Insolvency and restructuring

News

New Look restructuring saga continues with new firm line-up

Latham & Watkins is one of the heavy hitting City firms that have been ushered in to advise on the next chapter of New Look’s restructuring saga, following the arrival of Sidley Austin’s Yen Sum last year. Sum, who moved to Latham after a short spell at Sidley in 2018, won a place for the bondholders […]

HMV

City duo secure lead mandates on HMV administration

Addleshaw Goddard and Howard Kennedy have been called in to act on the administration of HMV, after it struggled to scrape past Christmas and became the latest victim on the ailing high street. Addleshaws is advising administrators KPMG, led by business support and restructuring partners Fraser Ritson and Alison Goldthorpe. KPMG was confirmed as administrators […]

money

Revealed: Slaughters’ expected fees for Wonga’s collapse

Slaughter and May is in line to pick up a pay packet of £700,000 for its work advising on the administration of payday lender Wonga, falling in line with fees already paid to legal advisers on retail restructurings. The firm was drafted in when Wonga collapsed into administration under a mass of compensation claims at […]

hairdressing

Shoosmiths lines up CVA for Supercuts owner

Shoosmiths has guided salon chain Regis through its company voluntary arrangement (CVA) in the eighth retail restructuring deal that the firm has done in a year. Regis, which owns the hairdresser Supercuts brand, lined up the CVA in October in order to cut its rents after being hit by lower footfall, the apprenticeship levy and higher pension […]

paris

White & Case joins fight for Paris talent with Orrick team hire

A team from Orrick’s French operations are to decamp for White & Case’s burgeoning corporate practice, the latest development in a spate of activity in the Paris market. Saam Golshani, Orrick’s co-chair of European restructuring and head of its Paris M&A and private equity group, is leading the move to White & Case. He has spent […]

Analysis

Have we forgotten how to listen?

We shout a lot these days and we seem to have forgotten how to listen. Even if we are listening it is, more often than at any time in the history of mankind, within our own bubble as we plug in the earphones and pull up the audio drawbridge. There’s a lot of shouting on […]

Featured Briefings

Supreme Court: Time-barred claims cannot be brought under IBC

On 11 October 2018, the Supreme Court (Court) vide its judgment in B.K. Educational Services Private Limited v Parag Gupta and Associates (Civil Appeal No. 23988 of 2017) clarified the applicability of Limitation Act, 1963 (Limitation Act) to the Insolvency and Bankruptcy Code, 2016 (Code). Background Parag Gupta and Associates, a financial creditor (Respondent) had […]

PortugaL: An introduction to restructuring/insolvency

By Frederico Gonçalves Pereira, Teresa Pitorra Portugal is now in recovery from the severe economic and financial crisis it has faced since 2011. In the past year, economic activity in general has largely improved and, in particular, economic growth, investment and consumer spending have reached pre-crisis levels. This environment of economic growth has allowed several […]

An unsatisfactory side effect of disclaimer

By Alan Corcoran, Michael Callaghan A trustee in bankruptcy lost all rights to the proceeds of sale of a freehold property after he disclaimed title to it Background Mr Sleight was the trustee in bankruptcy of an insolvent estate. The deceased’s assets included several freehold properties that were charged to banks where the value of […]

Government responds to law commission report on consumer prepayments on insolvency

By James Forsyth The Government will consult on new laws to give consumers greater protection on retailer insolvency, but has confirmed that consumer prepayments will not be given preferential status in insolvency. This was announced on 27 December 2018 in the Government’s Response to the Law Commission’s July 2016 Report on Consumer Prepayments on Retailer […]

In what circumstances can additional administrators be appointed?

By Simon Clark, Gawain Moore According to a recent case, Zinc Hotels (Investment) Limited and others v Beveridge and others [2018] EWHC 1936 (Ch), the court does not have power to appoint additional administrators except within the constraints of paragraph 103 of Schedule B1 to the Insolvency Act 1986. Where administrators are appointed out of court by the […]

Challenging an IVA on the grounds of material irregularity

By Simon Clark, Gawain Moore In Gertner v CFL Finance Ltd [2018] the Court of Appeal found that there had been a material irregularity at the creditors’ meeting convened to consider the debtor’s IVA proposals. The lender’s breach of the good faith principle between creditors was sufficient to revoke the IVA on grounds of material irregularity.

What is the extent of a secured creditor’s equitable duty to a guarantor?

By Simon Clark, Gawain Moore In General Mediterranean Holding SA SPF v Qucomhaps Holdings Ltd[2018] the Court of Appeal had to consider if and when a commercial lender’s acts or omissions in relation to its security will release a guarantor from its obligations. The court found that in the absence of express terms, any equitable duty […]

Director-shareholder remuneration – risks of declaring dividends vs taking a salary

By Gawain Moore, Jo Stephenson, David Johnson In the recent case of Global Corporation Limited v Hale [2018] EWCA Civ 2618, the Court of Appeal considered whether payments to the director and shareholder of a company must be repaid on the basis that they constituted dividends which were unlawful pursuant to section 830 of the Companies Act 2006. The Respondent […]

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