended her title of Lawyer of the Year at the Thames Valley Deals Awards 2013.
Al Tamimi & Company has advised Al Noor Hospitals Group on a restructure to enable the group’s proposed listing on the London Stock Exchange (LSE).
Later this year, the High Court will hear an appeal from the decision of the Victorian Court of Appeal in Re Willmott Forests Ltd (Receivers and Managers appointed) (in liquidation)  VSCA 202.
NCTM Studio Legale Associato has assisted Navigazione Montanari in a recent debt restructuring deal.
DLA Piper has received 177 individual lawyer and 64 practice rankings in the latest annual Chambers USA.
Will it be third time lucky at Sullivans?
Freshfields Bruckhaus Deringer, Kirkland & Ellis and Kaye Scholer are advising on the multi-billion debt restructuring of German real estate group IVG Immobilien, expected to be the largest such case in the country this year.
Linklaters banking and restructuring partner Chris Howard is leaving the magic circle firm to join Sullivan & Cromwell’s London office.
Dacheng has become the first-choice legal services provider for the majority of state-owned enterprises (SOEs) in China.
Dacheng’s Mergers, Acquisitions and Corporate Restructuring practice is one of its key practice areas.
Walker Morris announces two partner promotions as well as eight director promotions.
Taylor Wessing has added a fresh batch of data-protection-focused content to its Global Data Hub site.
Our restructuring and insolvency team is made up of more than 130 lawyers specialising in restructuring across 42 offices globally.
The MoJ has published its response to the government’s consultation on proposals to reform the judicial review process, setting out the reforms it intends to take forward.
The May 2013 issue of Walker Morris’s Banking Matters publication is available now.
The new Hong Kong Companies Ordinance is planned to come into operation in the first quarter of 2014.
ACH Shoosmiths has opened its new offices in the heart of Edinburgh’s business and financial district.
Walker Morris has been appointed to advise the administrator of Farnborough Football & Social Club following the announcement of its administration on 26 April.
The April 2013 issue of Taylor Wessing’s Restructuring & Corporate Recovery Update is available now.
Hogan Lovells, Linklaters and Sullivan & Cromwell have won lead roles as Eastman Kodak offloads its personal film business to UK pensioners.
Osborne Clarke (OC) has swelled its UK partnership headcount to 100 after signing up its eighth City partner this year in the shape of Speechly Bircham restructuring specialist Keith Bordell.
Law à la Mode: Issue 9 — Spring 2013 download
Issue 9 of DLA Piper’s Law à la Mode publication is available now.
A former Cobbetts partner reportedly owed £365,000 by the failed firm has been appointed to the defunct Manchester outfit’s creditors’ committee.
Former Dewey & LeBoeuf chairman Steve Davis is set to pay $511,145 (£335,000) to the defunct firm’s liquidation trust to resolve claims against him in relation to the US outfit’s dramatic collapse last year.
Mann J has refused an application by HSBC pursuant to a letter of request for assistance seeking the appointment of administrators over Tambrook.
Charity insolvency download
In November 2012, People Can, a charity employing around 300 people, went into administration after being overwhelmed by a pensions deficit of more than £17m.
Six new partners are among 22 promotions at Shoosmiths. The partners are joined in the law firm’s 2013 round by 16 new senior associates.
Chadbourne has represented the liquidators of SCL to resist a challenge by Carillion.
Our Litigation team comprises senior advocates who have appeared in many leading decisions before the courts, as well as in global, multibillion-dollar disputes.
Dentons and Linklaters have led the advice on the sale of HMV to Hilco UK, which was confirmed three months after the retailer went into administration.
The administrators of Manchester firm Donns have extended the administration period by six months to ensure there is time to pay dividends to creditors.
Law firms don’t get rich advising on the demise of other law firms
US firm Schulte Roth & Zabel has added two London restructuring partners with the hire of Brown Rudnick duo Peter Declercq and Sonya Van de Graaff.
Cobbetts’ administrators are set to work with the SRA to assist a potential investigation into the conduct of the failed firm’s partners, a report by KPMG reveals.
Shoosmiths has reached 100 employees at its Manchester office.
Global Insight is a digital publication bringing you news, views and analysis from DLA Piper’s Global Restructuring Group.
Taylor Wessing has released the March 2013 edition of its Restructuring & Corporate Update.
Chadbourne & Parke has released its International Restructuring Newswire for March 2013.
DLA Piper has released a summary of all of the firm’s rankings and editorial commentary in Chambers Global 2013.
This month on Synapse, Taylor Wessing discusses the impact of insolvency on licensors and licensees in the life sciences sector.
Ashurst and SNR Denton took lead roles on the sale of Malmaison and Hotel du Vin to a US private equity group.
Walker Morris has released its Receivership Update for March 2013.
Football insolvency specialists from Walker Morris have advised the operating company for Ricoh Arena on its application to the High Court to grant an administration order against Coventry City Football Club.
Firm’s Scotland restructuring head eschews move to Edinburgh in favour of partnership at HBJ Gateley as DLA presses ahead with Glasgow closure.
Jurisdiction of the Hong Kong Courts re winding up and unfair prejudice petitions — offshore companies download
Hong Kong law contains a number of provisions designed to protect the interests of minority shareholders, including the “unfair prejudice” remedies under section 168A of the Companies Ordinance and the Ordinance’s “just and equitable” winding-up provisions.
The Co-operative Bank is the latest client to terminate its relationship with Incasso, the former debt recovery business of collapsed firm Cobbetts.
A guarantor’s liability is contingent upon the underlying obligations it has guaranteed. If those underlying obligations are altered, the guarantor can be released.
In this article, we take a brief look at an insolvency proceeding that has been introduced recently in Japan and has garnered a lot of attention.
Big product names are in the frame again in our regular round-up of the deals and legal personalities of the month, including the sales of Dell and baked bean superstar Heinz
NCTM has experience in bankruptcy and insolvency law in general, as well as in debt restructuring procedures, distressed investments and ‘special opportunities’.
