The Court of Appeal judgment in Crystal Palace FC Ltd v Kavanagh and others brings welcome news for administrators and businesses in administration. The Court of Appeal has overturned the EAT and held that the dismissals of some of the football club’s staff were made for an economic, technical or organisational (ETO) reason and so liability did not pass under TUPE to the new owners of the Club, making it easier for them to operate it as a going concern.
The Romanian government has adopted, by means of Government emergency ordinance no. 91, the Insolvency Code. The Code gathers and amends all pre-insolvency and insolvency provisions in Romanian legislation relating to companies, groups of companies, credit institutions, insurance and reinsurance companies, as well as cross-border insolvency proceedings. It will enter into force on October 25, 2013 and will also apply to already ongoing insolvency proceedings.
Two recent cases (Torre Asset Funding Limited & anr v The Royal Bank of Scotland plc [2013] EWHC 2670 (Ch) and Grupo Hotelero Urvasco S.A. v Carey Value Added S.L.
The Supreme Court has handed down its highly anticipated judgment in the joint Nortel Networks/Lehman Brothers appeal. The administrators of Nortel and Lehman Brothers entities had appealed against the Court of Appeal’s decision that Financial Support Directions (FSDs) issued by the Pensions Regulator (“the Regulator”) after the appointment of administrators attracted priority status as an administration expense. Rejecting the decision of the lower courts, the Supreme Court ruled that an FSD issued during the course of an administration will rank as a provable debt rather than a
Given the commonality in today’s marketplace of complex corporate capital structures that employ multiple layers of secured debt, existing and potential creditors need to be increasingly aware of the rights and limitations provided for in subordination or intercreditor agreements. These agreements are often entered into between the existing lender or debt holder and a new lender. They often restrict the actions of subordinated lenders upon the debtor’s filing for bankruptcy protection, including denying their right to vote on the debtor’s plan of reorganization.
a) Introduction
The Romanian Government has enacted Government Emergency Ordinance no. 46/2013 on financial crisis and insolvency procedure of administrative units (counties, municipalities and communes) (“GEO no. 46/2013”), which entered into force on 24 May 2013. Such enactment was an obligation undertaken by Romania towards the International Monetary Fund as part of a Stand-By Arrangement dating from 2012.
The uncertainty continues. Over the past few years, the published guidance from HMRC has given rise to doubts as to the tax treatment of debt-for-equity swaps. Whether the current legislation has supported HMRC’s position is debatable but it now appears that HMRC would like to have the legislation amended to more closely reflect its views.
The New Civil Procedure Code (NCPC) came into force on 15 February 2013 and is applicable to all enforcement proceedings that commenced after this date.
The New Civil Procedure Code (NCPC) came into force on 15 February 2013 and is applicable to all enforcement proceedings that commenced after this date.
Creditors may begin forced execution if they have an enforceable title. During such proceedings several incidents may occur, which may result in either the impossibility or the delay to the full protection of the creditor’s rights.
Statute of limitations
In a recent decision1, the United States Bankruptcy Court for the Southern District of New York found the standard for sealing under § 107 of the Bankruptcy Code was not met and declined to seal a settlement agreement, despite requests from the Chapter 7 trustee (the "Trustee") and the counterparties to the settlement agreement to do so. Confidentiality was an essential condition of the settlement. In addition, the United States trustee supported the motion to seal, arguing that the standard for sealing had been met.