Why is this case of interest?
The ongoing litigation between Mr Palmer and Northern Derbyshire Magistrates Court relates to the guilty verdict handed to Mr Palmer who was acting as an administrator and charged with an offence contrary to the Trade Union and Labour Relations Consolidation Act 1992 (TULRCA).
Gawain Moore, Ashley Armitage and Oliver Wheeler discuss the sanctioning by the Business and Property Courts in Leeds of the first creditor-led Part 26A restructuring plan.
The Supreme Court’s decision in BTI v Sequana & Others represents the most significant ruling on the duties of directors of distressed companies of the past 30 years. It is the first occasion on which the Supreme Court has addressed whether company directors owe a duty to consider or act in accordance with the interests of the company’s creditors when the company becomes insolvent, or when it approaches, insolvency (the creditor duty). The judgment is lengthy, but can be boiled down to the following key points.
The Supreme Court has today ruled on the ranking of certain pension liabilities when issued to companies in administration or liquidation.
Although only a few weeks old, 2013 has already seen HMV, Jessops and Blockbuster enter administration, joining last year's failures, which included Comet, Clinton Cards and Peacocks. Given the number of premises these companies occupy across the UK, landlords of retail premises will inevitably be affected.
The European Commission has published a paper on its study covering pre-insolvency, early intervention, reorganisation and liquidation.
On 12 March 2010, the FSA published the statement that it had provided to the court appointed examiner of Lehman Brothers Holding Inc, which is referred to in his wider report on the collapse of Lehman Brothers.
View FSA statement to the US bankruptcy court examiner on the collapse of Lehman Brothers Holdings Inc, 12 March 2010
The FSA has published the statement that it has provided to the court appointed examiner of Lehman Brothers Holding Inc, which is referred to in his wider report on the collapse of Lehman Brothers published on 11 March 2010.
View FSA statement to the US bankruptcy court examiner on the collapse of Lehman Brothers Holdings Inc, 12 March 2010
HM Treasury has published a consultation paper which is entitled Special Resolution Regime: the draft FSMA (Contribution to Costs of Special Resolution Regime) Regulations 2010.
This consultation seeks views on all aspects of the draft Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2010 which will be made under the new FSMA provisions when clause 28 of the Financial Services Bill is enacted.
The deadline for comments on the consultation is 15 June 2010.
The FSA has published a short update on Lifemark S.A. (Lifemark). The FSA reports that on 11 February 2010, the Luxembourg financial services regulator, the Commission de Surveillance du Secteur Financier (the CSSF), applied to the Court in Luxembourg to extend the appointment of Eric Collard of KPMG as provisional administrator in respect of Lifemark.