Summary: This Expert Insight looks at the case of Ziggurat (Claremont Place) v HCC International Insurance Company PLC [2017] and considers the implications of the case for the surety industry generally, particularly in the context of construction insolvency.

Kai Zeng and Kon M Asimacopoulos, Kirkland & Ellis

This is an extract from the first edition of GRR's The Art of the Ad Hoc. The whole publication is available here. 

The purpose and role of ad hoc committees from a debtor’s perspective: the initial phase

Yushan Ng and Helen Ward, Cadwalader Wickersham & Taft

This is an extract from the first edition of GRR's The Art of the Ad Hoc. The whole publication is available here. 

Chris Howard, Sullivan & Cromwell

This is an extract from the first edition of GRR's The Art of the Ad Hoc. The whole publication is available here. 

The relationship of an ad hoc committee with its stakeholder constituency

No power to bind: the importance of the underlying finance documents in relation to decision making

Nick Angel, Peter Newman and Edward Rasp, Milbank LLP

This is an extract from the first edition of GRR's The Art of the Ad Hoc. The whole publication is available here. 

Role and powers

Yen Sum and Lucy Cox, Sidley Austin

This is an extract from the first edition of GRR's The Art of the Ad Hoc. The whole publication is available here. 

How many committees?

In a capital structure involving multiple external debt tranches, one of the first questions that arises is the number of committees that will be required.

Summary: Political uncertainty, increasing inflation, threat of interest rate rises and insecurity of overseas investment. Should real estate lenders remind themselves of the enforcement available if things go awry? Much has changed since the 2008 financial crisis; much for the better. In this article we look at the main enforcement options and suggest some factors that could result in a new approach to restructuring and enforcing real estate loans.

Enforcement Options

Summary: The Insolvency Rules 2016 will come into force on 6 April 2017. This article highlights some of the main areas of change.

The long awaited Insolvency Rules 2016 (the “2016 Rules”) were laid before Parliament on 25 October 2016, and will come into force on 6 April 2017. The Insolvency Rules 1986 (the “1986 Rules”) and all amending legislation will be repealed. The 2016 Rules aim to:

Summary: On 8 September 2016 Mr Justice Snowden handed down his judgment in Glenn Maud v Aabar Block Sarl & others [2016] EWHC 2175 (Ch) in which he considered how the court should deal with a bankruptcy petition where the petitioning creditor may have an ulterior purpose for seeking a bankruptcy order.

A client who is building a large mixed use development called me yesterday with a dilemma. He had received a letter from a local equipment supplier, who was on the verge of bankruptcy because the sub-contractor who had engaged him had gone into administration after the hire period had come to an end. He was pleading with my client to help him recover some £20,000 of hire fees still owed to him.