Despite the initial glee of the prospect of a United States that was independent of Middle East oil, beginning in the fourth quarter of 2014, the price of oil started dropping precipitously.  As noted in a recent article, over 80 bankruptcies in the oil industry were filed in 2015, up 471 % over calendar year 2014.  

The trading environment for Britain’s pubs has never been tougher. According to the Campaign for Real Ale, 29 pubs close every week in the UK, with pubs selling approximately a third of the number of pints that they used to sell in the late 1970s.

The English High Court has granted an injunction to trustees in bankruptcy and pierced the corporate veil of companies which were operated by a bankrupt as his agents and nominees and which held assets on his behalf (Wood and another v Baker and others [2015] EWHC 2536 (Ch)).

Background

Background – As Things Currently Stand

The aim of EC Regulation on Insolvency Proceedings 2000 (the Regulation) is to improve the efficiency of insolvency proceedings with cross-border implications. It provides, within the EU, rules for determining:

Background

As things currently stand

The aim of the EC Regulation on Insolvency Proceedings (1346/2000) (Regulation) is to improve the efficiency of insolvency proceedings with cross border aspects. It provides, within the European Union (EU), rules for determining:

In the latest decision on COMI (Northsea Base Investment Limited & ors [2015] EWHC 121 (Ch)), the English Court had to determine the centre of main interest for a  group of companies registered in Cyprus, but where the operations of the companies were managed by a shipping agent in London.

Anyone investing equity in an enterprise, whether creating a start-up or purchasing an established company, is a natural optimist.  The hope is that the business will continue to perform well and yield its owners substantial profits year-after-year (and then maybe a hefty return upon exit).  But, as those of us in restructuring know, not every company enjoys positive returns all the time.  Businesses go through down cycles for different reasons – whether it be the overall economic climate (think 2008), issues specific to a particular industry (think dropping oil prices), a gr

The UK court recently considered the extent of s236 Insolvency Act 1986 (“IA 1986”) in the case of Re Comet Group Ltd (in liquidation); Khan and others v Whirlpool (UK) Ltd and another [2014] EWHC 3477 (Ch).

Key Points 

• Phones 4U went into administration in September 2014.
• Technology companies in the US have also faced a difficult market.
• Phones 4U’s complicated financing structure contributed to its downfall, as did its reliance on one or two key suppliers.
• The Protection of Essential Supplies Order will have considerable ramifications for tech suppliers when it comes into force.

PHONES 4U COLLAPSE: PART 1

The American Bankruptcy Institute Commission to Study the Reform of Chapter 11 today released its long-awaited, much-anticipated Final Report and Recommendations.