Houst Limited's (the Company) restructuring plan (under Part 26A of the Companies Act 2006) (RP) was recently sanctioned at the High Court on 22 July 2022.
KEY TAKEAWAYS
New data from UHY Hacker Young has found that UK restaurant insolvencies have increased by 64% in the last year... and it isn't just Covid that's to blame (though undoubtedly it is a factor). As eloquently put by a partner at UHY: "The restaurant sector has emerged from one crisis only to face an onslaught of other challenges."
The summer heatwave has started and this will no doubt result in an influx of Airbnb and holiday rentals. Nevertheless, the short-term lettings market is clearly still recovering from the financial impact caused to this sector during the pandemic.
Changtel Solutions UK Ltd (In Liquidation) and others v G4S Secure Solutions (UK) Ltd [2022] EWHC 694 (Ch)1
Section 127(1) Insolvency Act 1986 (“IA 1986”) provides that: "In a winding-up by the court, any disposition of the company’s property, and any transfer of shares, or alteration in the status of the company’s members, made after the commencement of the winding-up is, unless the court otherwise orders, void."
We consider the implications for office-holder claimants of the recent case ofKelmanson v Gallagher & De Weyer [2022] EWHC 395 (Ch).
The case raises interesting points of practice for insolvency practitioners: a director consciously trying to evade or 'game' the statute won't work to prevent office holder recovery, but a sincerely held but mistaken belief on the director's part as to what was being done doing could.
KEY POINTS:
The rising strength of the United Arab Emirates as a commercial powerhouse has continued as the Covid-19 pandemic recedes. The UAE was a key business hub prior to 2020, but the flow of money and talent into the country has increased since then, driven by numerous factors including the UAE’s business-friendly climate, its stable political regime, and the access to fair and transparent justice mechanisms.
As Robert Burns wrote, freedom and whisky may ‘gang thegither’ but it is fraud and wine making a fine pairing in the news recently by way of two separate examples of dishonest wine investment schemes.
Global Wine Exchange Limited
The first concerns Global Wine Exchange Limited (“Global”), which was wound-up in the public interest on 22 March 2022 following abuse of more than £1.9m of clients’ funds in a wine investment scheme.
Aviation news this week reports that Jota Aviation has an administration on the cards - big news for the premier league clubs (understood to include Chelsea, Arsenal, Manchester City, Liverpool and Manchester United) who rely on its services to jet them between their all important games.
Jota's administration isn't noted on Companies House or the public Court records just yet but they have cancelled all flights, suspended all services and offered it's three freight aircraft up for sale - all certainly indicative of an intention to cease trading.
The Financial Conduct Authority has announced this week that Insolvency Practitioners at Teneo Financial Advisory Limited have been appointed as special administrators following Sberbank CIB's entry into special administration.
Restrictions on the issuing of statutory demands and winding-up petitions are due to come to an end at the end of the month having first been implemented by the Corporate Insolvency and Governance Act 2020 (“CIGA”) in March 2020.
As of 1 April 2022, the restrictions will cease to apply and creditors will be free once again to issue winding-up petitions against debtors who are unable to pay sums owed.