Our recent blog discussed the decision in Re Carluccio’s Limited (in administration) [2020] EWHC 88D (Ch) where the Court considered whether administrators would “adopt” the employment contracts of employees they furloughed after the 14 day grace period.
The High Court has delivered the first decision on the Coronavirus Job Retention Scheme (the “Scheme”), in the context of the Carluccio’s administration.
As we have previously discussed (HERE), despite further clarification from HMRC over recent days, there remain some unanswered questions regarding the detailed operation of the Scheme, given that the Scheme’s exact legal framework has not been published.
O Conselho Nacional de Justiça (“CNJ”) aprovou, na 307ª Sessão Ordinária, realizada de forma virtual no dia 31 de março de 2020, orientações para os juízos competentes para processamento de recuperações judiciais, diante do estado de calamidade pública e severo impacto econômico gerados pelo COVID-19.
As orientações foram aprovadas pelo CNJ por meio do Ato Normativo nº 0002561-26.2020.2.00.0000, sob relatoria do Conselheiro Relator Henrique Ávila.
Over the weekend, the Business Secretary announced that UK Insolvency Laws will be changed.
The changes will give businesses “extra time to weather the storm” and give comfort to directors who, challenged with trading through a difficult cash flow period, will not face claims for wrongful trading.
Relaxation of wrongful trading provisions
The proposed measures alleviate concerns that borrowing additional funds offered by the Government could place a director at risk of personal liability.
A pandemia acarretada pelo Covid-19 impactou severamente a atividade econômica, diante da necessidade de adoção de medidas cada vez mais restritivas com o objetivo de diminuir a curva de propagação do coronavírus.
O impacto econômico está sendo sentido por diversos setores da economia, sendo que a mudança abrupta no cenário financeiro surpreendeu o mercado como um todo e tem tornado cada vez mais difícil o cumprimento de obrigações pelas partes contratantes.
The ILA Technical Committee, in conjunction with the CLLS, has produced the attached briefing note that reminds practitioners and businesses of the flexibility of a UK administration to stabilise, protect, and, if necessary, restructure companies.
Following on from our blog: Does e-filing give you a headache? Does the recent guidance issued by the Chancellor help ease the pain?
In this blog, we highlight changes to law, practice and procedure that will or could impact the restructuring insolvency market this year – covering important changes that should be on your radar – as well as providing an update on those changes that were expected but which might be delayed beyond 2020.
Brexit – will it be business as usual for R&I practitioners?
This week sees the UK finally leave Europe.
First, there was the HMV case, then Skeggs Beef and SJHenderson. Following which we had further judicial decision in All Star Leisure and now Keyworker Homes, all of which considered the validity of appointment of administrators using the e-filing system.
Keyworker Homes deals with these questions:
Causer v All Star Leisure (Group) Ltd [2019] EWHC 3231 (Ch) (Causer) is yet another case which highlights the issues that e-filing can cause for practitioners when using the system to appoint administrators.
The decision in Causer followed Skeggs Beef in concluding that whilst the appointment of an administrator by a QFCH out of hours using the e-filing system is defective it is a defect capable of remedy. The case is nevertheless worthy of note because: