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    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
    Robin Hood’s wrongful deeds
    2015-09-22

    The English High Court has, in one of the few successful cases on wrongful trading, clarified when directors ought to know that there is no reasonable prospect of avoiding insolvent liquidation and where the burden of proof lies in such cases.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, High Court of Justice
    Authors:
    Siân Taylor
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Expenses in administration: rates
    2007-07-18

    Re Trident Fashions PLC: Exeter City Council v Bairstow [2007] EWHC 400 (Ch)

    In March 2007 the High Court ruled that that non-domestic rates are payable as an expense of the administration as a “necessary disbursement” under Rule 2.67(1)(f) Insolvency Rules 1986 (IR), in priority to payment of the administrator’s remuneration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Tax exemption, Retail, Debt, Liability (financial accounting), Liquidation, Public limited company, Liquidator (law), Enterprise Act 2002 (UK), High Court of Justice
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    English court considers how much connection is sufficient?
    2015-09-10

    The English High Court has again considered whether by itself the choice of English law and court jurisdiction in legal documentation establishes a “sufficient connection” with England to enable a foreign company to avail itself of an English scheme of arrangement.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, High Court of Justice
    Authors:
    Siân Taylor
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Company voluntary arrangements: creditors with guarantees
    2007-07-18

    Re Powerhouse Limited: Prudential Assurance Company Limited v PRG Powerhouse Limited [2007] EWHC 1002 Ch Guarantees are widely used in commercial transactions to provide assurance to creditors that debts or other obligations owed to them are discharged fully in the event the principal debtor fails to perform. This assurance was shaken by the steps taken in early 2006 by PRG Powerhouse Limited (Powerhouse) to enter into a company voluntary arrangement (CVA) that contained proposals to release certain parent company guarantees given to landlords of premises being vacated by Powerhouse.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Retail, Surety, Debtor, Unsecured debt, Landlord, Debt, Liquidation, Secured creditor, Prejudice, Insolvency Act 1986 (UK), High Court of Justice
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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