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    English Court Refuses to Cram Down the Taxman
    2023-05-23

    Since their introduction to the English insolvency regime in 2020, court sanctioned restructuring plans under Part 26A of the UK Companies Act 2006 – a new, more-flexible alternative to traditional UK restructuring tools – which take some of their DNA from U.S. Chapter 11 bankruptcy proceedings (in particular, the ‘cross class cram down’ mechanism), have been a hot topic for insolvency lawyers.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Vedder Price PC, Insolvency, HM Revenue and Customs (UK), Companies Act 2006 (UK), Corporate Insolvency and Governance Act 2020
    Authors:
    Trevor Wood , Nicholas J. Pascal , Henrietta Worthington , Samuel Wilson
    Location:
    United Kingdom
    Firm:
    Vedder Price PC
    (UK) What are the Key Takeaways for future Restructuring Plans following the GAS sanction hearing?
    2023-05-18

    What can we say about the outcome of the GAS (Great Annual Savings Company Limited) sanction hearing that hasn’t already been reported?

    It’s impossible not to comment on the fact that the plan was not sanctioned, and as a consequence of fierce opposition from HMRC that it avoided cram down. Nor that the court refused to sanction the plan on the basis that the conditions for cram down were not met – the court was not satisfied that HMRC would be better off under the plan and even if it were the judge said he would have not exercised his discretion to cram down.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, HM Revenue and Customs (UK)
    Authors:
    Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Re Great Annual Savings Ltd
    2023-05-18

    The judgment of Adam Johnson J in Re Great Annual Savings Company Ltd, (Re Companies Act 2006) [2023] EWHC 1141 (Ch) demonstrates again the rigorous approach the courts are taking in relation to the fulfilment of the conditions required to “cram down” dissenting creditors in restructuring plans as well as in the exercise of the court’s discretion to sanction them.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Wedlake Bell, HM Revenue and Customs (UK)
    Authors:
    Robert Paterson
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    Points to learn from The High Court’s decision in the Great Annual Savings Company restructuring plan
    2023-05-18

    The recent sanction judgment gives important guidance on the way in which the court's discretion should be exercised when sanctioning a restructuring plan and considers whether it is necessary for opposing parties to provide valuation evidence of their own .

    Key takeaways from the judgment

    No worse off test: expert evidence

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Shoosmiths LLP, HM Revenue and Customs (UK)
    Authors:
    Aaron Harlow , Lizzy Wood , Hayley Çapani
    Location:
    United Kingdom
    Firm:
    Shoosmiths LLP
    Re Avanti Communications Limited (in administration) - evolution of the control required for a fixed charge
    2023-05-17

    The High Court recently issued its ruling in the matter of Re Avanti Communications Limited (in administration). It is the first major case since the pivotal 2005 House of Lords decision of Re Spectrum Plus  to examine the characteristics of fixed and floating charges.

    Key points

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Stephenson Harwood LLP, HM Revenue and Customs (UK), House of Lords
    Authors:
    Charlotte Drake , Aisha Ayanbunmi , James Linforth , Nick Axup
    Location:
    United Kingdom
    Firm:
    Stephenson Harwood LLP
    Navigating financial insecurities - ten top tips
    2023-05-18

    The current economic landscape is presenting challenges for many businesses. Our restructuring and business advisory specialists have provided a list of ten top tips if your business is facing financial distress.

    The current economic landscape is presenting challenges for many businesses. Our team at Shepherd and Wedderburn is here to help you navigate those challenges.

    Adaptability and resilience have never been more important as many businesses are currently facing ongoing challenges, such as:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Shepherd and Wedderburn LLP, Supply chain, Insolvency, HM Revenue and Customs (UK)
    Authors:
    Fiona McKerrell , Suzanne Knowles
    Location:
    United Kingdom
    Firm:
    Shepherd and Wedderburn LLP
    (UK) Avanti: The Evolution of a Spectrum - from Fixed to Floating Charge, who Needs Control?
    2023-05-11

    In a decision likely to be welcomed by both debtors and lenders, the High Court has held that a charge granted by Avanti Communications Limited (“Avanti”) was properly characterised as a fixed charge (rather than a floating charge) notwithstanding that the chargor retained an element of control over the charged assets. A key plank of the decision was that the relevant assets were not ‘fluctuating assets’ or ‘stock in trade’ that the chargor might be expected to dispose of in the ordinary course of its business.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, HM Revenue and Customs (UK), House of Lords, Office of Communications (UK)
    Authors:
    Helena Clarke
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Corporate insolvencies on the rise: businesses still facing challenges post-Covid
    2023-05-12

    Businesses are still struggling to recover post-Covid, with corporate insolvency figures continuing to rise. Recent research shows that the most common company insolvency procedure is creditors’ voluntary liquidation (CVL) and in March 2023, there was the highest monthly total of CVLs since January 2019.

    The sectors that appear to have been hit the hardest are construction; wholesale and retail; accommodation and food services.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Keystone Law, Supply chain, Coronavirus, Insolvency, HM Revenue and Customs (UK)
    Authors:
    Aman Sehgal
    Location:
    United Kingdom
    Firm:
    Keystone Law
    Nasmyth Group Ltd
    2023-05-10

    Re Nasmyth Group Ltd (Re Companies Act 2006) [2023] EWHC 988 (Ch) sets out Leech J’s reasons for refusing to sanction a Part 26A restructuring plan.

    The company acted as the holding company of engineering subsidiaries in the UK and elsewhere and provided administrative and treasury functions to the rest of the group.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Wedlake Bell, HM Revenue and Customs (UK)
    Authors:
    Ian Rees
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    Fixed or floating? The English High Court considers the nature of security granted by Avanti
    2023-05-10

    The administrators of Avanti Communications Limited (the “Company”) sought directions from the High Court as to whether purported fixed charges in favour of the secured lenders to the satellite operating business should be recharacterised as floating charges (In the matter of Avanti Communications Limited (In administration) [2023] EWHC 940 (Ch)).

    Summary of decision

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Hogan Lovells, HM Revenue and Customs (UK), Office of Communications (UK)
    Authors:
    Charlotte Lamb , Margaret Kemp , Susan Whitehead
    Location:
    United Kingdom
    Firm:
    Hogan Lovells

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