Un reciente pronunciamiento del orden contencioso-administrativo resulta sumamente útil en una controversia que parece irresoluble. La sentencia se pronuncia sobre un supuesto fáctico que precisa aplicar la Ley Concursal en su redacción anterior a la reforma del 2014.
Two big name high street retailers entered Administration in February: On 28 February, Toys R Us, whose financial struggles had been attracting media attention (not least from Ashfords' Restructuring & Insolvency Bulletin) since before Christmas, finally threw in the towel and appointed Administrators from Moorfields; while electrical goods firm Maplin also appointed PwC on the same day.
The saga of Carillion's collapse continued this month, as it transpired that accountancy giants EY had prepared plans to restructure the troubled construction firm as early as mid-December 2017.
In our recent article on restructuring options for retail businesses, we outlined how a number of companies in that sector had implemented or were considering Company Voluntary Arrangements (CVAs).
The Facts
This case is the latest twist in the ongoing saga of failed fintech "unicorn" Ve Interactive ("Ve"), who entered Administration in April 2017. Certain of Ve's creditors made an application to replace its Administrators, from Smith & Williamson LLP, with new Administrators from Deloitte.
Directors against whom claims for a misfeasance have been intimated often turn to limitation and set off in defence of a request for the repayment or restoration of the relevant sums or property.
Misfeasance and limitation
Boletín de Sociedades N .º 82018 Sección elaborada por el Área Mercantil de GA_P Boletín de Sociedades N .º 8 | 2018 2 Sumario Análisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Cláusulas shotgun: posible solución a situaciones de bloqueo en sociedades conjuntas . . . . . 4 La modificación de los pactos parasociales por mayoría................................. 10 Práctica Societaria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Following the collapse of Monarch and Air Berlin last year, the International Air Transport Association ("IATA") has suggested that bankruptcy laws should be reviewed globally in order to allow a “reasonable timeframe” for airlines to continue operating after entering insolvency to allow more passengers to complete their journeys.
The deadline for interested purchasers of every child's favourite superstore, Toys R Us, to submit their letters of intent fell last week, with sources indicating that several parties had expressed interest in purchasing the beleaguered retailer. Hilco Capital, the company which saved HMV from Liquidation in 2013, have reportedly submitted a bid and are believed to be amongst the favourites for the troubled retailer.
The fallout from Carillion's collapse in January continues to play out as it transpired this week that the company had delayed payments to subcontractors by up to 120 days. Carillion allegedly used tactics such as faulting invoices and finding minor problems with work undertaken in order to delay payment.