Re Debenhams Retail Limited (In Administration) [2020] EWCA Civ. 600

In these unprecedented times there has been much discussion and focus in the property community of the effect of tenants unable to operate their businesses and the risks of widescale insolvencies.

Status Of Crypto-Assets Under English Law

The definition of ‘property’ in section 436 of the Insolvency Act 1986 is considered by many to be wide enough to be inclusive of crypto-assets, and recent developments in this jurisdiction also support the position that crypto-assets constitute property under English law.

A variety of steps have been taken to accommodate managers working during the lockdown. As at 20 April 2020, these measures are as follows:

1. More flexibility for the governance of funds

The increased flexibility for the governance of funds during lockdown orders enacted under the emergency legislation of 20 March 2020 can be found here.

In this client alert we outline the practical approach taken in Luxembourg for companies and unregulated investment funds facing liquidity issues resulting from government lockdowns in response to the COVID-19 outbreak.

Re Debenhams Retail Limited [2020] EWHC 921 (Ch)

The Carluccio’s judgment provides some much-needed clarity on the interrelation of the Furlough Scheme and the requirements of insolvency legislation. It is to be commended for its clarity and for the fact that it had to construe the workings of the Furlough Scheme in the absence of any statutory guidance as to its implementation. It is to be hoped that, when the Government comes to enact the necessary legislative measures (including perhaps amendments to Schedule B1 and IR 2016), that it does so with this judgment very firmly in mind.

While in previous weeks the winding up petition list has been adjourned for a minimum of three months, this week’s list was successfully conducted by Skype. This article discusses how the hearings worked.

As most businesses, landlords and property solicitors will now know, s.82 of the Coronavirus Act 2020 (“CA 2020”) means there can be no forfeiture for non-payment of rent until July 2020, possibly later (“the relevant period”). But forfeiture has never been the only option open to a landlord whose tenant isn’t paying rent. The government lockdown was announced just two days before the March quarter day, with the inevitable consequence that many businesses did not pay the March quarter day rent.

In these unusual times, Hardwicke is open for business as usual and here to help you and your clients with the multiple issues that may arise out of the current economic conditions. This information update is to help keep you up to date with developments and to share our insight in response to the developments our country is going through at this unprecedented time.

We will be providing regular information to keep you up to date. This update covers: