On May 20, 2020, the UK Government published its much anticipated draft legislation (the Corporate Governance and Insolvency Bill) which aims to provide greater opportunities for company survival and better returns for creditors during and after the COVID-19 emergency. The Government intends to ask Parliament to expedite progress of the Bill.

A court¹ has approached the interplay between the Insolvency Act 1986 and the Government's furlough scheme so as to encourage and support the rescue culture and facilitate access to the scheme by administrators. It ruled that:

On March 28, 2020^[1], the UK Government announced that it will introduce new legislation extending the UK’s existing restructuring and insolvency laws to include:

The High Court gave its ruling yesterday in the case of Discover (Northampton) Limited and others v Debenhams Retail Limited and others [2019] EWHC 2441 (Ch), rejecting four of the five grounds on which the Applicants disputed the validity of the company's Creditors Voluntary Arrangement ("CVA"), which was approved by creditors in May 2019.

Introduction The UK Government has announced that it will be introducing legislation under which the UK tax authorities1 will move up the creditor hierarchy in English insolvency proceedings2 in respect of certain taxes paid by

Introduction

In the recent case of Global Corporate Ltd v Hale , the Court of Appeal was asked to assess whether sums, described as “interim dividends”, paid to Mr. Hale (the “Respondent”) in his capacity as both a director and shareholder of Powerstation UK Limited (the “Company”), had been made in accordance with section 830 of the Companies Act 2006 (the “Act”) prior to the Company’s insolvency.

The High Court has formally adopted new guidelines approved by the fledgling Judicial Insolvency Network (“JIN”) designed to encourage and enhance communication between courts where parallel insolvency proceedings have been commenced in different jurisdictions (the “Guidelines”).

The Grand Court has handed down an instructive judgment appointing "light-touch" provisional liquidators over Midway Resources International ("Midway"), a pan-African focused upstream oil and gas company, incorporated in the Cayman Islands. The judgment of Segal J will be of particular interest to companies considering the appointment of provisional liquidators intended to work alongside the board of directors to promote a restructuring plan, under section 104(3) of the Companies Act (2021 Revision) (the "Act").

New insolvency fees and deposits introduced on 21 July 2016

From 21 July 2016, insolvency fees for bankruptcy and company insolvency are set to change. This is the outcome from the funding review the Insolvency Service has undertaken with the Department for Business, Innovation and Skills and HM Treasury and is to come into force in the shape of The Insolvency Proceedings (Fees) Order 2016 (SI 2016/692).

In Re DTEK Finance BV,¹ the English High Court decided that a change in the governing law of bonds from New York to English law, established a sufficient connection with the English jurisdiction for it to sanction the bonds' restructuring via a UK scheme of arrangement.

Background