A large number of UK companies are in significant financial distress at the moment.

Concern amongst sports aficionados around the financial integrity of the sports industry was raised in late 2022 when rugby union was the latest sport to be dragged into the insolvency conversation. Both Wasps RFC (Wasps) and Worcester RFC (Worcester, and together with Wasps, the Clubs), who can each trace their history back to the mid-19th century, appointed administrators after facing financial difficulties they attributed to the Covid-19 pandemic and resulting lockdowns.

El pasado 28 de diciembre de 2022 se publicó en el BOE el Real Decreto-ley 20/2022, de 27 de diciembre, de medidas de respuesta a las consecuencias económicas y sociales de la Guerra de Ucrania y de apoyo a la reconstrucción de la isla de La Palma y a otras situaciones de vulnerabilidad.

Setting aside a transaction on the basis that it was an extortionate credit transaction under the Insolvency Act 1986 (IA 1986 or the “Act”) is difficult. A bargain may be hard or even unreasonable, but that does not make it extortionate. The most important term to any credit transaction is usually the interest rate and that is most likely to be subject to scrutiny when considering whether or not a credit transaction contained grossly exorbitant terms.

La reforma concursal recientemente aprobada ha sustituido los acuerdos de refinanciación y los acuerdos extrajudiciales de pago por los planes de reestructuración. Para los socios en general, y de la empresa familiar en particular, esta reforma supone un cambio de paradigma, ya que, en determinadas condiciones, los acreedores podrían imponerles un plan de reestructuración mediante el cual los acreedores tomen el control del capital de la compañía, amortizando las participaciones de los socios fundadores o preexistentes.

The Act n 16/2022, dated September 5, on the reform of the Recast Insolvency Act, published on September 6, 2022, brings deep and major changes to the existing legislation.

The amendment will come into force on September 26, 2022, twenty days after its publication, and affect both proceedings commencing after entry into force of the legislation and a few parts of proceedings that had commenced earlier.

The differences between the original bill and the approved insolvency reform are shown in the compared version available here.

El 6 de septiembre se ha publicado en el Boletn Oficial del Estado la Ley 16/2022, de 5 de septiembre, de reforma del Texto Refundido de la Ley Concursal, que trae consigo importantes y profundas modificaciones en la norma vigente.

La modificacin entrar en vigor el 26 de septiembre de 2022, a los veinte das desde su publicacin, y afectar tanto a los procedimientos que se inicien tras la entrada en vigor de la norma como a algunas partes de aquellos que se hubieran abierto con anterioridad.

Los juzgados de primera instancia conocerán, entre otras, de las acciones colectivas previstas en la legislación sobre condiciones generales de la contratación y en la legislación sobre defensa de consumidores y usuarios.

New data from UHY Hacker Young has found that UK restaurant insolvencies have increased by 64% in the last year... and it isn't just Covid that's to blame (though undoubtedly it is a factor). As eloquently put by a partner at UHY: "The restaurant sector has emerged from one crisis only to face an onslaught of other challenges."

The summer heatwave has started and this will no doubt result in an influx of Airbnb and holiday rentals. Nevertheless, the short-term lettings market is clearly still recovering from the financial impact caused to this sector during the pandemic.