Following consultation with stakeholders about its new powers to wind up abandoned companies, on 8 November 2012 the Australian Securities and Investments Commission (ASIC) released a Regulatory Guide titled ASIC’s power to wind up abandoned companies.
Head of the New York representative office
Partner and head of the Moscow representative office
The Court of Appeal recently handed down judgment in AIB v Mark Redler & Co.
DLA Piper and Kirkland & Ellis have taken the lead roles on the pre-pack administation and sale of bed retailer Dreams
This month’s Free Issue focuses on contractor insolvency and its impact on the timely completion of projects.
Staff at former Cobbetts debt recovery business Incasso have been put into redundancy consultation weeks after the business was bought from the failed firm’s administrators.
Taylor Wessing partners write Pensions and Corporate Insolvency: A Practitioner’s Guide.
RPC has become the latest firm to win a mandate amid the recent spate of UK high-street casualties after being appointed by Sports Direct to advise on its purchase of Republic.
Eversheds and Linklaters have taken lead roles on the sale of HMV Asia to Greater China private equity group AID Partners Capital
Firm’s UK administrators strike a deal with defunct firm’s US LLP to keep back some London and Paris partners’ clawbacks for creditors of the UK LLP.
US firm Locke Lord has taken a role advising the group tasked with preparing Republic for a sale after the clothing chain went into administration earlier this month.
North West firm Marsden Rawsthorn has been acquired by its partners in a management buyout (MBO) after going into administration.
Dundas & Wilson loses Glasgow-based head of insolvency and restructuring Claire Massie to Pinsent Masons
Taylor Wessing’s Neil Smyth has co-authored Personal Insolvency in Practice.
At a recent Shoosmiths event, lawyers shared practical experience of the risks and potential remedies associated with the insolvency of IT suppliers.
Still standing in the red zone download
This article looks at some of the lessons that can be learned from the restructuring of Liverpool Football Club.
The use of the ‘hindsight principle’ produces what may generally be regarded as fairer values for the purposes of insolvency distribution or payment.
There is no supranational overarching law that seeks to harmonise the laws applicable to either individual or corporate insolvency throughout all jurisdictions within the EU.
Blue Skye — effect of insolvency proceedings in one member state on civil liability claims already ongoing in another download
The effect of insolvency proceedings in one member state on civil liability claims already ongoing in another.
US firm acts as lead counsel to the publisher of Reader’s Digest after the magazine’s owner filed for bankruptcy for the second time in four years.
Real estate teams lead on supermarket chain’s acquisition of 49 stores from administrators
Shoosmiths has helped protect jobs at Cloggs (UK).
This briefing from Mourant Ozannes focuses on Picard v Primeo and looks at how the Cayman Court considers assistance in a post-Rubin world.
Linklaters has been instructed by administrators at Ernst & Young (E&Y) in the latest in a string of insolvencies to hit the British high street this year.
Krogerus has one of the leading restructuring and insolvency practices in Finland, both in terms of number of lawyers and our expertise.
Irish firm advises KPMG on liquidation of the Irish Bank Resolution Corporation (IBRC).
The Curtis Restructuring and Insolvency group regularly advises on all facets of restructuring and insolvency matters both in and out of court.
Mayer Brown’s restructuring, bankruptcy and insolvency practice has more than 50 lawyers operating in jurisdictions across the Americas, Asia and Europe.
Cobbetts went into administration at the High Court today (6 February) with the whole business immediately sold in a pre-pack deal to fellow Manchester firm DWF.
Our restructuring and insolvency team offers the latest innovative market thinking to SMEs and listed companies.
The Guernsey States of Deliberation have approved changes to the Companies (Guernsey) Law, 2008 (the “Companies Law”), which include several key changes affecting insolvencies in Guernsey.
Our restructuring and insolvency group is made up of lawyers from our corporate, finance, and insolvency teams.
Appleby’s Dispute Resolution group is truly international. Our lawyers act on a wide range of significant and high-profile cases in the fields of trust litigation, commercial litigation, corporate litigation and fund disputes and on insolvency, regulatory and insurance matters.
Olswang’s restructuring and special situations group (SSG) combines the specialist expertise of our restructuring and insolvency group with Olswang’s sector insight.
The Restructuring & Corporate Recovery group is a cross-jurisdictional team of more than 20 specialists advising on some of the most complex and high-profile restructurings and insolvencies in Europe, the Middle East and beyond.
We have reviewed an internal draft of the German Federal Ministry of Justice (Bundesjustizministerium) of a Bill to Facilitate the Handling of Group Insolvencies.
Our insolvency and restructuring practice draws together banking, corporate, insolvency, investment funds, litigation, regulatory and restructuring expertise from the BVI, Cayman Islands, Guernsey and Jersey.
Our team of skilled national insolvency and restructuring lawyers has a broad range of experience across the full spectrum of insolvency and restructuring.
For decades, our lawyers have worked within a dedicated restructuring practice. We have a unified team of more than 250 restructuring lawyers working across borders to deliver solutions at local and international levels.
Important points for ROT suppliers wishing to maximise their chances of recovery.
Lawrence Graham (LG) and SNR Denton have taken lead roles on the sale of the Jessops brand and certain assets to a group including Dragons’ Den entrepreneur Peter Jones.
The range of options for a Jersey company that is in financial difficulty is relatively limited.
A practical guide for construction contractors facing the insolvency of developers, covering contract law, copyright and other issues.
A recent endorsement and application of an exemption in Hong Kong to champerty and maintenance adds an interesting PRC dimension to the developing body of case law in Hong Kong allowing litigation funding for liquidators.
Insolvent liquidation download
This note provides a short summary of the two formal insolvent liquidation processes.
In the current market and fragile economic climate you may be concerned about the commercial viability of your customers and suppliers and the impact that a corporate failure may have on your business.
