Restructuring Plans (RPs)
2024 was a year of firsts for RPs, and as case law in this area continues to evolve, there is little doubt that this will carry through into 2025.
It would be remiss not to expect to see more RPs in 2025. News of Thames Water's restructuring is "splashed" all over the press and Speciality Steel's plan might see the first "cram up" of creditors, but there seems a long way to go to get creditors onside.
Categorisation of a charge as fixed or floating will have a significant impact on how assets are dealt with on insolvency and creditor outcomes.
Typical fixed charge assets include land, property, shares, plant and machinery, intellectual property such as copyrights, patents and trademarks and goodwill.
Typical floating charge assets include stock and inventory, trade debtors, cash and currency, movable plant and machinery (such as vehicles), and raw materials and other consumable items used by the business.
As practitioners we pour over notices of intention to appoint (NOIA) and notices of appointment of administrators (NOA) to make sure every detail is accurate. Why? Because no one wants to risk an invalid appointment because there was a minor mistake or error that was overlooked. Understandably errors occur, particularly when the appointment of administrators often happens at speed, with all parties inevitably juggling many balls. Prescribed information may have been missed, or incorrectly stated and procedural steps may have been inadvertently forgotten.
For those that are that way inclined (which includes us at #SPBRestructuring!), the 500 plus page Wright v Chappell judgment which sets out the BHS wrongful trading claim against its former directors makes for an interesting read. It paints a colourful picture of the downfall of the BHS group, from the point that it was sold for £1 to its eventual demise into administration and then liquidation. You can make your own mind up about the characters involved, but the story is a sorry one, with creditors ultimately suffering the most.
No, it isn’t. We now have two cases where the Court has confirmed that insolvency practitioners do not need the consent of paid secured creditors when extending an administration under para. 78 of Schedule B1 of the Insolvency Act 1986 (the “Act”).
This question was considered in the recent case of Pindar where the judge concluded that an administration had been validly extended where the consent of one of the secured creditors (who had been paid) was not obtained.
The UK Financial Conduct Authority (FCA has issued a consultation about proposed changes to its Guidance for Insolvency Practitioners. The aim is to clarify existing guidance and provide more information to insolvency practitioners (IPs) on how to deal with regulated firms.
引言
近期，香港高等法院正式颁布针对一家大型港股公司（“港股公司”）的清盘令并委任清盘人。这宗债项涉及约数十亿美元的清盘呈请终于落下帷幕，也成为香港有史以来涉及金额最大的清盘案件之一。不少客户均希望了解，香港法下这类清盘对债权人利益及权利之影响。我们将持续推出系列文章，为大家介绍有关内容。
案情简介
根据香港公司清盘法律规定，公司任何一位债权人、股东或公司本身均可通过向高等法院提交清盘呈请书发起针对该公司的强制清盘。就该案而言，数月前港股公司的一债权人入禀香港高等法院，对港股公司提起清盘呈请（“呈请”）。该清盘呈请提出后，历经多次聆讯及延期申请，香港高等法院最终针对港股公司颁布了清盘令。
债权人对清盘债务人的行动
一旦公司进入强制清盘程序，根据香港公司清盘法律规定，所有针对该公司的诉讼程序均会自动中止。该规定目的在于确保清盘程序的有序进行，公司资产不会被用于提起或辩护任何法律程序，以保护公司财产和债权人利益。
引言
近期，香港高等法院正式颁布针对一家大型港股公司（“港股公司”）的清盘令并委任清盘人。这宗债项涉及约数十亿美元的清盘呈请终于落下帷幕，也成为香港有史以来涉及金额最大的清盘案件之一。不少客户均希望了解，香港法下这类清盘对债权人利益及权利之影响。我们将持续推出系列文章，为大家介绍有关内容。
案情简介
根据香港公司清盘法律规定，公司任何一位债权人、股东或公司本身均可通过向高等法院提交清盘呈请书发起针对该公司的强制清盘。就该案而言，数月前港股公司的一债权人入禀香港高等法院，对港股公司提起清盘呈请（“呈请”）。该清盘呈请提出后，历经多次聆讯及延期申请，香港高等法院最终针对港股公司颁布了清盘令。
债权人对清盘债务人的行动
一旦公司进入强制清盘程序，根据香港公司清盘法律规定，所有针对该公司的诉讼程序均会自动中止。该规定目的在于确保清盘程序的有序进行，公司资产不会被用于提起或辩护任何法律程序，以保护公司财产和债权人利益。
While there is a statutory requirement to register most forms of security granted by limited companies incorporated in the UK at Companies House, it is worth remembering that there is no statutory requirement for the holder of registered security to inform Companies House if, e.g., the debt secured by a registered charge has been satisfied.