MPs' Report on the financial collapse of BHS: what are the key pensions implications?

MPs have published a report on the events leading to the financial collapse of BHS shortly after its sale by Sir Philip Green. As a consequence of BHS's insolvency, its defined benefit pension schemes will enter the PPF.

Litigation

Lender not obliged to advise borrower about onerous term

In Finch and another v Lloyds TSB Bank Plc and others,  the High Court considered whether a lender had a duty to advise a borrower about a clause in its loan agreement making it liable for the bank's hedging break costs if the borrower chose to repay a fixed rate loan early.

June 2016 BREXIT A changing legal landscape? 1 INTRODUCTION Yesterday, the UK public voted for the UK to leave the European Union ( EU). This briefing discusses, in outline, the potential timetable for Brexit, the possible shape that Brexit might take and the potential impact Brexit might have on certain areas of law relevant to your business.

Bij besluit van 27 mei 2016 is vastgesteld dat de Wet civielrechtelijk bestuursverbod en de Wet herziening strafbaarstelling faillissementsfraude per 1 juli 2016 in werking zullen treden. Hieronder volgt een behandeling van de relevante aspecten van deze wetten.

The Court of Appeal has allowed an appeal against a limitation order (providing for the restoration to the register of a dissolved company, C,  and the suspension of the limitation period during dissolution) and provided guidance on how judicial discretion should be exercised when making such an order.

Shortly before being placed into administration C entered into a sale and leaseback arrangement.  C later went into liquidation; however, the purchase price in respect of the sale was not received before the company was dissolved, over four years later.

Tough trading conditions

Litigation

A referral to the financial list!

In GSO Credit v Barclays Bank plc, the Commercial Court has given guidance on the interpretation of terms in, but not directly defined by, standard Loan Market Association (LMA) documentation which was used in the context of secondary trading of a commitment under a surety bonds facility.

As a general rule, lodging an appeal against a judgment no longer suspends its enforceability. This should accelerate the recovery of outstanding debt in Belgium.

Recovering outstanding debt in Belgium can feel like a long-winded and sometimes frustrating job. A creditor who obtained a judgment against a defaulting debtor is often confronted with an appeal by that debtor, lodged with the only intention to put the enforcement of this judgment on a back burner. Most courts of appeal built up a large backlog as a result of the massive workload of among others these dilatory appeals.

Ruim zes jaar na het faillissement van het Meavita-concern heeft de Ondernemingskamer zich op 2 november jl. in harde bewoordingen uitgelaten over het handelen van bestuur en toezichthouders. De uitspraak volgt op een door de vakbonden en curatoren gestarte enquêteprocedure, waarin het beleid en de gang van zaken binnen Meavita voorafgaand aan faillissement zijn onderzocht.

Quoted October 2015 - Edition 105 Current issues relating to accounting law, article 403 liability and insolvency law 2 In this edition • Introducion • Financial reporting • Article 403 liability • Facilitating reorganisations of businesses: Dutch pre-packs and schemes 3 Fourth Directive (78/660/EEC) and the Seventh Directive (83/349/EEC) in relation to individual and consolidated accounts, and Directive 2013/50/EU, which amends a number of the provisions of the Prospectus Directive (2003/71/EC) and the Transparency Directive (2004/109/ EC). 1.