In our latest Hot 100 video Freshfields’ Adam Gallagher talks about the collapse of Southern Cross and singing Islands in the Stream
Mayer Brown’s London restructuring head Ashley Katz has a growing reputation for handling complex restructuring and insolvency cases, as 2012 has been a busy year for him. One client describes him as “a tenacious lawyer who is a real hustler”.
Reed Smith London restructuring partner Charlotte Møller (scroll down for video interview) found herself working on one of the key cases last year when she advised KPMG on the administration of spread betting business WorldSpreads.
Askan Denstaedt, the London-based general counsel for Europe at New York hedge fund GoldenTree Asset Management, has one of the broadest remits in the investment management field.
Bruce Bell has been instrumental in Linklaters’ banking and restructuring groups.
Field Fisher Waterhouse corporate finance partner Christine Phillips spent much of 2012 on one of the highest-profile deals of the year, advising Rangers FC.
They say every journalist has a book in them; maybe that applies to lawyers as well.
Like many at Blackstone Chambers, the very versatile Pushpinder Saini QC’s public law practice bridges both the public and commercial spheres, but it is for his commercial work in the ongoing Madoff litigation that this year he is part of the Hot 100.
As US-based Dewey & LeBoeuf went the way of the dodo in the biggest law firm collapse of recent years, its UK LLP, covering the London and Paris offices, turned to CMS Cameron McKenna to advise the partners on liquidation matters.
Salans has advised restructuring specialist Hilco in its purchase of HMV’s £176m debt.
Bredin Prat partner Olivier Puech has picked up a mandate from collapsed French entertainment company Virgin Megastore just days after joining the firm from Gide Loyrette Nouel.
CMS Cameron McKenna has been instructed to advise the administrators of DVD and video rental chain Blockbuster’s UK arm, which today became the fourth British high-street casualty in two months and the second in a week.
Morrison & Foerster (MoFo) has taken a role advising a group of creditors on the administration of HMV, as reports surface suggesting the music retailer could still be rescued by a buyer.
Linklaters has been instructed by both the administrators and the banks as high street entertainment company HMV enters administration following rejection of a new funding deal.
Last year’s punishing economic conditions pushed many companies into administration. We take a look at the big UK cases
French firm Bredin Prat has made its first lateral hire for 18 months, picking up Gide Loyrette Nouel restructuring partner Olivier Puech.
Dewey & LeBoeuf’s UK arm has been hit by a £36.7m claim from the firm’s US LLP, as the latest report filed by administrators reveals more than £40m sought by unsecured creditors.
Weil Gotshal & Manges has successfully negotiated a settlement between the estates of bankrupt broker MF Global in the US and UK that could lead to the start of payouts for creditors of the company.
Taylor Wessing German restructuring head Matthias Kampshoff is set to join US firm McDermott Will & Emery in its Düsseldorf office.
Advisers working on the US bankruptcy of Dewey & LeBoeuf have racked up fees of more than $14m (£8.6m), according to new filings.
FDIC and Bank of England signal significant cooperation on resolution issues in joint paper download
On 10 December 2012, the Federal Deposit Insurance Corporation and the Bank of England released a joint paper entitled Resolving Globally Active, Systemically Important, Financial Institutions outlining a resolution strategy for global systemically important financial institutions.
Documents published by Deloitte have revealed that five law firms were instructed to advise the administrators of high-street electricals chain Comet, with legal fees since the company filed for administration on 2 November hitting £100,000.
Leaders at Dewey & LeBoeuf have been sued by UK insurance group Aviva in connection with a bond issued by the now-defunct US firm in 2010.
DLA Piper has hired two partners from Salans in Frankfurt, just months before Salans’ merger with SNR Denton and Fraser Milner Casgrain takes effect.
Allen & Overy (A&O), Berwin Leighton Paisner (BLP), Kirkland & Ellis and Linklaters have secured a deal to end the long-running debt restructuring of European Directories that sees private equity group Triton take control of the company.
Legal fees incurred by the administrators of the UK arm of global broker MF Global have breached the £18m mark, with US firm Weil Gotshal & Manges taking the bulk by billing over £15m.
Canadian firm Gowlings has made a double hire in its London restructuring team, with the move including the recruitment of former Osborne Clarke practice co-head David Wright.
New insolvency proceedings called “accelerated financial safeguard” were introduced into French law two years ago.
Bredin Prat, Cleary Gottlieb Steen & Hamilton and former Clifford Chance partner Yves Herinckx have all landed roles as France and Belgium inject €5.5bn (£4.4bn) to bail out ailing Dexia, as part of a recapitalisation deal approved by the company’s board of directors yesterday (12 November).
Bingham McCutchen and Mayer Brown are advising the administrators of electricals chain Comet, which filed for administration last Friday (2 November).
Wragge & Co has won a lead role alongside Gateley on the administration of Manganese Bronze, the stricken company behind London’s world-famous black cabs.
Bingham McCutchen has joined Spanish firms Cuatrecasas Gonçalves Pereira, Gómez-Acebo & Pombo and Uría Menéndez in advising on building manufacturer Uralita’s debt refinancing.
Bankrupt US firm Dewey & LeBoeuf’s settlement with former partners has won approval from a New York court, ending months of attempts to green-light the deal since the firm collapsed in May.
Herbert Smith is advising JJB Sports as the stricken retailer announces that it is appointing administrators.
To successfully reorganize in Chapter 11, a bankrupt company may need to retain key employees who understand the company’s business and who can design and implement the company’s reorganisation plan.
Royal Decree Law 24/2012 addresses restructuring and termination of Spanish credit entities download
The Spanish Council of Ministers has approved the Royal Decree Law 24/2012 , for the restructuring and termination of Spanish credit entities.
German firm Görg has raided two of its rival firms for a team of insolvency lawyers to launch in Hamburg and Rostock.
The global financial crisis has resulted in a number of debt restructuring transactions as a result of companies being unable to meet with their debt obligations.
