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    Houst - Restructuring Plans march onwards: green light for cram across, is cram up next on the restructuring plan journey?
    2022-07-26

    On 22 July 2022 and after the judge ordered a delay for more evidence, the English court sanctioned the restructuring plan proposed by Houst Limited (Houst). Houst is an SME that is concerned with the provision of property management services for short-term/holiday lets. Its business was badly affected by the Covid-19 pandemic, meaning it was both cash flow and balance sheet insolvent when proposing the plan.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Freshfields Bruckhaus Deringer LLP, Coronavirus, Financial Conduct Authority (UK), HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    The UK’s latest company insolvency statistics: a cloud on the horizon?
    2021-11-01

    The UK's latest quarterly company insolvency statistics, published on 29 October, suggest that the unexpectedly calm seas seen over the last 18 months (and maintained by unprecedented government economic support) may be starting to give way to stormier waters as corporate insolvencies begin to return to pre-pandemic levels.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Freshfields Bruckhaus Deringer LLP, Supply chain, HM Revenue and Customs (UK)
    Authors:
    Richard Tett
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    The UK's 2020 company insolvency statistics: the calm before the storm?
    2021-02-01

    The UK's latest quarterly company insolvency statistics, including the 2020 annual summary, were published on 29 January, painting a picture of the effectiveness of government measures introduced over the past year to support companies during the COVID-19 pandemic.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Freshfields Bruckhaus Deringer LLP, Coronavirus, HM Revenue and Customs (UK)
    Authors:
    Nicholas Cooper
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Court of Appeal judgment in Debenhams - UK furloughed employees are adopted in administration
    2020-05-05

    The English Court of Appeal has handed down its judgment in the Debenhams case, on which we acted. A copy of the judgment can be downloaded here. This upholds the decision of the High Court, which followed the earlier decision in Carluccio’s.

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Coronavirus, HM Revenue and Customs (UK), House of Lords
    Authors:
    Katharina Crinson , Lindsay Hingston
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Pre-pack administration
    2009-06-04

    Summary

    A recent court decision confirmed that transparent pre-pack sales can be used where they are in the best interests of the creditors as a whole. The court ruled that:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Unsecured debt, Debt, Liquidation, Precondition, HM Revenue and Customs (UK), Department for Business, Enterprise and Regulatory Reform
    Authors:
    Richard Tett , Catherine Balmond , Margaret Rhodes
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Limited discretion on bankruptcy order
    2011-04-21

    The court has a limited discretion not to make a bankruptcy order where the debt is the subject of a statutory demand which has not been paid and is outstanding at the time of the bankruptcy petition hearing.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Customs, Debtor, Debt, Proportionality (law), HM Revenue and Customs (UK)
    Authors:
    Greg Standing , Ian Weatherall
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Creditor can refuse security in favour of bankruptcy
    2010-01-20

    S271 Insolvency Act 1986 provides that a bankruptcy petition may be dismissed if the court is satisfied that a debtor can pay his debt, or has made an offer to secure or compound the debt, the acceptance of which offer would lead to the petition being dismissed and that the offer has been unreasonably refused. But what is a reasonable refusal?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Gowling WLG, Bankruptcy, Debtor, Debt, Insolvency Act 1986 (UK), HM Revenue and Customs (UK)
    Authors:
    Ian Weatherall , Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    HMRC priority: The impact of the new order
    2020-12-01

    The Insolvency Act 1986 (HMRC Debts: Priority on Insolvency) Regulations 2020 will apply to all business insolvencies that commence on or after 1 December 2020. They provide for certain debts owed to HM Revenue & Customs (HMRC) to become preferential debts in the event of a business entering a formal insolvency. It is important that creditors understand whether they are affected by these changes so that they can decide whether they need to take steps to protect their position.

    The relevant debts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Gowling WLG, Value added tax, Coronavirus, HM Revenue and Customs (UK)
    Authors:
    Jasvir Jootla , Julian C. Pallett
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Finance litigation: the latest cases and issues - June 2017
    2017-07-11

    This month we consider the court's view on the extent to which firms' activities in handling complaints are themselves subject to adjudication by the Financial Ombudsman Service; the exercise of the court's discretion in refusing an unopposed application to annul a bankruptcy order; and more cases and issues affecting the industry:

    The High Court considers the remit of the FOS's jurisdiction

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Tax, Gowling WLG, Financial Services and Markets Act 2000 (UK), Financial Conduct Authority (UK), HM Revenue and Customs (UK), UK Prudential Regulatory Authority, FSA, Financial Ombudsman Service, Court of Appeal of England & Wales
    Authors:
    Turon Miah , Ian Weatherall
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Judgment reserved on Houst’s potential HMRC cram
    2022-07-21

    Judgment has been reserved on the sanction of Houst Ltd’s restructuring plan at a hearing held in front of Zacaroli J on Friday morning (15 July 2022), while the company gathers the further valuation information requested by the court. If sanctioned, the plan will be the first use of the restructuring plan by an SME, and will involve a “cram” of HMRC notwithstanding the tax authority’s secondary preferential creditor status.

    The proposed plan

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Hogan Lovells, Sanctions, Coronavirus, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Hogan Lovells

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