The judgment of the Court of Appeal (Newey, Males and Snowden LLJ) in Hunt v Ubhi [2023] EWCA Civ 417 demonstrates the importance of the adequacy of any undertaking in damages given in support of an application for a freezing order and underlines the need for full and frank disclosure.
There are many cases about the appointment of administrators, not so many about terminating their appointment. Re Central Properties Holdings Ltd (In Administration) [2023] EWHC 829 (Ch) is one.
Mehers v Khilji [2023] EWHC 298 (Ch) is an interesting case about the bankruptcy “use it or lose it” provision enshrined in s 283A Insolvency Act 1986. The provision gives a trustee in bankruptcy three years to decide what, if anything, to do about an interest in a property which is the home of the bankrupt, the bankrupt’s spouse or civil partner, or a former spouse or civil partner of the bankrupt and which forms part of the bankrupt’s estate.
In spite of its cross-border dimension, the subject matter and result of the hearing giving rise to the judgment in Re Khadzhi-Murat Derev (in Bankruptcy); Allen v Derev & Anor [2023] EWHC 387 (Ch) are conventional.
WE CONSIDER BELOW THE SHARE CHARGE ENFORCEMENT OPTIONS FOR PRIVATE CREDIT LENDERS, WHO MAY NOW COME TO PREFER 'APPROPRIATION' AS THE LESS FORMAL, MORE IMMEDIATE 'LOAN-TO-OWN' TOOL TO SOLVE FOR BORROWER JV DISPUTES, BREAK SHAREHOLDER DEADLOCKS, AND AS A PROACTIVE MEANS TO PRESERVE VALUE IN A CREDIT.
GIVEN THE RECENT NEWS REGARDING SILICON VALLEY BANK, RICHARD OMAN LOOKS AT THE IMPACT THAT LENDER INSOLVENCY HAS ON LOAN FACILITIES AND WHAT BORROWERS AND LENDERS NEED TO CONSIDER.
BACKGROUND
Miles J’s judgment in Re Sova Capital Ltd [2023] EWHC 452 (Ch) will, like that of Jonathan Hilliard QC in Re Petropavlovsk Plc,be welcomed as a further example of the courts acting to assist insolvency practitioners selling assets in unusual circumstances.
KARL CLOWRY, SEÁN MCGUINNESS, AND AZIZ ABDUL LOOK TO THE LESSONS FOR SHAREHOLDERS, CREDITORS AND ADMINISTRATORS FROM THE FIRST CREDITOR LED RESTRUCTURING PLAN.
The Good Box Co Labs Limited (in Administration) case demonstrates once more the viability of the process for the mid-market and continues a trend of RPs being used by a determined creditor / shareholder constituency to rescue an equity investment within an existing corporate group. In short, the mid-market RP is still a highly situational, albeit flexible, tool."
Relief under ss 423-425 Insolvency Act 1986 is not limited to cases of insolvency, as the decision of David Edwards KC, sitting as a High Court judge in the Commercial Court, in Integral Petroleum SA v Petrogat FZE & Ors ([2023] EWHC 44 (Comm)) demonstrates.
Following the important decision in Martlet Homes Ltd v Mulalley & Co Ltd [2022] (see our summary here), LDC (Portfolio One) Ltd v George Downing Construction