German gaming group Löwen Play obtained sanction for a scheme of arrangement following a hearing in the High Court on 5 May 2022. Mr Justice Johnson granted an order sanctioning the scheme following its approval by a significant majority of creditors at the single scheme meeting. The group operates a gaming arcade business in Germany and the Netherlands, and the relevant scheme company was incorporated in Germany.
In May 2021, the UK Government published a Consultation which set out its proposals for targeted (but significant) amendments to certain aspects of the existing UK insolvency arrangements for insurers.
Regulated firms using company or insolvency law procedures to manage their liabilities could face action by the FCA if their proposals unfairly benefit them at the expense of their customers. The FCA has put forward draft guidance setting out the new role which it would have when a regulated firm proposes a compromise, what information it expects to be provided and the key factors which the FCA will consider.
In December 2021 the Insolvency Service launched a Consultation on the future of insolvency regulation. The Consultation proposes a number of changes that will have a significant impact on the insolvency profession, including the creation of a single regulator for insolvency professionals and bringing firms providing insolvency services within the scope of insolvency regulation for the first time. The deadline for responses is 25 March 2022, although there is no specified timeline for the implementation of any reforms.
Can directors or shareholders be required to contribute to the liquidation estate?
What liability can directors or other officers attract in respect of an insolvent company?
What categories of transaction can be avoided or set aside?
Who is responsible for seeking orders to set aside such transactions?
This Q&A on avoidance transactions is part of a series on restructuring and corporate recovery jurisdiction in the British Virgin Islands.(1)
What are the principal forms of security in the British Virgin Islands in respect of movable and immovable property?
What is the effect on secured creditors of the commencement of an insolvency procedure?
To what extent do courts assist overseas appointees (through recognition) and in what circumstances?
Are there any limitations typically imposed in respect of recognition of an overseas appointee?
What are the principal insolvency procedures for companies in the British Virgin Islands?
Are any of the procedures available on a provisional basis?
What requirements should be satisfied for the procedures to be pursued?
High Court sanctions scheme of arrangement proposed by the Provident Finance group