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    Lehman and Nortel
    2011-01-12

    According to a ruling of the High Court, Financial Support Directions and Contribution Notices issued by the Pensions Regulator once an English insolvency process has commenced rank as expenses of the insolvency process (and therefore take precedence over ordinary creditors). This ruling will cause huge practical difficulties for insolvency practitioners. The decision is subject to appeal.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Squire Patton Boggs, The Pensions Regulator, Lehman Brothers, High Court of Justice
    Authors:
    Catherine McKenna , Wendy Hunter
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Landlords rejoice as court overturns “unfair” CVA
    2010-08-04

    The past eighteen months have seen a marked increase in the use of the Company Voluntary Arrangement (“CVA”) by retailers to reduce their lease liabilities and win the release of onerous parent company guarantees, with several high street names going through the process. Although this practice received cautious support from landlords, real concern continues to be voiced over the practice of “guarantee stripping”.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Costs in English law, Retail, Landlord, Leasehold estate, Brand, Public limited company, Valuation (finance), Parent company, High Court of Justice
    Authors:
    Susan Kelly , John Alderton , Cathryn Williams , Daniel French
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Statutory liens and aircraft operators
    2010-07-09

    In the case of Global Knafaim Leasing Ltd & Anor v The Civil Aviation Authority & Ors [2010] EWHC 1348 (Admin), the UK’s High Court held that the Civil Aviation Authority (CAA) and BAA Ltd. (BAA) were entitled to a statutory lien of a lessor’s aircraft, to ensure a lessor pays all the outstanding route and aircraft charges of an insolvent operator and its fleet of aircraft, and not just those related to the aircraft of the lessor.

    Filed under:
    United Kingdom, Aviation, Insolvency & Restructuring, Squire Patton Boggs, Legal burden of proof, Liquidation, Proportionality (law), Right to a fair trial, European Convention on Human Rights, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Recent developments in English insolvency law
    2010-07-09

    The summer months are upon us, and developments in insolvency law and practice continue apace. Since our Spring issue the courts have pronounced in a number of interesting cases. At the time of writing, the World Cup is underway – it would perhaps be remiss not to have some football flavour in this article, and so some observations on the plight of Portsmouth FC are appropriate (though saved till the end).

    Successive notices of intention to appoint administrators: more than one moratorium?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Legal personality, Abuse of process, Limited partnership, Liquidation, Moratorium (law), Insolvency Act 1986 (UK), High Court of Justice
    Authors:
    Graeme D. Levy
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Adminstration expenses in a pre-pack administration: re Johnson Machine Tool Company Limited and another [2010] EWHC 582 (Ch)
    2010-04-09

    Pre-packs continue to occupy centre stage, and administrators might be forgiven for feeling somewhat under the spotlight.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Where does rent rank now in administration?
    2010-03-24

    In the event of a tenant becoming insolvent, it is clearly important for a landlord to know where rent payable ranks in administration. A recent landmark decision handed down by the High Court strengthens the position of landlords by deciding that rent can now be more widely payable as an expense of the administrator.

    Background

    Simply, if rent is ranked as an expense of the administration1 then it is almost always discharged in full as a mandatory expense of the administrator, rather than being placed with lower priority creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Landlord, Leasehold estate, Vacated judgment, Liability (financial accounting), Liquidation, High Court of Justice
    Authors:
    Patrick Walker , Sally Lodge
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Landlords and administrators: a shift in the balance of power?
    2010-01-20

    In a blow to administrators that will surely impact on the timings of any administration, most particularly those involving a large property portfolio, HHJ Purle, sitting in the High Court, has handed down a decision that will have ramifications potentially as serious as those of Re Trident Fashions for administrators in considering how long to remain in office, or indeed whether to accept an appointment at all.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Landlord, Leasehold estate, Threatened species, Liability (financial accounting), Liquidation, Liquidator (law), Prejudice, Lehman Brothers, High Court of Justice
    Authors:
    Daniel French
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    IMO Car Wash: a washout for junior creditors?
    2009-08-26

    The English High Court has recently delivered judgment in the IMO Car Wash case (In the matter of Bluebrook Ltd and others [2009] EWHC 2114 (Ch)), in which the High Court considered whether to sanction three related schemes of arrangement for restructuring indebtedness proposed by the IMO Car Wash group to the senior lenders of the relevant group companies.  

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Public company, Board of directors, Interest, Debt, Economy, Balance sheet, Cashflow, Default (finance), Valuation (finance), Discounted cash flow, Secured loan, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    A Contradiction over Jurisdiction? English Contract Law v Foreign Insolvency Law
    2016-05-25

    During contract negotiations parties usually agree what law and which courts will determine any disputes arising from that contract. This brings certainty for the parties. However that certainty can vanish if one party is a foreign registered company and becomes insolvent – the other party may suddenly become exposed to unexpected foreign insolvency law. At this point, the drafting of a jurisdiction clause can be worth millions.

    This is the situation in the recent case of Global Maritime Investments Cyprus Limited v O.W. Supply & Trading A/S [2015] EWHC 2690 (Comm).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, High Court of Justice
    Authors:
    Matt Ford
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Prescribed part and security holders
    2008-07-25

    One of the significant changes to distributions in insolvency made by the Enterprise Act 2002 was the abolition of the preferential status of debts owed to the Crown and the introduction of a provision for the creation of a ‘ring-fenced fund’ (also known as the “prescribed part”, an amount currently capped at £600,000) from the proceeds of floating charges created after 15 September 2003 to be applied in distribution to unsecured creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Share (finance), Unsecured debt, Debt, Liquidation, Secured creditor, Liquidator (law), Unsecured creditor, Insolvency Act 1986 (UK), Enterprise Act 2002 (UK), High Court of Justice
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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