The High Court has handed down judgment against two former directors of a number of BHS group companies. The Joint Liquidators, Anthony Wright and Geoffrey Rowley (both of FRP Advisory) brought claims against Lennart Henningson and Dominic Chandler for wrongful trading, misfeasance trading and individual misfeasance.

Wrongful trading

TODAY, THE EAGERLY-AWAITED JUDGMENT HAS BEEN HANDED DOWN BY MR JUSTICE ZACAROLI IN RESPECT OF THE APPLICATION FOR DIRECTIONS MADE BY OFFICE-HOLDERS OF A NUMBER OF FAILED ENERGY SUPPLIERS. 

The impact of this judgment will be felt much wider than just within the applicants' insolvent estates and it is relevant to any office-holder or unsecured creditor of a failed energy supplier.

On 12 May 2021 the FCA issued finalised guidance for insolvency practitioners who are tasked with managing insolvencies of regulated firms.

Aiming to help insolvency practitioners understand how to deal with firms in line with FCA requirements, the guidance covers the process from end-to-end including expectations in the pre-insolvency stage and specific procedures relating to insolvencies and restructuring. The aim of the guidance is to assist with the minimising of the impact of a failure of a regulated firm

Essential points to consider if your company is looking at ways to improve balance sheet strength, whether strategically, opportunistically, or to help repair the damage done by the pandemic.

60 SECOND BASICS

WHAT IS IT

The COVID-19 pandemic has already led to business failures and forced others into negotiations with lenders, landlords and other stakeholders. For many sectors, the crisis has reinforced or accelerated the challenges that they were already facing. Government support measures including loans, furlough and temporary legislative changes have delayed some of the usual pressure points, but as support is eased, many businesses will have to find cash from significantly reduced turnover to satisfy deferred liabilities or repay loans.

Questions and answers on the effect of the part A1 moratorium to be introduced by the Corporate Insolvency and Governance Act 2020 from a Lender's perspective.

The Corporate Insolvency and Governance Act 2020 (CIGA) was enacted on 26 June 2020 and includes measures both as a response to COVID-19, which apply temporarily, and measures which apply permanently, part of a long-planned package of insolvency reform measures.

The Corporate Insolvency and Governance Bill (CIGB) was introduced to Parliament on 20 May 2020 and includes measures both as a response to COVID-19, which apply temporarily, and measures which apply permanently, part of a long-planned package of insolvency reform measures.