More than a decade after the enactment of chapter 15 of the Bankruptcy Code, issues pertaining to recognition of a foreign debtor’s bankruptcy or insolvency proceeding under chapter 15 have, in large part, shifted from the purely procedural inquiry (such as the foreign debtor’s center of main interests, or “COMI”) to more substantive challenges regarding the limits, if any, that chapter 15 places on U.S. bankruptcy courts. But as demonstrated by the recent ruling in In re Creative Finance Ltd. (In Liquidation), 2016 BL 8825 (Bankr. S.D.N.Y. Jan. 13, 2016), U.S.
From April 2016 companies and limited liability partnerships (“LLPs”) (except for publicly traded companies) will be required to create and maintain a register of persons with “significant control” over the company (“PSC Register”) and in due course send that information to Companies House where it will be publically searchable.
What’s the purpose of the new regulations?
From 6 April 2016 an application for an individual resident in England and Wales to go bankrupt will be an online procedure (in Northern Ireland, the changes will apply from November 2016). This change was brought about by the Enterprise and Regulatory Reform Act 2013.
A debtor will complete an online application to be reviewed by a newly created “Adjudicator”, where previously an application was made in person to the Court. As a result of the changes the court will only be involved in a minority of cases involving an appeal or a post-order application, thus freeing up court time.
Summary
Editor’s Note: Our good London colleague Ed Marlow recently published this as a Bryan Cave client advisory.
The case of K/S Victoria Street v House of Fraser (Stores Management) Ltd in 2011 clarified several important points under the Landlord and Tenant (Covenants) Act 1995 relating to the release of covenants and the responsibilities of tenant and guarantor on assignment of a lease.
In giving the judgement for K/S Victoria Street Lord Neuberger commented obiter that the anti-avoidance provisions of the 1995 Act may prevent an assignment from a tenant to its guarantor, even if both parties wished it.
Key point
- Purely voluntary redress payments are not caught by a paragraph 99 charge
The facts
The BHS CVA is now in effect following a successful ‘yes’ vote on 23 March 2016 when 95% of creditors voted in favour of the proposals.
There is nothing quite like obtaining a new customer or getting a new big sale - the prospect of recurring revenue from a new source, the validation of business strategy, or the culmination of a successful negotiation.
However, there is nothing more disheartening than when a new customer is unable or unwilling to pay for the product you just shipped or services you just provided. Perhaps there is one thing that is worse, when a long-term customer fails to pay.
The Jackson reforms to no-win no-fee agreements and the UK government's proposal to ban general damages for minor personal injuries have sent many UK firms into a tailspin.