Insolvency and restructuring

News

House of Fraser

BCLP enters fray as House of Fraser deal faces opposition

Bryan Cave Leighton Paisner (BCLP) has joined the suite of firms advising on House of Fraser’s rescue bid, as the retailer closes in on launching a company voluntary agreement (CVA). BCLP is understood to be advising a group of landlords who are gearing up to oppose the proposed CVA. House of Fraser last week confirmed it […]

money finance

Final bill shows lawyers will take £20m in fees from Carillion collapse

Law firms advising on the breakdown of Carillion are in line to pick up £20m in fees, new findings by the National Audit Office reveal. The same report shows that accountants are set to receive £50m in fees, and the total cost to the Cabinet Office of £148m. The costs of the Government’s contingency plans in […]

money finance

Slaughters’ legal bill for Carillion, revealed

Carillion racked up millions in legal fees from Slaughter and May over an eighteen month period, official letters have shown. The firm was asked last February to provide information to the Work and Pensions Committee, which opened an inquiry into the company’s liquidation at the start of the year. Slaughters billed Carillion nearly £8.4m between […]

Government

Law firms “squeezed” Carillion for fees in run-up to collapse, MPs reveal

Slaughter and May, Freshfields Bruckhaus Deringer and Clifford Chance are among the advisory firms accused by MPs of “squeezing fee income” out of Carillion as it neared liquidation. In a report published this morning by two committees examining the company’s collapse, all of the firms above are named as picking up fees from Carillion three […]

Analysis

Featured Briefings

Landlords able to recover full rent following failure of company voluntary arrangement

The High Court has released an important decision for landlords and Insolvency Practitioners in the wake of the failure of the company voluntary arrangement (CVA) entered into by BHS Limited (BHS). In Wright and another (Liquidators of SHB Realisations Ltd) v The Prudential Assurance Company Ltd, the court upheld a clause in BHS’ CVA which stated […]

Insolvency Update – May 2018

This update contains the following articles: High Court decides that liquidator’s appointment was valid despite failure to give notice of deemed consent A cautionary tale regarding the appointment of administrators using the ‘out of court’ route Contract interpretation – the importance of precise drafting Are Receivers obliged to obtain the best price when selling property? […]

Judicial assistance by the Hong Kong Courts in cross-border Insolvency cases

By Norman Hau and Ben Holden The Cayman Islands is a popular jurisdiction for setting up listing vehicles in Hong Kong IPOs as it offers corporate flexibility, a well-established English law based legal system and tax neutrality. Of all the listed companies in Hong Kong, slightly more than half of them are incorporated in the […]

Insolvency litigation: Recent cases and issues, May 2018

In our update this month we take a look at some of the recent cases that will be of interest to those involved in insolvency litigation. These include: A decision of the Chancery Court which confirms the rule against contractual penalties will not apply to the terms of a company’s own voluntary arrangement; Some guidance […]

Insolvency in construction: Looking ahead

By Sue Ryan, Pippa Hill, Lindsay Hammond, Catherine Phillips and Stephan Smoktunowicz In the final part of this series, we look at how you can protect your position and be prepared in the event of an impending insolvency. Thinking ahead Contractual safeguards Payment mechanism Contemporaneous records Spotting the warning signs Security 
Third party agreements

New ground in insolvency in Guernsey

Ogier’s Mathew Newman appeared before the Guernsey Royal Court for the applicants in two matters which raised several legal issues, some of which have not been addressed previously by the court. The matters were In the matter of Maplecross Properties Limited (in liquidation) (Royal Court, 29 January 2018) (Maplecross) and In the matter of Canargo […]

Luxembourg: Corporate recovery and insolvency guide 2018

Véronique Hoffeld and Anne-Marie Nicolas share their insights on key issues faced by companies in financial difficulties in the Luxembourg chapter of the last Corporate Insolvency & Restructuring edition by ICLG…

Landlord wins as CVA term not a penalty

By Kate McCall and Aaron Harlow Following the liquidation of BHS Ltd, the High Court was asked to consider whether a landlord could claim full rent as an administration expense following termination of the Company Voluntary Arrangement…

Luxembourg: Modernisation of the limited partnership regime

The limited partnership legislation in Luxembourg has been modernised by the Luxembourg law dated 10 July 2013 (the Law) in ways that assist the establishment of vehicles suitable for structuring liquid or illiquid funds and unregulated and regulated funds. The Law also transposed Directive 2011/61/EU on Alternative Investment Fund Managers (the AIFMD) into Luxembourg domestic law. […]

Oil rig

Regulations on decommissioning of oil and gas facilities

Presidential Decree 91/18 of 10 April 2018 (“PD 91/18”) enacted the regulations on abandonment and decommissioning of upstream oil and gas facilities located in Angola. Below you will find an overview of PD 91/18…

No jurisdiction for covenant not to sue claim after foreign proceedings

Mr Justice Butcher has upheld a challenge by Vakifbank, a Turkish bank, to the English Court’s jurisdiction to try a claim brought by BTA, a Kazakh bank, and its affiliate. The background was that BTA had given Vakifbank a guarantee, governed by Turkish law, of a debt. By the time Vakifbank called on the guarantee, […]

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