Clifford Chance is relocating its global head of restructuring and insolvency, Mark Hyde, to Hong Kong to lead its Asia Pacific finance team.
Pinsent Masons and a City team from US firm Locke Lord have advised on the sale from administration of the UK subsidiary of motorcycle clothing and accessories retailer Hein Gericke.
A former Dewey & LeBoeuf partner is attempting to block Citibank securing a summary judgment against him by arguing that the bank colluded with the now-defunct firm to entice lateral hires in the run-up to the firm’s collapse this year.
Dewey & LeBoeuf’s wind-down team has filed a motion calling for court approval of its settlement deal for former partners, arguing that financial commitments were obtained in a short space of time despite the “shock, anger and dismay” resulting from the firm’s collapse.
Allen & Overy (A&O), Freshfields Bruckhaus Deringer and Simmons & Simmons have advised on the financial restructuring of public infrastructure group Mouchel, which involved the pre-pack sale of its assets to its lenders and management.
Cadwalader Wickersham & Taft has added a structured finance partner to its London base with the hire of Stephen Day from Mayer Brown.
DLA Piper and Slaughter and May have advised on debt-laden Premier Foods’ sale of its sweet spreads and jellies business to US buyer Hain Celestial.
Clifford Chance, Freshfields Bruckhaus Deringer and Kirkland & Ellis have advised on a deal to reduce Travelodge’s debt by transferring control of the hotel chain to three investors.
Dewey & LeBoeuf’s settlement plan to raise funds for the defunct firm’s estate and absolve former partners of future liability has passed the $50m (£32m) threshold required to keep the case out of Chapter 7 bankruptcy.
Dewey & LeBoeuf’s bankruptcy team has offered former partners further changes to the firm’s settlement plan, a week after telling them an amended deal was final.
Gibson Dunn & Crutcher, Linklaters and Speechly Bircham are among a raft of firms to have won roles advising on the sale of four Rotary UK businesses to engineering company Lorne Stewart following the administration of Rotary’s Australian parent group Hastie.
Dewey & LeBoeuf’s wind-down team has amended the bankrupt firm’s controversial settlement deal, with partners now being enticed into the plan by a discount based on how much they bring back to the firm in receivables in the coming weeks.
In an important judgment handed down on Friday 27 July 2012 Justice Briggs, sitting at the High Court, Chancery Division, upheld a challenge to the commonly used restructuring technique of “exit consents” used in English law-governed bonds.
Former Dewey & LeBoeuf partners have been given an extra week to sign up to a settlement absolving them of liability from the firm’s estate, with bankruptcy chiefs currently battling to iron out concerns that have caused the plans to raise up to $90.4m (£57.9m) to stall.
Freshfields Bruckhaus Deringer has replaced Hogan Lovells to advise the senior lenders on the debt restructuring of waste management company Biffa, with Latham & Watkins and Linklaters also winning a role on the high-stakes negotiations.
Reed Smith banking partners Phillip Slater and Lucy Newcomb have won the firm a new client by securing a role opposite Linklaters on the Co-operative Group’s £950m debt refinancing.
The recent judgment of the Chancery Division of the English High Court in Assénagon Asset Management SA v Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited), issued on 27 July 2012, struck down an exit consent in a transaction governed by English law.
The Chancery Division of the English High Court has upheld a challenge to the legality of an exit consent on the basis that it was oppressive towards the minority bondholders and at variance with the purposes for which majorities in a class are given power to bind minorities.
Dewey & LeBoeuf’s London and Paris operations had unsecured creditors who were owed a total of £5.2m, with almost none of this amount set to be paid, according to a report by the defunct US firm’s UK administrator.
Former Dewey staffers’ long and winding road to notice period payments
Barclays Bank is refusing to consider a group attempt by former partners of Dewey & LeBoeuf to strike a settlement with the UK lender over debt from loans used to fund capital contributions.
Weil Gotshal & Manges has continued the expansion of its London restructuring team with the hire of Hogan Lovells partner Alexander Wood.
Mayer Brown’s City team has been appointed to advise the administrators of clothing chain Ethel Austin, which has been put into administration for the fourth time since 2008.
Allen & Overy and Freshfields Bruckhaus Deringer have scooped lead roles on a €4.3bn (£3.3bn) debt refinancing deal for Germany property owner Deutsche Annington Immobilien.
The deadline for partners to opt in to a settlement deal absolving former Dewey & LeBoeuf partners of their liabilities has been delayed after concerns were raised about its contents.
Creditors of Dewey & LeBoeuf’s London and Paris arm are lining up to claim dues from the defunct firm, with a subsidiary of insurer Axa demanding more than £600,000 from the failed firm’s estate.
Kennedys has won a role acting for the administrators of Town Centre Restaurants, the company behind the Café Giardino chain.
Weil Gotshal & Manges has leveraged its relationship with the bankrupt parent company of American Airlines to take the lead role advising on the carrier’s plans to pick a merger partner.
Dewey & LeBoeuf’s US bankruptcy chiefs may attempt to sell the defunct firm’s $103m settlement deal to London ex-partners today (13 July), as it emerges that some former City partners are likely to snub the proposal.
Linklaters is set to launch an Italian litigation practice with the hire of Milan partner Alessandro Villani from former ally-turned-adversary Gianni Origoni Grippo Cappelli & Partners.
Former Dewey & LeBoeuf partners including those in London will be asked to pay up to $3m (£1.9m) each as a settlement to grant them relief from being sued, it was revealed today.
The collapse of Lehman Brothers in September 2008 has propelled insolvency law into the frontline
On 1 April 2012, a Dubai- and Asia-based ship building and repair company became the first company to commence a reorganisation proceeding in the Special Tribunal created by Dubai Decree No. 57 for 2009 and avail itself of Decree 57’s integrated legal framework.
In 2006, Grand Pacific Holdings Ltd commenced an ICC arbitration against Pacific China Holdings Ltd (In Liquidation) in an attempt to enforce a loan agreement worth US$40 million.
