The High Court has held an original tenant and guarantor of a lease liable for unpaid sums due where the new tenant had compromised its liabilities under the lease pursuant to a restructuring plan under Part 26A of the Companies Act 2006 (CA 2006). Read on for our analysis of Oceanfill Limited v Nuffield Health Wellbeing Limited and Cannons Group Limited [2022] EWHC 2178 (Ch).
The lease and licence to assign
From 1 November 2022, the Official Receivers' deposit fee to be paid by petitioners initiating a creditor bankruptcy or compulsory liquidation proceeding is to increase. For creditor bankruptcy petitions, the fee will increase from £990 to £1,500 and for compulsory liquidation proceedings it will rise from £1,600 to £2,600. These increases are the first since April 2016 and are reported to have been introduced at least in part due to the relatively low level of recent insolvencies.
Under the Insolvency and Bankruptcy Code, 2016 (Code) and under the Companies Act, 2013 (Act), an order of the National Company Law Tribunal (NCLT) can be appealed before the National Company Law Appellate Tribunal (NCLAT). The time-period for filing such an appeal is maximum of 45 days under the Code and 90 days under the Act.
Under the Insolvency and Bankruptcy Code, 2016 (Code), if a corporate debtor is unable to pay its debts, then insolvency resolution proceedings (CIRP) may be initiated against the corporate debtor and attempts are made to revive the corporate debtor by inviting resolution plans. If the revival process fails, the corporate debtor must be liquidated.
Key Points
In July, the Government published its report on The United Nations Commission on International Trade Law (UNCITRAL) introducing two new Model Laws with the aim of improving harmonisation of international trade and insolvency procedures: the Model Law on Enterprise Group Insolvency (MLEG) and the Model Law on Recognition and Enforcement of Insolvency-Related Judgments (MLIJ).The Insolvency Service is proposing to adopt the new measures contained in the MLEG and MLIJ as set out below.
The corporate insolvency statistics for Q2 2022 paint a worrying picture for UK businesses. With inflation at a 40-year high, fuelled by soaring gas and electricity bills, food prices and wage increases, the cost of living crisis is taking hold across the economy.
2016年インド破産倒産法の下、事業債権者と金融債権者の取り扱いに差が生じていることについては、発足当初から重要な懸念点として取り上げられてきました。金融債権者は、企業債務者と純粋に金銭的な取り決めを行っている者であるのに対して、事業債権者は、企業債務者が供給した商品又は提供したサービスの対価として金銭的債権を有する者とされます。インドの破産倒産法関連で近年争われた事例に、企業債務者の破産手続を開始するための最低基準額である1,000万ルピーの債務不履行金額を満たすか否かの判断において、「利息」を「主たる事業債務」に含めることができるか？というものがあります。
会社法審判所(NCLT)では様々な異なる見解が示されていましたが、会社法上訴審判所(NCLAT)は、Mr. Prashant Agarwal v. Vikash Parasrampuria (Prashant Agarwal Judgment)において、最低基準額1,000 万ルピーの計算の際、利息分を含めることできるかという問題について、明確にしました。
Brief Facts – 概要
Four directors have been disqualified for abusing the dissolution process pursuant to powers introduced by the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 (the Act). In each case, the director secured a bounce back loan on behalf of their company before taking steps to dissolve the company in an attempt to avoid repaying liabilities under the scheme.