Usually, a Fixed Charge Receiver will not be liable to pay business rates. However, there are some exceptions and in some important areas the law is unclear.
Occupied Property: Limited Exposure
To be liable for business rates a party must be in occupation of the Property. This is a matter of fact and degree. Generally, the position is clear although there can be issues for example where more than one party is entitled to occupation.
Recent legislative reform in the water sector has expanded the special administration regime and there are further changes on the horizon
Next month marks the hotly anticipated sanction hearing for the Thames Water restructuring plan. We take this opportunity to look back at the key legislative changes made last year, as well as those earmarked for the future.
2024 legislative changes
New legislation was introduced last year to amend the special administration regime for the water sector.
The key changes to the existing regime were as follows:
We examine the findings of the High Court’s decisions and discuss the lessons which directors of distressed businesses should take from them
The collapse of BHS in April 2016 remains one of the most extraordinary corporate failures in recent memory. Eight years on from the commencement of insolvency proceedings, and following a lengthy trial, the High Court has issued an expansive judgment on claims brought by the joint liquidators of four companies in the group against two former directors.
Factual background
In the July 2024 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.
On June 20, 2024, the United States Bankruptcy Court for the Southern District of Texas (the “Court”) issued a memorandum decision and order in the adversary proceeding involving Robertshaw US Holding Corp.
Alice Eaton and Sean Mitchell Discuss Paul, Weiss’s Restructuring
Practice in Vault Q&A
Alice and Sean describe the breadth of Paul, Weiss’s Restructuring
practice and what sets the practice apart in a Q&A in the 2024 edition
of “Practice Perspectives: Vault’s Guide to Legal Practice Areas.”
Elizabeth McColm and Sean Mitchell Publish “USA” Chapter in
ICLG – Restructuring & Insolvency 2024
In the latest ICLG – Restructuring & Insolvency Laws & Regulations,
Elizabeth and Sean discuss common issues in restructurings and
Alice Eaton Featured at Wharton’s PE and Venture Capital Conference
Restructuring partner Alice Eaton spoke on the panel “Adjusting to a New Era: Redefining Value Creation in Uncertain Times,” as part of the Wharton School of the University of Pennsylvania’s 2024 Private Equity and Venture Capital Conference on March 29. The panel covered the use of innovative financing instruments and structures for investments in distressed assets.
Elizabeth McColm Discusses Women in Restructuring at Winter Bankruptcy Conference
On April 22, 2024, in the chapter 11 cases of GOL Linhas Aéreas Inteligentes S.A.
Motions to Transfer Venue Filed More Than a Year Postpetition and after Chapter 11 Plan Confirmed Deemed Untimely
In the March 2024 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.