On 26 November 2020, the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading and Extension of the Relevant Period) Regulations 2020 (the “Regulations”) came into force. As well as extending to 31 March 2021 the “relevant period” for certain temporary modifications to the holding of company meetings, the Regulations reintroduce the suspension of the liability for wrongful trading.
Howard Morris and Sonya Van de Graaff, Morrison & Foerster LLP and Avonhurst
This is an extract from the second edition of GRR's The Art of the Ad Hoc. The whole publication is available here.
Scope of the chapter
Monika Lorenzo-Perez and Sabina Khan, Brown Rudnick
This is an extract from the second edition of GRR's The Art of the Ad Hoc. The whole publication is available here.
Status and relationship of an ad hoc committee with indenture trustees
Tony Heaver-Wren and David Bulley, Appleby
This is an extract from the second edition of GRR's The Art of the Ad Hoc. The whole publication is available here.
Introduction
Nick Angel, Nicole Stephansen and Kate Colman, Milbank LLP
This is an extract from the second edition of GRR's The Art of the Ad Hoc. The whole publication is available here.
Introduction
David Wallace and Hugo Bowkett, Latham & Watkins LLP
This is an extract from the second edition of GRR's The Art of the Ad Hoc. The whole publication is available here.
Introduction
JMW Solicitors have recently obtained an Order made pursuant to Section 234 of the Insolvency Act 1986 (the “Act”), which includes a term that allows the office-holder to recover possession of a residential property, without the need for separate possession proceedings being issued pursuant to Part 55 of the Civil Procedure Rules (“CPR”), which sets out the usual Court procedure for obtaining an order for possession of land.
The UK Government has reintroduced the temporary suspension of wrongful trading measures from 26 November 2020 until 30 April 2021 pursuant to The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading and Extension of the Relevant Period) Regulations. The suspension was originally introduced in March 2020 under section 12 of the Corporate Insolvency and Governance Act 2020 and expired on 30 September 2020.
Company directors have a number of duties imposed on them under the Companies Act 2006 as well as under common and other laws. Failure to carry out directors’ duties can result in substantial penalties, including personal liability for any losses suffered by the company, its shareholders and its creditors.
With the news that the Arcadia Group has entered administration, suppliers of goods and services are left with a number of questions: what happens next, and can they still get paid? The answers to such issues have recently been drastically altered by the Corporate Insolvency and Governance Act (CIGA) 2020. Its impact is discussed in the eight key points considered below.
What would happen in ‘normal’ circumstances? A manageable problem