The largest ever law firm collapse was cemented yesterday when Dewey & LeBoeuf filed for bankruptcy in the US, with the UK LLP also being put into administration.
Dewey & LeBoeuf London restructuring partners Mark Fennessy and Hazel Miller are set to join Proskauer Rose, meaning that all but one of the firm’s London steering group will have found new homes.
Reed Smith has won the role acting for the administrators of WorldSpreads, the spread-betting operator being wound up after accounting irregularities were found in its finances.
The regulatory focus on insolvency since the Lehman Brothers collapse is beginning to affect other cases, such as that of MF Global in the UK. By Joanne Harris
Skadden Arps Slate Meagher & Flom has turned to a US rival Weil Gotshal & Manges for a London restructuring hire, scooping partner Dominic McCahill.
Ten years ago today Enron, which was the US’s seventh largest company, filed for bankruptcy after a creatively planned accounting scam came to the fore.
With companies across Europe confronted by a huge wall of debt, Chris Howard says restructuring lawyers will soon be reaping the rewards
Dewey & LeBoeuf has continued its raid on Orrick Herrington & Sutcliffe’s London restructuring team following the recent hire of two partners from its US rival.
A seven-strong panel of Supreme Court justices has dismissed an attempt by the trustees of Lehman Brothers to recoup £61m from noteholders, by upholding an insolvency law principle that has existed for 200 years.
A raft of law firms are lining up for the restructuring of Irish telecoms group Eircom, one of the biggest this year.
Insolvency practitioners must stay on top of the Bribery Act as they run an increased risk of personal criminal liability. Alex Fox and Anna Brooks-Gallerani report
Administration is the UK’s principal business rescue tool. In the first quarter of this year alone 782 companies entered into administration.
Addleshaw Goddard, DLA Piper and Linklaters have taken key roles advising on the sale and restructure of kitchen, bedroom and bathroom chain Homeform Group, which traded under the Moben Kitchens, Dolphin Bathrooms, Sharps Bedrooms and Kitchens Direct brands.
DLA Piper and Scottish firm Maclay Murray & Spens have taken lead roles advising on the sale and restructuring of fashion retailer Jane Norman, which entered administration on Monday (27 June).
Linklaters and Salans have clinched top roles advising on the administration of furniture retailer Habitat.
Travers Smith has been hired to advise on the liquidation of a small mortgage lender that has become the first British bank to be wound up for more than two years.
Clifford Chance, Eversheds, Freshfields Bruckhaus Deringer and Lovells have all scooped roles to help Southern Cross Healthcare secure a rescue package that will prevent the stricken care home operator from going into administration.
Slaughter and May has bagged an instruction from Royal Mail on restructuring mandated by a recent piece of legislation.
DLA Piper has given its New York restructuring group a boost with the hire of a partner from Skadden Arps Slate Meager & Flom.
Lincoln’s Inn set 11 Stone Buildings had added insolvency silk Lexa Hilliard QC to its membership.
Clifford Chance and Freshfields Bruckhaus Deringer have landed roles on Spanish real estate group Metrovacesa’s e5bn (£4.4bn) restructuring.
Stephenson Harwood and Walker Morris have completed the pre-pack administration sale of the assets of AIM-listed glass and solar panel manufacturer Romag Holdings to Gentoo Group.
Squire Sanders Hammonds has landed a key role advising on the administration of collapsed wine retailer Oddbins.
Linklaters has hired the head of the restructuring practice at Dutch independent De Brauw Blackstone Westbroek to boost for its Amsterdam office.
Clifford Chance, Dewey & LeBoeuf and Freshfields Bruckhaus Deringer have all taken high-profile roles on the sale of troubled music group EMI to Citibank.
Weil Gotshal & Manges has raided Jones Day’s London office to hire restructuring partner Adam Plainer to lead its own restructuring practice.
With sovereign debt problems sweeping Europe, is an increase in insolvencies likely? Not necessarily, says Frank Tschentscher
TLT Solicitors’ London corporate recovery and insolvency practice has won one of its biggest mandates to date after being instructed by the administrators of bar owner Balls Brothers.
SNR Denton has bagged a key role advising on the administration of holiday camp company Pontin’s.
Allen & Overy (A&O) has lined up alongside US firms Bingham McCutchen and White & Case on the €1.9bn (£1.64bn) debt restructuring of Greek mobile phone operator Wind Hellas.
City firms Field Fisher Waterhouse (FFW) and Macfarlanes are advising on the proposed restructuring of Kent Reliance Building Society (KRBS).
Supreme Court threat means it ain’t over till it’s over, says Andrew Pugh
The long-running dispute over the restructuring of Almatis Group could finally be settled this week after more than a year of negotiations, proposals and counter-proposals.
The long-running dispute over the restructuring of Dutch almunia company Almatis, which saw mandates for a string of top US and City firms, appears to be settled after a bankruptcy judge give the go-ahead for the company to emerge from Chapter 11 protection.
Macfarlanes has claimed the prize role acting for longstanding client Four Seasons Health Care on the restructuring of £800m of debt.
Baker & McKenzie and White & Case bagged leading roles on the $16.7bn (£10.8bn) restructuring of Kazakhstan’s BTA Bank.
Niche City firm Starr & Partners has won a role on the administration of property group Connaught, advising building company Morgan Sindall on its acquisition of the group’s assets.
Connaught, the property and environmental services group that has appointed administrators in the largest company administration since Woolworths, has turned to Jones Day to guide it through the process.
The outcome of the Stonham v Ramrattan appeal could set a precedent for the treatment of matrimonial homes in insolvency cases.
A recent court ruling has left the door open for parties to dispense with the registration of a floating charge via the use of a security financial collateral arrangement. But its application is likely to be very narrow.
Olswang has taken on the co-head of Pinsent Masons’ London restructuring practice as a partner.
