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New Guidance Note Anticipated on Collective Redundancies in Insolvency

The Insolvency Service intends to publish a new guidance notice to address the issues faced by employers in dealing with collective consultation when a company is facing insolvency, following consultation with the industry last year.

The guidance note is expected to require insolvency practitioners to notify the government in advance of collective redundancy proposals and to comply with the requirement to consult when seeking to rescue or wind up a business.

United Kingdom, Employment & Labor, Insolvency & Restructuring, Squire Patton Boggs
Employees - why they may be out of a job and out of pocket on corporate failures

It is no great surprise that following the collapse of Carillion and with other retail businesses teetering on the edge, insolvency and corporate recovery is back in the news.

Some of the biggest casualties of entities like Carillion are the employees. Luckily, in the Carillion failure many jobs have been saved, but there is still a residual cost to employees who have to submit claims to the National Insurance Fund and the liquidator to recover payments for unpaid wages, holiday and sick pay.

United Kingdom, Employment & Labor, Insolvency & Restructuring, Squire Patton Boggs, Liquidation, Carillion
Taking advice from professionals is not a “get out of jail free” card for directors in the event of insolvency

Directors of a company in financial distress will often turn to their professional advisors to assist in making decisions about the company’s future; whether that be their lawyers, accountants, bank, tax advisors or insolvency professionals.

United Kingdom, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs
Top Insolvency Cases and Highlights from 2017 - Part 2

We previously published Part 1 of our survey of interesting and important developments in Canadian insolvency and restructuring matters in 2017. This post is the second and final part – with an additional seven highlights and cases. You can also find a printable version containing the complete “Top Insolvency Cases and Highlights from 2017” bulletin on our website.

Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Supreme Court of Canada, Court of Appeal of Alberta, Quebec Court of Appeal
Top Insolvency Cases and Highlights from 2017 - Part 1

2017 saw a number of interesting and important developments in Canadian insolvency and restructuring matters. Some of the highlights (which, in certain instances, will continue as issues in 2018 and beyond) are set forth below:

1) Trends: Fewer CCAA Filings and Retail Insolvencies in the News

Canada, Ontario, Quebec, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Liquidation, Secured creditor, Office of the Superintendent of Financial Institutions (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
Proposed Amendments to Insolvency Legislation Granting Super-priority to Pension Plan Deficits and Employee Benefits

This fall, the NDP and the Bloc Québécois (“Bloc”) have both introduced private member’s bills seeking to amend the Bankruptcy and Insolvency Act(“BIA”) and the Companies’ Creditors Arrangement Act (“CCAA”).

Canada, Quebec, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Unemployment benefits, Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada)