Lehman Brothers International (Europe) (In Administration) ("LBIE") - Unsecured Claims Update As explained in our update of December 2009 (which you can view here), a bar date of 31 December 2010 has been set for submitting unsecured claims in the administration of LBIE.

Last week the High Court of England and Wales revoked a company voluntary arrangement (CVA) promoted by retailer Miss Sixty in a damning judgment that called into question the conduct of the practitioners involved. The case of Mourant & Co Trustees Limited v Sixty UK Limited (in administration) [2010] could end so-called guarantee stripping – where the CVA purports to discharge guarantees given by a third party – and provide powerful ammunition to landlords seeking to negotiate future CVAs with tenant companies.

CLIENT ALERT
Supreme Court Upholds Right to Credit-Bid in 363 Sales Embedded in Reorganization Plans

CLIENT ALERT
Supreme Court Upholds Right to Credit-Bid in 363 Sales Embedded in Reorganization Plans

Hedge fund regulations, a tax on financial markets, a ban on naked short selling. The EU's bid to rein in the speculators has the financial industry up in arms. Lobbyists are already preparing to systematically attack the new proposals, Spiegel Online reported. A day after the European Union outlined proposals to increase regulation of the financial markets, London's financial professionals are preparing a counter-attack.

EUROPEAN UPDATE: (citation: Adam Gallagher, Stanford International Bank: UK Court of Appeal Clarifies Appropriate Test for COMI, XXIX ABI Journal 4, 38, 72-73, May 2010) - Adam Gallagher

The UK Insolvency Service has conducted a consultation on proposals to amend insolvency law to encourage company rescue.