Willkie Farr & Gallagher has strengthened its bankruptcy and restructuring department with the hire of heavy-hitting Kaye Scholer partner Margot Schonholtz.
One of the restructuring partners due to join Greenberg Traurig Maher (GTM) from Kirkland & Ellis has decided to stay where he is.
Berwin Leighton Paisner (BLP) has hired a former Linklaters banking partner to build up its structured finance team.
Clifford Chance and DLA Piper have landed leading roles in a deal that has been hailed as one of the biggest debt-for-equity swaps in UK corporate history.
Osborne Clarke has bolstered its City restructuring and insolvency practice with Kennedys senior associate Andrew Mace joining the team as a partner.
The Third Party (Rights Against Insurers) Act 1930 is due a facelift. But the means to do so could well be held up by the general election and the willingness of the next government to tackle the issue.
With HMRC standing firm when it comes to being paid by insolvent football clubs, it could be back to jumpers for goalposts for an unlucky few.
A group of US and UK firms have won lead roles advising on the battle between Oaktree Capital and Dubai International Capital (DIC) to acquire alumina company Almatis via a restructuring of its $1bn (£590m) debt.
Newly merged firm Veale Wasbrough Vizards has hired a barrister to head its insolvency litigation team after the previous holder of the post was named managing partner of the firm.
Kirkland & Ellis London partners Kon Asimacopoulos and Partha Kar have taken over management of the firm’s City restructuring practice following the departure of Lyndon Norley.
As banks worldwide were hit by the global financial crisis, they were increasingly supported through emergency measures launched by governments.
Lovells has formed a co-operation agreement with Paris-based insolvency boutique Kuntz & Associés.
Milbank Tweed Hadley & McCloy has hired an Ashurst restructuring partner to bulk up its capabilities in the City.
White & Case has scored a lead role advising the Kazakhstan government on the creation of new restructuring laws in the country.
Linklaters has again turned to its magic circle rivals for a key German hire, snaring a leading restructuring partner from Clifford Chance’s Frankfurt office.
Green shoots aside, many companies, including German car manufacturer Opel, are not out of the woods. Frank Tschentscher highlights the obstacles remaining
A downturn in profit often equals a commensurate rise in fraud. Samantha Bewick and Janice Edgar examine the modern role of insolvency professionals in rooting out deception
Jones Day has won a lead mandate on the administration of the recession’s latest high-street casualty, greetings card chain Birthdays.
Herbert Smith and Weil Gotshal & Manges have won roles in the administration and subsequent rebirth of Cobra, the popular curry-house beer.
Jones Day has boosted its US restructuring practice with the hire of a seven-lawyer team from Kirkland & Ellis.
Cardiff firm Hugh James has lost commercial litigation and insolvency head Ian Herbert to local rival Darwin Gray.
Riva Gaming Group, the private equity-owned bingo operator, has struck a deal with lenders to write off £100m of its debt, leading to instructions for a raft UK firms.
Key hire Mike Woollard credited with putting firm in the running for big-ticket contracts.
Each new day sees retailers large and small going to the wall. This article addresses the plight of customers who have ordered and paid for expensive goods – such as furniture or computer equipment – but not yet taken delivery when the shop goes into administration. Can they insist on the goods being delivered or get their money back? Or are they just unsecured creditors who will probably get nothing?
Pearl Group has begun talks to restructure £3bn of debt, some of which was used to buy rival Resolution in 2008, with Simpson Thacher & Bartlett winning the mandate from the insurane giant. It is understood that Simpson Thacher is acting for Pearl after advising it on the financing for its £5bn acquisition of Resolution. Finance partner Stephen Short acted on that deal.
Linklaters has bagged the instruction advising four PricewaterhouseCoopers partners on the administration of Lehman Brothers.
Shepherd and Wedderburn has won the mandate to advise the UK administrators of Canada’s Zoom Airlines after the low-cost airline filed for bankruptcy.
Jones Day and Freshfields Bruckhaus Deringer have bagged the top legal roles in the bankruptcy proceedings of XL Leisure Group, the UK’s third largest package holiday operator.
Offshore firm Bedell Group has been appointed to advise on the liquidation of collapsed hedge fund, Carlyle Capital Corporation (CCC).
Allen & Overy (A&O) has made millions of pounds in fees out of bankrupt furniture retailer Courts, which still has a pension deficit of over £14m.
Commercial chambers 3-4 South Square has scored all the lead instructions in the public-private partnership (PPP) administration of Metronet, confirming the set as the bar leader for insolvency work.
UK firms are positioning their restructuring teams in anticipation of further market volatility, although a dearth of talent is hampering expansion.
Bingham McCutchen has strengthened its global restructuring and insolvency capabilities with the addition of antitrust specialist Hiroshi Iyori from Asahi Law Offices.
EVERSHEDS, North West firm DWF and Linklaters have all acted in an against-the clock bid to save supermarket chain Kwik Save from collapse.
Five UK firms have scooped key roles on the Metronet administration, which was launched earlier today.
Large-scale insolvencies have been largely absent from the UK market over the past few years. That was until the spectacular collapse of hamper savings company Farepak hit the newspaper headlines.
Clifford Chance is acting in the year's biggest retail insolvency so far as the beleaguered sector suffers another casualty.
Two years on since new EU-wide insolvency laws were introduced, cherry-picking your jurisdiction for insolvency is increasingly tough. By Cary Kochberg and Laurence Crowley
What happens when a bankrupt’s house has negative equity? This year’s changes to the Insolvency Act provide the answer. Adrian Hyde reports
Morgan Lewis & Bockius is set to pay out millions of dollars to Brobeck Phleger & Harrison’s estate, as Clifford Chance continues its battle to agree a settlement with the collapsed West Coast firm’s liquidation committee.
Lawrence Graham has secured the first ever extension on company administration following the introduction of changes to the Enterprises Act 2002 last September.
US bankruptcy firm Pachulski Stang Ziehl Young Jones & Weintraub has been disqualified from acting for a group of former Brobeck Phleger & Harrison partners who are attempting to sue Clifford Chance for $100m (£55.8m).
