Peter Bowden heads Gilbert + Tobin’s Restructuring + Insolvency group.
He specialises in front-end restructuring and insolvency and has significant experience advising hedge funds, banks, special situations groups, investment banks, insolvency practitioners, creditors and debtors on all elements of restructuring, insolvency, liability management, workouts, banking and distressed debt transactions in a range of industries including financial services, energy, mining, mining services, property, construction, agriculture and manufacturing.
This article analyses the decision of Ball J in Kennedy Civil Contracting Pty Ltd (Administrators Appointed) (KCC) v Richard Crookes Construction Pty Ltd (RCC); in the matter of Kennedy Civil Contracting Pty Ltd [2023] NSWSC 99 and considers the ramifications for the scope of section 32B of the Building and Construction Industry Security of Payment Act 1999 (NSW) (SOP Act).
In Pharmagona Limited v Taheri,(1) the High Court refused to seal and issue a contempt application as the breach, if it had occurred, was only technical, and it was therefore inappropriate for the application to succeed.
Facts
Background to the Restructuring Plan
The UK has introduced the Restructuring Plan; a new, flexible court supervised restructuring tool. The Restructuring Plan draws upon features of the existing Companies Act 2006 scheme of arrangement procedure (which remains available) but includes features which are new to the UK but similar to those under U.S. Chapter 11 bankruptcy proceedings.
HMRC clamping down on furlough fraud by companies in Danger Zone
The latest statistics show that over 11 million workers have been furloughed in the UK as part of the government's job retention scheme (that equates to 16% of the population or one in six people) and 41% of employers had staff furloughed. The scheme has so far cost the government over £40 billion and this figure will continue to rise until the end of September this year when the scheme is set to wind down.
What are the proposed changes to rules on transfer of ownership?
The key takeaway
The Law Commission’s proposed changes are likely to improve consumers’ odds of owning goods bought online in the event of retailer insolvency, even before they have left the retailer’s possession.
The background
In this chapter of our Annual Insurance Review 2021, we look at the main developments in 2020 and expected issues in 2021 for D&O.
Key developments in 2020
For D&O insurers, 2020 was all about the hardening market – with rates doubling in some cases and limits contracting – and the underlying causes of that.
In this chapter of our Annual Insurance Review 2021, we look at the main developments in 2020 and expected issues in 2021 for restructuring and insolvency.
Key developments in 2020
The Corporate Insolvency and Governance Act 2020 came into force on 26 June 2020. The changes introduced by that Act were some of the most significant made to English insolvency law for decades.
An application to admit witness evidence outside the directions timetable should be treated like an application for relief from sanctions under CPR 3.9 according to the High Court in Wolf Rock (Cornwall) Ltd v Langhelle.
Facts