With COVID-19 causing ever increasing financial uncertainty around the globe, we thought it an apt time to provide you with a summary of the various corporate insolvency procedures in the UK applicable to companies facing financial difficulties. Taking each in turn, we will discuss administration, administrative receivership, company voluntary arrangements, schemes of arrangement and liquidation. We will also touch briefly on directors’ duties, rules relating to asset distribution on insolvency and transactions that may be set aside on insolvency or ‘reviewable’ transactions.

This is part of our Commercial Real Estate Finance COVID-19 Impact Series, which is aimed at providing informed and real-time guidance tailored to various sectors of commercial real estate owners. In the context of recent bankruptcy filings by national shopping center tenants, this article examines the interplay between a tenant bankruptcy and a landlord’s obligations under its loan documents.

With COVID-19 causing ever increasing financial uncertainty around the globe, we thought it an apt time to provide you with a summary of the various corporate insolvency procedures in the UK applicable to companies facing financial difficulties. Taking each in turn, we will discuss administration, administrative receivership, company voluntary arrangements, schemes of arrangement and liquidation. We will also touch briefly on directors’ duties, rules relating to asset distribution on insolvency and transactions that may be set aside on insolvency or ‘reviewable’ transactions.