Insolvency and restructuring

News

Ropes’ growing pains continue as firm downsizes in the City

Ropes & Gray is to significantly cut back its real estate and restructuring-related offering in London, with four partners told to leave the office in the coming months. The partners in those teams were told “they were no longer required at the firm” following a visit from the US heads of the firm last week. […]

Gherkin

From PSL to partner: Kirkland breaks new ground with Weil hire

In a rare move for a US firm in London, Kirkland & Ellis has hired a professional support lawyer as a partner to drive growth in its increasingly busy restructuring practice. Kate Stephenson joins Kirkland as a partner, having worked at Weil Gotshal & Manges for four years as a PSL in the restructuring team. […]

Slaughter and May

Slaughters called in to act on Wonga collapse

Slaughter and May has advised Wonga as it collapses into administration under a mass of compensation claims. The British payday loan company went into administration yesterday (30 August), having stopped accepting new loan applications as it fought to stave off collapse. The Slaughters team has been led by corporate partner Andy Ryde, restructuring and insolvency partners […]

Homebase hands first-time mandate to Kirkland on restructuring bid

Kirkland & Ellis has won a first-time mandate from struggling DIY chain Homebase, which earlier today confirmed it was planning a company voluntary arrangement (CVA). Homebase is the latest retailer to announce such a move and follows in the wake of similar CVAs entered into by New Look, Prezzo and Mothercare. A CVA can be used by […]

House of Fraser

City firms on call in last-ditch attempt to save House of Fraser

A host of firms, including Freshfields Bruckhaus Deringer and RPC, have been on call this morning following the news that Sports Direct’s Mike Ashley is to buy House of Fraser through a pre-pack administration. The collapse marks the end of 169 years of solvent trading and puts 17,500 jobs at risk. A team from Freshfields […]

Analysis

billable hours

The speed read: what you need to know about the market this week

When Wayne Rooney landed at Manchester United in 2004, the story went that it wasn’t because Sir Alex Ferguson needed another striker, but because Newcastle had put in a bid for the young Evertonian and he couldn’t countenance seeing such an exciting talent anywhere else. That brings us to this week’s news that former SFO […]

Featured Briefings

SEBI introduces exemptions for companies undergoing insolvency

By Ashwin Bishnoi, Rohit Ambast Between 31 May to 1 June, the Securities and Exchange Board of India (SEBI) amended a number of securities regulations to provide certain dispensations for listed companies undergoing the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC). These amendments follow SEBI’s discussion paper of March […]

Amendments to IBBI Regulations, 2016 – CIRP Regulations

By Ashwin Bishnoi, Shruti Singh, Charu Chitwan The Insolvency and Bankruptcy Board of India (IBBI) notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 (Amendment Regulations) on 4 July 2018 to amend the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) for the third time this year. Primarily, the […]

BEIS publishes response to consultation on corporate governance and insolvency

By Richard Naish On 26 August 2018 the Department for Business, Energy & Industrial Strategy (BEIS) published the government’s response to its consultation seeking views on proposals to improve the corporate governance of companies that are in or are approaching insolvency. In March 2018 the government launched a consultation which looked at ways to reduce […]

Changing horizon of UK’s corporate insolvency and restructuring landscape

By James Forsyth The UK’s corporate insolvency and restructuring landscape will be changing dramatically, following the Government’s announcement on 26 August 2018. The Government proposes to introduce a wide range of reforms including: 1. A standalone restructuring moratorium for companies which are in financial distress 2. A statutory restructuring process which will potentially bind dissenting […]

Insurance business transfer in Guernsey- An outlook

Insurers often wish to transfer portfolios of insurance contracts, either to another insurer in the same group in the course of a restructuring; or to a third party insurer (typically where the transferor wishes to exit a particular market). In the UK, Part VII of the Financial Services and Markets Act 2000 (“Part VII”) permits […]

Switzerland: Restructuring and insolvency review

By Daniel Hayek, Chantal Joris Switzerland’s GDP rose by 0.6 per cent in the fourth quarter of 2017. Positive impulses on the production side came from various sectors, namely the manufacturing industry, the construction industry and most service industries, including financial services. GDP growth was hampered by foreign trade in goods and services, with exports in […]

Adjudication Matters- September 2018

By Stephen Radcliffe, Carly Thorpe, Lucy Wild The recent judgement in Michael J Lonsdale (Electrical) Limited v Bresco Electrical Services Limited (In Liquidation) [2018] EWHC 2043 (TCC) makes clear that a company in liquidation cannot refer a dispute to adjudication when that dispute includes (whether in whole or in part) determination of any claim for further […]

CVAs an innovative alternative for insolvent companies

By Gawain Moore Following the approval of the company voluntary arrangement (CVA) by the creditors of Toys “R” Us in December 2017, 2018 has seen a number of high profile CVAs.  The high street is already facing well-documented challenges and with Brexit likely to cause further economic uncertainty, Gawain Moore explains why CVAs are increasingly seen […]

Insolvency officeholders’ duties: High Court guidance when assigning a claim

By James Forsyth The High Court has given guidance on the principles that insolvency officeholders should apply when deciding whether or not to assign a claim in LF2 Ltd v Supperstone [2018] EWHC 1776. This guidance does not create a binding precedent but does set out a helpful framework within which insolvency officeholders can consider a […]

Russia: Cancellation of duties for state registration of legal entities

Federal Law No. 234-FZ of July 29, 2013 amended the Tax Code of the Russian Federation providing for the cancellation of the state duties for state registration of: legal entity (currently the fee is 4 thousand rubles); changes to the constituent documents, as well as liquidation of the company’s legal entity outside the bankruptcy procedure […]

Insolvency officeholders’ duties: High Court guidance when assigning a claim

By James Forsyth The High Court has given guidance on the principles that insolvency officeholders should apply when deciding whether or not to assign a claim in LF2 Ltd v Supperstone [2018] EWHC 1776. This guidance does not create a binding precedent but does set out a helpful framework within which insolvency officeholders can consider a proposed […]

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