In the recent case of Brake & Anor v Chedington Court Estate Limited [2023] UKSC 29, the Supreme Court has clarified the categories of persons who have standing to make a challenge to the conduct of a trustee in bankruptcy under s303 of the Insolvency Act 1986 (the “Act”). The Supreme Court confirmed that its decision will also apply to creditors and others seeking to challenge the actions of a liquidator under s168(5) of the Act. The decision will be welcomed by practitioners.
Summary
Trustees in bankruptcy can often come up against challenges in dealing with obstructive bankrupts. A bankrupt might ignore communications and requests for interview, fail to disclose information about their assets, or provide partial cooperation which fails to offer any substantive assistance.
Selon la Banque de France, les procédures collectives affectant les moyennes entreprises sont en hausse de 85% sur un an. Cette tendance affecte particulièrement les entreprises de la French Tech pour des start-ups qui n’ayant pas trouvé leur modèle économique, se trouvent confrontées à un mur de dettes.
The Galapagos Group has secured comprehensive affirmation of its 2019 debt restructuring (the “Restructuring”) from the English High Court. This decision is a significant step towards resolution of the highly contested restructuring, and provides market participants with further clarity and certainty when it comes to implementing lender-led transactions in future.
Duties and Implications of financial Information in s.214 claims
Introduction
This article follows Part 1 in which I set out the key issues we have recently seen and the case law arising in Misfeasance and Wrongful Trading claims. This Part 2 considers the duties and implications surrounding the financial information that is available to directors when faced with a s.214 wrongful trading claim.
This article is a part one of two series that explores the key issues we have recently seen and the case law arising in Misfeasance and Wrongful Trading claims.
Introduction
What is Wrongful Trading?
Selon Paul Chollet, économiste de Crédit Mutuel Arkea 2024 sera "une année noire" avec un record de défaillances d’entreprises en France. Cela fait maintenant 3 ans que les économistes prédisent un ras-de-marrée de défaillances. Cela étant, avec près de 49.000 de défaillances en France sur 12 mois glissants, il y a une tendance à un retour aux chiffres de 2019.
Il est donc indispensable de rappeler que des procédures de prévention (mandat ad hoc et la conciliation) sont là pour traiter les difficultés en amont de la défaillance.
The restructuring of Casino Group, one of France's top 6 retailers, is at the point of reaching a favourable outcome. An agreement is expected at the end of July 2023. The commonalities between the restructuring of Casino and Orpéa are the preservation of secured debt, the conversion of unsecured debt into capital, asset disposals and, of course, a significant injection of new money.
Looking at the most recent figures on corporate insolvencies makes for worrying reading for landlords and occupiers alike, with overall numbers now exceeding pre-pandemic levels. Overall, corporate insolvencies increased by 17% in England and Wales since February 2022 and were a third higher than in February 2020.
Since the beginning of the 21st century and the first big wave of security enforcements in Germany, who holds the entitlement to enforce a share pledge has caused countless disputes between pledgees and insolvency administrators. This issue has now been resolved by a recently released judgment of the German Federal Supreme Court of 27 Oct 2022 (case no.: IX ZR 145/21), which has now held that pledged shares as well as pledges over certain other non-movable rights such as trademarks or patents can be enforced by the pledgee (only) and not by the administrator.