The bankruptcy practice at Weil Gotshal & Manges now accounts for 20 per cent of the firm’s business – about $160m (£87.7m) of a total 2004 turnover of $801m ($439m) – following lead roles on MCI (formerly Worldcom), Enron and Global Crossing.
North West firm Halliwells last week finalised the takeover of niche insolvency practice LCL Law’s Manchester office.
Gateley Wareing has recruited a new associate to bolster the corporate services division in its Birmingham HQ. Chris Reed, who specialises in acquisitions and disposals as well as joint ventures, joins from Wragge & Co.
Allen & Overy (A&O) has billed in excess of £10m for last year’s rescue of Drax Holdings, reaping nearly 80 per cent of the total over a six-month period.
The battle surrounding embattled Russian oil giant Yukos has escalated, with its core shareholders instructing lawyers to act against the Russian authorities should the company be forced into bankruptcy.
Gianni Origoni Grippo & Partners is reaping an average €1m (£656,000) a month for its role on the Parmalat administration, with overall annual legal fees expected to reach €30m (£19.7m).
In Putin’s battle with the oligarchs, the rule of law is looking increasingly fragile. By Joanne O’Connor
Cadwalader Wickersham & Taft has thrown Queen Moat House’s (QMH) debt restructuring into a state of flux after client Goldman Sachs Whitehall Fund bought up large debt and equity stakes in the troubled hotel operator.
Addleshaw Goddard is promoting 11 lawyers after losing three partners earlier this month. Three will become partners, including employment lawyer Ruth Davies, finance and projects lawyer Andrew Pettinger and corporate restructuring and insolvency lawyer Daniel Redstone. Another eight lawyers will step into legal director roles, which have been designed to provide a career development path for ...
Specialist pensions law firm Sacker & Partners has promoted three associates to the partnership: Claire Carey, Alison Cribbs and Joanna Matthews.
Birmingham’s St Philip’s Chambers has scooped a senior barrister from premier insolvency set 3-4 South Square.
The Inland Revenue’s attack on the football creditor rule could see the sport’s special status annulled. Amanda Milsom and Sohrab Daneshku report
Liquidation expenses: a victory for floating charge-holders? Anne Sharp investigates
The Enterprise Act 2002 dispenses with the Crown’s preferential treatment in insolvency cases. Philip May and Robert Foote look at the likely effects of this sea-change
International solutions to insolvency can lead to good results, but caution is needed to ensure that rules can be applied globally. Susan Moore reports
The Re Spectrum case has paralysed the insolvency profession. Anthony Elleray QC and Mark Cawson QC report
Legal fees involving the rescue of MCI look set to exceed $100m (£56.6bn) after the telecoms group, formerly known as WorldCom, this week emerged from Chapter 11 bankruptcy.
Merricks, which has recently elected to dissolve the partnership, has been put into administration.
Denton Wilde Sapte’s soon-to-be-defunct Hong Kong office has lost dispute resolution and insolvency partner Simon Powell to Jones Day. It is understood that Powell left the City firm last week when it announced that it was axing its entire Asian practice (The Lawyer, 12 April).
A new guard is to take over management of Nicholson Graham & Jones, with insolvency head Tony Griffiths succeeding Michael Johns as managing partner.
Parmalat’s special administrator Enrico Bondi has been barred from administering the collapsed dairy company’s Cayman Islands companies following a tense court battle.
Enrico Bondi’s battle to be Parmalat’s worldwide special administrator was widened last week to Ireland, where he went head-to-head with the Bank of America’s lawyers Linklaters and Sidley Austin Brown & Wood.
Gian Paola Zini, Parmalat’s infamous lawyer, has called in Massimo Dinoia (pictured), the former lawyer to Italy’s ‘Mr Clean’ to come to his defence. Dinoia advised Antonio Di Pietro, the former Italian magistrate who spearheaded major anti-corruption investigations in the mid-1990s in a case against Silvio Berlusconi’s brother.
Lawyers acting for Parmalat’s creditors will have to fight it out among themselves over the distribution of legal fees as negotiations over the reorganisation hit stalemate.
Four Parmalat-linked companies in Malta set up by Maltese government lawyers and a further three established by Parmalat’s own auditors have been given a clean bill of health by the island’s Financial Services Authority (MFSA).
Matheson Ormsby Prentice has been drafted in to advise the provisional liquidators looking at Parmalat’s Irish subsidiary, Eurofood IFSC.
The unravelling of the Enron debacle has stepped up a gear, with Herbert Smith scoring a major court victory over White & Case.
Leeds firm Zermansky & Partners welcomed in the new year with its eponymous founder Victor Zermansky celebrating 50 years on the roll of solicitors.
Hammonds is continuing to rebuild its insolvency team with the hire of partners Alistair Bacon and Jeremy Reilly from Matthew Arnold & Baldwin and Cobbetts respectively.
Kirkland & Ellis has consolidated its position as one of the US’s leading bankruptcy firms, after bringing in nearly $50m (£28.7m) worth of legal fees from just two cases in less than a year.
US firms target European and mid-market bankruptcies as US mega-insolvencies draw to a close
The spotlight on Enron has shifted to Kirkland & Ellis, Vinson & Elkins and Andrews & Kurth – all of which face the threat of litigation from a group of the disgraced energy trader’s unsecured creditors.
Richards Butler picks up entire defence as Erskine silk and Collyer-Bristow fall foul of legal tactics
The Enterprise Act could have introduced a Chapter 11-style process for restructuring in the UK. John Houghton reports on missed opportunities and avoided pitfalls
There has been a minor revolution in the corporate restructuring market in the past few years. Lyndon Norley reports on the changes
Company directors are increasingly culpable for scandals such as Enron. David Leibowitz reports on the extent to which directors' and officers' insurance cover can protect them
Advising three footballers on the media fallout of the alleged Grosvenor House rape has thrust Graham Shear into the limelight. Naomi Rovnick meets him
Insolvency reform in Northern Ireland is lagging behind the rest of the UK, says Leeanne Whaley
Interoute has hired experienced Bulldog Comm-unications chief legal officer and general counsel Maurice Woolf, who leaves the telecoms provider after just one year.
