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).

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").

Readers will recall, on April 1, 2020 the RF President signed RF Law No. 98-FZ, amending RF Law No. 127-FZ On Insolvency (Bankruptcy) of October 26, 2002 (the Law) and authorising the Government to impose a moratorium on creditors’ initiation of bankruptcies to stabilize the economy in exceptional cases (a Moratorium).

Immediately thereafter, by Decree No. 428 of April 3, 2020 as part of the COVID-19 relief program, the Government adopted such a Moratorium until 7 January 2021 (the COVID Moratorium).

A limitation period is the statutory time limit set out in law for a person to file a lawsuit as a result of some loss or damage. Each Canadian province has a specific statutory framework governing limitation periods for legal matters falling under provincial jurisdiction. Many provinces use a “discoverability” scheme under which a person must commence legal proceedings within two years of specific factual elements being “discovered” by the person.

In this article, Dentons gives its inside view on the pre-pack evaluator's report, made compulsory earlier this year to improve the confidence of creditors in pre-pack administration sales to connected persons. We consider the practicalities of selecting the right evaluator for the job, the potential for "opinion shopping" from evaluators and whether these new regulations have achieved what was intended.

A recap on pre-packs

Executive summary

Yesterday the Government confirmed that the restrictions on the presentation of winding up petitions would be lifted on 30 September 2021, as planned.

However, designed to assist small companies in their recovery from the pandemic, the new regulations coming into force on 29 September 2021 have been drafted with the aim of protecting businesses from creditors demanding repayment of relatively small debts. The key difference is the temporary raising of the threshold for a winding up petition to £10,000, a drastic increase from £750.

In 2014, Accelerated Payment Notices (“APNs”) were introduced by the Government under the Finance Act 2014, allowing HMRC to request upfront payments on account of disputed tax and/or National Insurance contributions relating to certain tax avoidance schemes.

The worldwide Covid 19 pandemic has touched and affected us all in many different ways. In this blog I will look at how those of us who work in debt recovery need to take on board the impact the pandemic has had on mental health and factor that into their strategies. Mental health cannot be ignored as my partner, Cory Bebb, wrote in his recent blog

Amplifying JCAM Commercial Real Estate Property XV Ltd v Davis Haulage Ltd [2018] EWCA CIV 276 the court has again considered repeated Notices of Intention to Appoint (NOITA) and the effect on the interim moratorium.

Background

This case involved the Company filing 4 successive NOITAs although only two of them were the subject of these proceedings (NOITA 1 and NOITA 2).

The Company owned a Property which was subject to a legal mortgage and QFC. The secured loan was in default and the Company was seeking to delay enforcement whilst it refinanced.