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    Turbulence ahead for landlords of insolvent tenants?
    2012-06-22

    As the prospects for business survival become ever tougher due to challenging economic conditions, administrators and liquidators are increasingly finding themselves having to justify to the courts whether or not costs should be treated as an expense of the administration or liquidation.

    Sums incurred or paid as an expense of an administration or liquidation are, unlike debts incurred before the appointment of the administrator or liquidator, paid in preference to unsecured debts and also before the administrator or liquidator's fees and expenses.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Stephenson Harwood LLP, Landlord, Leasehold estate, Liquidation, Liquidator (law)
    Location:
    United Kingdom
    Firm:
    Stephenson Harwood LLP
    High Court tackles 'football creditor rule' on insolvency
    2012-06-26

    Facts
    HMRC's case

    The Football League's response
    Decision
    Comment


    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Liquidation, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    RPC
    Is your pension pot up for grabs?
    2012-06-26

    Those thinking that the trials and tribulations of the recession may have passed them by and that, if all else failed, at least the pension was safe, may have to think again following two recent court decisions in which pensions came under attack from creditors and trustees in bankruptcy.

    The vexed question of whether a future right to receive a pension can be attached to satisfy a judgment, or can be claimed by a trustee in bankruptcy, has long since troubled the courts.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, RPC, Bankruptcy
    Authors:
    Charles Suchett-Kaye
    Location:
    United Kingdom
    Firm:
    RPC
    Beware of insolvent tenant
    2012-06-26

    For landlords, a tenant in administration is just about your worst nightmare. A moratorium prevents you from suing for outstanding arrears or forfeiting the lease and you may be left with an empty unit generating no income.  

    Now it seems if administrators are using your premises, the rent might not even be paid as an expense simply because of when they were appointed. So what has happened?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Mills & Reeve LLP, Landlord
    Authors:
    Lino Di Lorenzo
    Location:
    United Kingdom
    Firm:
    Mills & Reeve LLP
    Rangers F.C. & TUPE - can player exodus be stopped?
    2012-06-27

    The current position is that 8 players have been reported as having objected to their contracts of employment transferring to the "new Rangers". Charles Green has apparently threatened to litigate any departing players given that, in his view, they are in breach of contract.

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Media & Entertainment, