Real Estate Quarterly

Summer 2020

Contents

This newsletter is written in general terms and its application in specific circumstances will depend on the particular facts.

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HM  Treasury  has  provided  the  Public  Bill  Committee  with  a  draft  copy  of  The Insolvency Act 1986 (HMRC Debts: Priority on Insolvency) Regulations  2020,  to  be  made  pursuant  to  the  current  clause  96  of  the  Finance  Bill  2020.  The  draft  regulations  have  not  yet  been  formally  laid  before  Parliament but are d

UK COVID-19 Developments

HMRC updates its trading activities guidance

Oliver Hyams and Amy Held investigate the recent case of Islandsbanki Hf & Ors v Stanford [2020] EWCA Civ 480.

Background

This quick guide summarises the duties that directors of companies incorporated in England and Wales are subject to, and how those duties change when the company is insolvent or at risk of being insolvent. It also provides an overview of the personal risk to directors when the company is in financial difficulty.

This note is intended as an overview and should not be relied on as legal advice. Should you require legal advice in relation to your specific circumstances, please contact the Restructuring & Insolvency team members whose contact details are at the end of this note.

In relation to the EFL, there have been dire warnings that in the absence of a substantially increased contribution from the Premier League, up to 60 clubs could go out of business. 1 But if a club does enter administration, or still worse liquidation, what claims are available to the players and other employees? The Football Creditor Rule (the “FCR”) The EFL has its own specific rules in place which provide some added protection for players and staff and least in relation to arrears of pay.

Directors' Duties and Related Matters, in the Context of COVID-19

EMEA UK 27 May 2020

Scope And Purpose of This Note

This note summarises the duties that directors of companies incorporated in England and Wales are subject to.

This note explains those duties, and matters that directors should consider in relation to those duties, in the context of the developing coronavirus disease 2019 (COVID-19), commonly known as the "coronavirus" or simply, COVID-19, pandemic.

This page was updated on 8 January 2021.

The facts of this case were somewhat unusual although it serves as a reminder of the principles involved in the trading of a business by a trustee in bankruptcy.

Background

Timeline for Government’s extended measures