38 results
24 Jan 2019 10:32
International Corporate RescueRe SHB Realisation Ltd (formerly BHS Ltd); Wright and another (as joint liquidators of SHB Realisations Ltd (formerly BHS Ltd)) v Prudential Assurance Companies Ltd [2018] EWHC 402 (Ch); [2018] All ER (D) 58 (Mar) Synopsis With high street insolvencies on the rise, CVAs have grown in popularity as a more...
18 Jan 2019 15:23
Receivables Finance: the prohibition on assignment is now in forceThe Business Contract Terms (Assignment of Receivables) Regulations 2018 came into force on 31 December 2018 meaning that parties to a contract in the UK may no longer be able to prohibit the assignment of receivables arising in respect of supplies made under it, even if it is a long term supply more...
11 Dec 2018 16:47
A lesson for secured creditors – don’t ‘over step the mark’ during an administrationThe decision in Davey v Money [2018] EWHC 766 (Ch) serves as a useful reminder of the potentially broad-ranging scope of liabilities that secured creditors, such as financial institutions, may be exposed to during the course of an administration. Background Mr Davey was the sole director and more...
11 Dec 2018 16:38
In what circumstances can additional administrators be appointed?The decision in Davey v Money [2018] serves as a useful reminder for financial institutions of the potentially broad-ranging scope of liabilities that they may be exposed to during the course of an administration. Secured creditors should be careful not to try and control the conduct of an more...
3 Dec 2018 16:49
Success in the Court of Appeal for Lawrence McDonaldLawrence McDonald from Exchange Chambers has appeared in the Court of Appeal for the successful appellant in the case of Global Corporate v Hale. The case is important for two main reasons. First, because it clarifies the circumstances in which liquidators of a company can recover from directors of more...
29 Nov 2018 10:14
General Mediterranean Holding SA SPF v Qucomhaps Holdings Ltd [2018] EWCA Civ 2416Background GMH provided loans to Qucomhaps of around $4,000,000 to assist it in purchasing the business of the aircraft manufacturer, Moravan. Repayment was secured by a personal guarantee from Mr Harkin, Qucomhaps’ managing director. Further GMH was granted fixed and floating charges over the more...
1 Nov 2018 16:52
Hardwicke celebrates yet more excellent results in Chambers UK Bar Directory 2019Hardwicke is celebrating excellent results in the newly released Chambers UK Bar Directory 2019 with new recommendations in Commercial Dispute Resolution, Restructuring & Insolvency and Real Estate Litigation. Several members also moved up a band in the areas they were recommended. Hardwicke more...
19 Oct 2018 12:16
Exchange Chambers hosts insolvency events in Manchester and LeedsExchange Chambers this week hosted its Annual Insolvency Conference in Manchester and Leeds. The events, which have been running for over 10 years, were attended by over 150 delegates and featured a range of presentations from silks, juniors and academics. Speakers across the two cities included more...
18 Oct 2018 08:45
Legal Cheek interview with Simon KerryIn his recent interview with Legal Cheek, Simon Kerry talks about life as a junior barrister at Hardwicke. Simon spent four years as a tax associate at accountancy giant PwC before joining Hardwicke as a pupil. A “love for advocacy” prompted his career switch, he says, adding: “I like the excitement more...
8 Aug 2018 07:33
Judgments in Brief: July 2018FromCounsel has published Judgments in Brief: July 2018 – an overview of the judgments covered in July 2018: https://bit.ly/2ORvMOb Note that there will be no Judgments in Brief for August 2018 due to summer recess. more...
17 Jul 2018 17:19
Help – the borrower has gone bust! How does that affect us?Introduction: the Basics 1. This article seeks to provide some answers you could give if a lender client comes to you and explains that one of its corporate borrowers has entered administration or liquidation, and asks you how that will affect the lender. 2. Anyone who secretly feels a little more...
Cross-Border Insolvency Regulations Unlikely to Provide Safety Net for Recognition of Foreign Proceedings Following Brexit; Rule in Gibbs to Be Challenged
The application of the Cross Border Insolvency Regulations 2006 (CBIR), which contain the UNCITRAL Model Law, in English courts has been central to two major overseas restructurings in the past few months. In the restructurings of both Agrokor dd and the International Bank of Azerbaijan, foreign more...
Great Repeal Bill, UK Still Has to Negotiate For Judgments, Proceedings Recognition Under Brussels and EU Insolvency Regulations
The first draft of the anticipated “Great Repeal Bill” was published in July 2017 by the U.K. government. The bill sets out that from the outset of Brexit, the vast majority of existing EU law adopted by the U.K. will be incorporated into domestic legislation. This means that EU legislation, which more...
Directors' duties, insolvency and Duomatic - Ball v Hughes [2017] EWHC 3228 (Ch)
PV Solar Solutions Ltd traded in the supply and installation of solar panels, and enjoyed the benefit of government subsidies designed to encourage the exploitation of solar energy. Following the reduction of those subsidies, the company went into administration and then, in November 2014, more...
29 Jan 2018 14:53
INSOLVENCY AND RESTRUCTURING - LIFE AFTER BREXITRaquel Agnello QC sets out why this issue merits a proactive approach in the Brexit negotiations. Insolvency has undergone a real cross border transformation in the last 20 years. A recent letter dated 31st October 2017 from the City of London Solicitors Law Society to the Government stated, that in more...
PAYMENT OF THE SECRETARY OF STATE'S ADMINISTRATION FEE
In Re Safier, the court considered whether the Secretary of State’s administration fee is payable where third party funds are used to pay all of a bankrupt’s debts and expenses prior to or in connection with an annulment application. The court held that for bankruptcies where the bankruptcy order more...
Challenge to pre-pack defeated - Re Meem SL Limited (In Administration) [2017] EWHC 2688 (Ch)
Summary Where complaint is made about a pre-pack administration, more often than not it is the trade creditors who claim to have been left high and dry by the pre-arranged sale of the company’s business to the former management. The case of Re Meem SL Ltd (In Administration) [2017] EWHC 2688 (Ch) more...
Court approves banking transfer scheme in respect of Kleinwort Benson Bank Limited
On 30 October 2017, Carr J approved the banking business transfer scheme by which, as part of an internal restructuring, the entire business of Kleinwort Benson Bank Ltd (KBBL) was transferred to SG Kleinwort Hambros Bank Ltd (Kleinwort Hambros) pursuant to Part VII FSMA 2000. In addition, the judge more...
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