In September 2014 administrators were appointed over Strada restaurants (trading under SSRL Realisations Limited). The restaurant was tenant of a unit in a shopping centre in Bloomsbury.
Introduction
The Ontario Court of Appeal recently affirmed the decision of the Ontario Superior Court of Justice in ReNortel Networks Corporation that the common law interest stops rule applies in proceedings under the Companies' Creditors Arrangement Act. The court also clarified that parties retain the right to provide for the consensual payment of post-filing interest in a Companies' Creditors Arrangement Act plan of reorganisation.
New options for investment due to recent legal development
Motorway´s insolvency in Spain
Nine motorway companies that were financed by local and international banks during the mid-2000s entered into Insolvency proceedings. Recently two of these motorways: Aeropistas M-12 (Madrid-Barajas airport) and Madrid Levante (AP-36 Ocaña-La Roda), begun the final “liquidation” phase of the Insolvency proceedings.
Stefan Ingves has spoken on the Basel Committee’s priorities for the next year. He focused on:
FMLC has written two letters to Treasury regarding bank recovery and resolution:
The new personal bankruptcy law enters into force on 1 October 2015
The new personal bankruptcy law enters into force on 1 October 2015. Individuals will now be allowed to go bankrupt while creditors are left to struggle. The rules have caused much apprehension and it remains to be seen how business will operate in the new environment.
Following Parliamentary approval in March 2015, this Implementation Timetable sets out the key dates and changes which have been published to date on the insolvency provisions of the Small Business, Enterprise and Employment Act. This timetable was updated in October 2015.
We will, of course, provide confirmation and updates as and when further guidance is published.
The Small Business, Enterprise and Employment Act
When will the insolvency-related provisions come into force?
Legal changes affecting construction businesses from 1 October 2015
1 October 2015 ushers in a number of legal changes which affect construction businesses operating in the UK. We have provided brief highlights of some of the changes below. If you need further information, please contact us using the details on the right.
More important changes to the Insolvency Act 1986 (IA86) and other insolvency- related legislation come into force this week (1 October 2015) as a result of the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015).
We have updated our Implementation Timetable to reflect the changes.
There will only be minor changes in the levy rules for 2016/17. They will be practical or technical adjustments.
The PPF remains less than content with the covenant strength behind numbers of contingent asset guarantees. The guidance for 2016/17 will have more on the due diligence it expects.
The consultation document also covers: