A number of companies within the Carillion group have been placed in compulsory liquidation. The Official Receiver has been appointed as liquidator, with support from PwC. It has been confirmed that there is no prospect of any return to shareholders.
Given the size of Carillion, the UK's second-biggest construction company, with 43,000 employees and contracts on a wide range of projects, including a number of flagship infrastructure projects, this will inevitably have a significant impact on the UK construction sector as a whole. Official advice from PwC is:
The Court of Appeal raises the bar for insolvent claimants on security for costs
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.
Two recently published decisions in the TCC considered the enforceability of an Adjudicator's decision and insolvency issues
Typically, the TCC has sought to enforce an Adjudicator's decision and the avenues for the losing party to challenge the award is narrow. The case law regarding what may and may not give rise to a successful challenge is well known and outside the scope of this note.