Company dissolution and restoration, and its effects upon property of the company, is a difficult area to grapple with. Two recent decisions dealt with similar issues but with completely different outcomes. We analyse the decisions and which one should be viewed as correct.

The background

This article takes a look at the considerations laid down in Re Sahaviriya Steel Industries UKLimited [2015] EWHC 2726 when the court is asked to make a validation against anticipated payments – what guidance can be extracted?

The past two months have seen a further plethora of regulatory and legislative changes. We sum up some of the more significant ones.

Pre-pack pool open for business

The Enterprise Investment Scheme (EIS) can provide very significant tax relief for investors in unlisted companies but a recent case in the First Tier Tribunal (“FTT”) shows how strictly the rules of the Scheme are interpreted.

One of the many conditions of EIS relief is that the shares issued to the investor must not have any preferential right to a company’s assets on a winding up. The requirement is included so that an investor cannot obtain the tax advantages of EIS relief while being shielded from the economic risk of the investment.

The facts

13 ноября 2015 года был подписан Закон РК «О внесении изменений и дополнений в некоторые законодательные акты Республики Казахстан по вопросам реабилитации и банкротства» (далее – «Закон»), положения которого введены в действие 29 ноября 2015 года. Закон предусматривает поправки в Гражданский процессуальный кодекс РК, Налоговый кодекс РК, Закон РК «О реабилитации и банкротстве» и Закон РК «Об исполнительном производстве и статусе судебных исполнителей».

On 13 November 2015, the Law of the Republic of Kazakhstan “On Introduction of Amendments and Supplements to Certain Legislative Acts of the Republic of Kazakhstan on the Issues of Rehabilitation and Bankruptcy” (the “Law”) was signed and its provisions were put into effect on 29 November 2015.

Real Estate Disputes Case Review 2015 In case you have missed the last 12 months’ most significant property cases, or would like a reminder, listed below is our monthly review of this year’s important cases. Briefing Real Estate December 2015 December 2014 Landlord protecting tenant’s deposits A landlord’s ability to seek possession of residential premises under section 21 of the Housing Act 1988 was considered when the tenant’s deposit had not been protected in an authorised scheme at the time of service of the notice.

Welcome Welcome to Private Equity News, our private equity update which keeps you informed of current issues and news in the private equity industry. For further information on any issues raised in Private Equity News or private equity generally please email richard.

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

Over the last few years, the European leveraged finance market has seen rapid growth of senior secured high yield notes (“SSN”) and senior secured covenant-lite term loan  B (“TLB”) financings. A common feature of both SSNs and TLBs (together “Senior Secured Debt”) is that their terms typically permit the incurrence of senior unsecured debt by a borrower and its restricted subsidiaries (a “Credit Group”) subject to either satisfaction of a  financial ratio or through various permitted debt baskets.