As ever, ‘back to school’ and the shift into Autumn provides an opportunity to reflect on the state of play in the UK economy. For the last few years – thanks in no small part to factors outside of their influence – September has been a time when clients have been seeking a lighthouse via which to avoid the rocks.
Insolvency statistics for August were recently released and the number of companies entering into formal insolvency processes is the highest it has been for several years.
The economic outlook isn’t great, with the IMF predicting growth in the UK will be lowest of all the G7, off the back of pandemics, wars, energy crises, labour shortages, and borderline hyperinflation.
In the matter of Bleecker Property Group Pty Ltd (In Liquidation) [2023] NSWSC 1071, appears to be the first published case that considers the question of whether an order can be made under section 588FF(1)(a) of the Corporations Act 2001 (Cth) by way of default judgment against one defendant where there are multiple defendants in the proceedings.
Key takeaways
Restructuring Advisory Director, Luke Wilson, reflects on the manufacturing sector's economic activity.
From my experience every battle in business or life always has two sides, the one which is glaringly obvious, the fight itself – the difficulties and the alarming thoughts of, how do I find a way through – then the other side, beneath the surface, there is an abundance of opportunity for change, growth and learning. This is no different for the current state of flux that the manufacturing sector is facing.
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Restructuring Advisory Director, Luke Wilson sits down with Neil Taylor, founder and managing director of NTI, on the CPD Tap podcast to explore the latest insolvency trends.
When feeling a little lost, stressed or fearful about life its fairly natural to gravitate towards things that give us a sense of ease (dopamine), control, distraction and worth. I used to find these escapes in in alcohol, and then food, and from time to time I still do in shopping to the detriment of my mental health.
But all things in moderation as they say, and I would argue there is actually meaning in some material things that give us a sense of remembrance or comfort. Hard work should be rewarded and this is often a nice way to do so.
This week’s TGIF considers Hundy (liquidator), in the matter of 3 Property Group 13 Pty Ltd (in liquidation) [2022] FCA 1216, in which the Federal Court of Australia granted leave under rule 2.13(1) of the Federal Court (Corporations) Rules 2000 (Cth) (FCCR) for intervening parties to be h
On October 17, 2022, Justice Andrea Masley of the NY Supreme Court issued a decision and order denying all but one of the motion to dismiss claims filed by Boardriders, Oaktree Capital (an equity holder, term lender, and “Sponsor” under the credit agreement), and an ad hoc group of lenders (the “Participating Lenders”) that participated in an “uptiering” transaction that included new money investments and roll-ups of existing term loan debt into new priming debt that would sit at the top of the company’s capital structure.
On October 14, 2022, the Fifth Circuit issued its decision in Ultra Petroleum, granting favorable outcomes to “unimpaired” creditors that challenged the company’s plan of reorganization and argued for payment (i) of a ~$200 million make-whole and (ii) post-petition interest at the contractual rate, not the Federal Judgment Rate. At issue on appeal was the Chapter 11 plan proposed by the “massively solvent” debtors—Ultra Petroleum Corp. (HoldCo) and its affiliates, including subsidiary Ultra Resources, Inc.
On July 6, Delaware Bankruptcy Court Judge Craig T. Goldblatt issued a memorandum opinion in the bankruptcy cases of TPC Group, Inc., growing the corpus of recent court decisions tackling “uptiering” and other similar transactions that have been dubbed by some practitioners and investors as “creditor-on-creditor violence.” This topic has been a hot button issue for a few years, playing out in a number of high profile scenarios, from J.Crew and Travelport to Serta Simmons and TriMark, among others.