Insolvency and restructuring

News

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 […]

Exit sign

Latham snares restructuring duo from Sidley Austin

Restructuring duo Yen Sum and Jennifer Brennan are leaving Sidley Austin after less than two years, swapping the US firm for Latham & Watkins‘ London office. Sum decamped from Linklaters to Sidley at the end of 2016 and was quickly followed by Brennan, then a managing associate at the magic circle firm. The pair join […]

Freshfields partner swaps private practice for the Bar

Freshfields Bruckhaus Deringer restructuring partner Nick Segal is switching private practice for the Bar, taking on a new role at Erskine Chambers. Segal is set to join the chambers as a barrister in September, after he has been successfully admitted to the Bar. Segal joined Freshfields in 2006 on his return to the UK from […]

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 […]

Analysis

Featured Briefings

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 […]

Insolvency Litigation July 2018

By Alex Jay, Ian Weatherall, Kanika Kitchlu­ Connolly, Turon Miah and Teresa Edwards 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: another decision which deals with an application for security for costs where the claimant was in liquidation; a […]

Ontario: Commercial list clarifies scope of set-off rights

By Thomas Gertner and Frank Lamie In an insolvency, the three heads of set-­off (contractual, legal and equitable) each represent a powerful means of effectively jumping the queue and circumventing the ordinary priority scheme between a company’s secured and unsecured creditors. In a recent novel decision, Re Strellmax, the Ontario Superior Court of Justice [Commercial List] […]

A cautionary tale for liquidators who don’t play by the rules

By Clive Ince In the early years of the new millennium the Luminar Group was a major player within the UK nightclub and leisure sector operating, at its peak, over 300 venues across the country. Between 2005 and 2007 a fundamental restructuring took place largely to address market challenges including the liberalisation of pub opening […]

Tenant insolvency: When and how can a landlord draw down on a rent deposit?

By Philip Collis Dubbed “the year of the CVA”, 2018 has so far seen a spate of high-profile retail insolvencies. Landlords are seeking to protect their position in this volatile climate. The rules governing the actions landlords can take in insolvency situations are complex. They depend on whether the tenant is a company or individual, […]

Cayman Islands: Appointing receivers in aid of equitable execution

A recent decision of the Cayman Islands Grand Court in Y v R (9 January 2018) has confirmed the applicable principles concerning the appointment of receivers to aid enforcement of a Cayman Islands’ judgment. Equitable execution is a means of enforcing judgment debts where other methods of enforcement are not possible or have not been […]

India: Second ordinance to amend the Insolvency and Bankruptcy Code

The President of India promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance 2018 on 6 June 2018 (Ordinance) to amend the Insolvency and Bankruptcy Code 2016 (IBC). In the short history of around one and half years since the provisions relating to corporate insolvency resolution process under IBC came into force in December 2016, the […]

Restructuring and insolvency in Luxembourg: overview

A Q&A guide to restructuring and insolvency law in Luxembourg. The Q&A gives a high-level overview of the most common forms of security granted over immovable and movable property; creditors’ and shareholders’ ranking on a company’s insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue […]

India: Amendments to securities board delisting regulations

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 2018, which set out specific […]

Broomhead v NatWest – a claimant’s cautionary tale

By Nick Curling Since the publication in November 2013 of a report by Dr Lawrence Tomlinson, there has been much media and parliamentary scrutiny of the alleged mistreatment by lenders of SME customers who found themselves in a financially distressed position. Much of the focus of this scrutiny fell on RBS, who was the subject of a […]

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