Cory Bebb looks at a recent unsuccessful attempt by Administrators to block an £18.6M misfeasance claim by contributories.
“All cats are animals, but all animals are not cats” - former administrators’ attempt to stop £18.6M misfeasance claim based upon their CVA release clause, fails in a provisional ruling: Re Rhino Enterprise Properties Limited [2020] EWHC 2370 (Ch)
The case of Re Lehman Brothers Europe Ltd (In Administration)[2020] EWHC 1369 (Ch) in May 2020 highlighted the importance of ensuring that creditors or the creditors committee approve the discharge of Administrators’ liability pursuant to paragraph 98 of Schedule B1 to the Insolvency Act 1986.
publication of The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020. If approved by Parliament the scheme will come into force on 4 May 2021.
Having successfully obtained a public interest winding-up order in Re PAG Management Services Limited [2015] BCC 720 which operated a business rates avoidance scheme using Members’ Voluntary Liquidations, the Secretary of State for Business, Energy and Industrial Strategy unsuccessfully tackled its successor in the Court of Appeal.
The scheme in this case (Scheme 3) was a variant upon two earlier schemes, Scheme 2 being no longer in operation following the public interest winding-up of PAG Management Services Limited.
Recent werden twee koninklijke besluiten (KB nr. 45 en nr. 46) gepubliceerd waarin enkele bijkomende steunmaatregelen voorzien worden in het kader van de COVID-19-uitbraak. Deze voorzien enerzijds de mogelijkheid voor de opname van voltijds corona-ouderschapsverlof en anderzijds enkele nuttige maatregelen tot herverdelen van de arbeid, waaronder het corona-tijdskrediet, voor ondernemingen in herstructurering of moeilijkheden.
Uitbreiding corona-ouderschapsverlof
On 17 April 2020 the Supreme Court handed down an important interim judgment concerning the pre-pack bankruptcy of Heiploeg. In this judgment, the Supreme Court holds that the rules on the Transfer of Undertakings (as explained further below) do not apply to a restart following bankruptcy. In addition, the Supreme Court holds that the rules on the Transfer of Undertakings do not always apply in the case of a restart that has been prepared by means of a pre-pack. The Supreme Court takes the view that in the pre-pack bankruptcy of Heiploeg these rules do not apply.
The restructuring & insolvency Q&A series provides a comprehensive overview of some of the key points of law and practice of the regulatory environment in Luxembourg. Today's chapter focuses on tips and traps.
What are your top tips for a smooth restructuring and what potential sticking points would you highlight?
Where Luxembourg holding or bond issuing companies are key to a distressed group, the following points are often misunderstood or considered too late, thus jeopardising a smooth restructuring;
On 19 June 2020, following the consultation, the Federal Council adopted the dispatch on the partial revision of the Swiss Federal Banking Act (Bundesgesetz über die Banken und Sparkassen, Bankengesetz). The legislative amendment intends to strengthen customer and depositor protection and promote system stability.
The partial revision focuses on three main areas: (i) the restructuring proceedings for banks, (ii) deposit insurances and (iii) intermediated securities.
Foreign bankruptcy and insolvency decrees generally remain without legal effect in Switzerland. A foreign bankruptcy or insolvency decree must first be recognized by the competent Swiss court. In a newly published decision, the Swiss Federal Supreme Court further clarified the recently revised provisions governing the recognition and the following procedure.
Introduction and background
The restructuring & insolvency Q&A series provides a comprehensive overview of some of the key points of law and practice of the regulatory environment in Luxembourg. Today's chapter focuses on trends and predictions.
How would you describe the current restructuring and insolvency landscape and prevailing trends in your jurisdiction? Are any new developments anticipated in the next 12 months, including any proposed legislative reforms?