Bankruptcy lawyers - and their fees - may not be popular, but Kirkland & Ellis's James Sprayregen says they're worth it.
Former Shearman insolvency star Ronald DeKoven is used to the finer things in life. Matheu Swallow talks to a man coming to terms with grotty old London.
Second-tier Dublin firm Eugene F Collins has taken over commercial property and finance boutique GD Fottrell & Sons.
The legal fees on the 12-year BCCI insolvency reached £100m this year, with Lovells taking the lion's share of the cash, while Allen & Overy made a staggering £31m for less than two years work on the restructuring of Marconi. But will corporate restructuring and insolvency work see City lawyers through the downturn? Not quite.
US firm Foley & Lardner has gained its first foothold in Asia by launching an office in Tokyo.
South-East firm Asb Law has continued its rapid expansion of the past 24 months, taking on small Kent-based practice Mere-dith Smith and Pratt (MSP) as well as announcing an increase in turnover of almost 20 per cent.
Eversheds' Singapore best friend Khattar Wong & Partners (KWP) has this week lost a partner and an associate, the latest in a string of defections over the past few months.
The controversial action by Deacons against White & Case and two of its former partners is due to be heard in the Hong Kong High Court next Monday (2 June).
Mayer Brown Rowe & Maw has made up seven partners in London, taking the partnership to 100. The new partners are Michael Brown in litigation and dispute resolution, Gary Cooper and Richard Smith in corporate, Christopher Fisher in employment, Nick Henchie in construction and engineering, Jonathan Moody in pensions and David Morrison in corporate/restructuring and insolvency. This is the second round of ...
A leisure and property management team of one partner, three associates and a consultant has quit Masons for niche insolvency and property firm Sprecher Grier Halberstam.
The boom in restructuring fees for US lawyers is continuing unabated as Conseco becomes the latest bankruptcy to add to the growing cash pile.
Coudert Brothers has been denied full payment of its second round of fees for the reorganisation of Global Crossing, after a judge ruled against a $54,000 (£34,000) pay-out for the firm's summer associates.
Second bankruptcy partner leaves to join Gibson Dunn in NY
The UK's premier insolvency set 3/4 South Square has signed up one of the best-known insolvency and restructuring lawyers in the US, Ronald DeKoven.
Robert Rhodes QC's embattled 4 King's Bench Walk (4KBW) is in talks with Claims Direct administrator Deloitte & Touche over some £1m owed for work it did for the claims management company.
Derivatives may not be the most exciting topic of conversation, but A&O's Jeff Golden manages to keep Catrin Griffiths interested - if only for one afternoon
Lawyers' fees related to the Enron Chapter 11 reorganisation are continuing to snowball, sparking fears of dwindling returns to disgruntled creditors
There appear to be mixed feelings about the radical changes currently being introduced to the UK insolvency laws
When businesses hit rock bottom the balance of power changes. The creditors are the new priority, but to what extent are they in the driving seat? Peter Bloxham reports
Unlicensed debt advisers and conflicting regulatory bodies are still holding reform at bay, says John Verrill
While the ITV Digital collapse massacred the finances of many football clubs, players' wages are finishing off the job. David Cohen and Amanda Hope examine clubs' escape routes
Insolvency reforms move a step closer with the dawn of the Enterprise Act. Patricia Godfrey reports
Julia Salt and Ben Conway give the lowdown on methods of commercial aviation funding
Shearman & Sterling has scooped an instruction to advise China Netcom Corporation (Hong Kong) in connection with its purchase of the assets of Bermuda-based undersea cable operator Asia Global Crossing (AGC)
The doyen of corporate restructuring is now at Nomura. Dearbail Jordan talks to Richard Gitlin about Maxwell, the IMF and being big in Japan
Sidley Austin Brown & Wood and Denton Wilde Sapte are advising Federal Mogul Corporation in one of the largest cross-border restructurings to date.Federal Mogul's UK and US subsidiaries simultaneously filed petitions on 1 October for administration and chapter 11 proceedings respectively. Sidley's US office has a longstanding relationship with Federal Mogul and brought in Dentons to advise ...
Robin Tutty has left Fox Williams, where he was a partner, to become joint head of insolvency at Nicholson Graham & Jones.
Bevan Ashford is to launch a dedicated insolvency practice from its Bristol office with the hire of Laytons' highly-rated Bristol head of insolvency Gordon Bon.
Head of Weil Gotshal & Manges' London office Mike Francies remains philosophical about the glut of departures that has hit the US firm
Leading travel insolvency practitioner Trevor Sears is quitting Kingsford Stacey Blackwell for Davenport Lyons, giving the firm an insolvency capability for the first time.
When head of Edge Ellison's insolvency practice John Sullivan picked up the baton for a broke British Athletics Federation in 1997 he did not expect to be fighting an athlete's claims in the House of Lords. Claire Smith reports.
Adrian Harris remains undaunted by the prospect of long working hours at US firm O'Melveny & Myers- he's simply given up all his hobbies, writes Sean Farrell
Chris Mallon made his name at Lovells as the man who co-ordinated London lawyers in the BCCI case. Now he has been lured from Biddle and handed the task of making Freshfields on of the best. Gulshanah Choudhuri reports
When Paul Rhodes quit as Dibb Lupton Broomhead's managing partner, his colleagues speculated he was through with legal practice. But the man who did much to pioneer Dibbs' rottweiler image is back - and he has gone to the aid of its arch-rival. By John Paul Flintoff
Sean Farrell talks to Stephen Gale, the man who is due next April to be only the second lawyer to take the helm as president of the Society of Practitioners of Insolvency.