As Parliament debates the draft Withdrawal Agreement prior to the vote on 11 December, this week's Q&A looks beyond the headlines at the potential impact of the proposed Brexit deal on a number of specific topics, including what the Political Declaration tells us about the shape of the future EU/UK trade agreement:
Alternative Investment Funds
2018 has seen a wave of company voluntary arrangements ("CVAs") hit the market, with high profile companies such as House of Fraser, Carpetright, New Look and Homebase (to name a few) all making use of this restructuring tool. This briefing note explains how a CVA works, provides an overview of current "market" themes, and makes some predictions on the future of CVAs.
EVOLUTION OF THE CVA
2018 has seen a wave of company voluntary arrangements ("CVAs") hit the market, with high profile companies such as House of Fraser, Carpetright, New Look and Homebase (to name a few) all making use of this restructuring tool. This briefing note explains how a CVA works, provides an overview of current "market" themes, and makes some predictions on the future of CVAs
EVOLUTION OF THE CVA
Judge decides whether an insurance company proposing a scheme of arrangement should convene a single class meeting of creditors
KEY POINTS Investors seek reliable information, legal certainty, predictability of outcome and the
opportunity to participate in a rescue and/or restructuring which will recover value. The Recast European Insolvency Regulation (the `Recast EIR') should, at least in part,
help investors meet those objectives. It is hoped that the Recast EIR will encourage greater investment (including distressed
KEY POINTS
The CE-File system made electronic working mandatory for insolvency proceedings in
London, with effect from 25 April 2017. Insolvency filings outside London can continue to be made on paper. Potential users should create a CE-File account and familiarise themselves with the
system as soon as possible. While the system will bring users increased flexibility, including the ability to make filings
The Financial Conduct Authority (FCA) has been conducting a review of the operation of the Financial Services Compensation Scheme (FSCS), seeking views as to how to reduce the number and value of claims falling to the FSCS and assessing how the scheme is funded, including the impact of professional indemnity insurance (PII).
A summary of recent developments in insurance, reinsurance and litigation law.
Engelhart CTP v Lloyd's Syndicate 1221: Court holds that all risks cargo policy did not cover fraudulent documents for a non-existent cargo
On occasion, parties engaged in court proceedings will consider procedural tactics with the ultimate intention of exerting such pressure on their adversaries that their weakened position, or even inability to pursue the proceedings, will work to their advantage. Such a situation arose in (1) Deleclass Shipping Co. Ltd (2) MWI Shipping Services Ltd v Ingosstrakh Insurance Co. Ltd (2018) where the defendant's application for security for costs became very problematic for the claimants.
Weighing in at the intersection of bankruptcy law and the doctrine of subrogation, the Ontario Court of Appeal has ruled that insurers are not entitled to commence subrogated claims in the name of bankrupt insureds.