The Corporate Enforcement Authority recently published its guidance note on EU Directive 2019/1023 known as the "Preventive Restructuring Directive", which you will find here (Information Note).
Early contingency planning can significantly reduce the shock of service provider/supplier insolvency in service/supply chains
In early November 2022, Made.com entered administration. Little over a year ago Made.com had floated with a valuation of £775 million. In mid-November 2022, Joules entered administration. Joules has 132 stores and around 1,700 employees.
Early contingency planning can significantly reduce the shock of customer or supplier insolvency
In this edition of our distressed supply chains series, we consider the three key factors in contingency planning for potential insolvency in the supply chain, being (i) early planning analysis and due diligence, (ii) regular monitoring of key supply chain relationships; and (iii) taking early action if something goes wrong.
Challenges to apparently prejudicial CVAs remain fraught with uncertainty but could provide a means of negotiating more favourable terms
An eagerly awaited appeal of the high-profile case of Lazari Properties 2 Ltd & others v New Look Retailers Ltd & others has settled, leaving landlords and tenants with no further clarity on aspects of company voluntary arrangements (CVAs), an increasingly litigious area in real estate disputes.
Commercial court powers have been amended to achieve the speed and efficiency required by EU regulations.
Eight lessons from previous recessions
It does not take a professional economist to predict that a serious economic downturn is possible in the UK. Given that workforces will be impacted by this, many companies providing workforce support services are likely to be particularly affected.
KEY POINTS
Background
On 5 October 2022, the Supreme Court handed down its long-awaited judgment in BTI 2014 LLC v. Sequana S.A. [2022] UKSC 25 concerning the trigger point at which directors must have regard to the interests of creditors pursuant to s.172(3) of the Companies Act 2006 (the "creditors' interests duty").
Two recent cases examine whether, given the impossibility to liquidate a company due to a corporate deadlock, a court can invalidate certain resolutions at the request of one shareholder.