In 2015, the energy sector accounted for more than one-half of all public company bankruptcy filings, including eight of the 10 largest filings. Current oil prices and bond values indicate that 2016 will be another active year. As of late January 2016, crude oil prices hovered around $30 per barrel. These low prices are reflected in the bond market, where in December 2015, approximately $80 billion in non-defaulted oil and gas debt was trading below 50 cents on the dollar.

From 1 November 2015, additional marketing and disclosure requirements will have to be satisfied by administrators completing pre-packaged sales.

BACKGROUND

The revised Statement of Insolvency Practice 16 (SIP 16) comes into force on 1 November 2015.

RE: HARVEST FINANCE LTD; JACKSON & ANOTHER V CANNONS LAW PRACTICE LLP & OTHERS [2014]

This case concerns the provision of documentation under s236 IA 1986. The documentation requested by the liquidators was extensive and the Respondents wished to claim their time costs (£40,381) of providing the same.  The Court held that whilst it was within the Court’s jurisdiction to make an order for costs against the insolvent estate, it was not minded to do so in this case.

The Facts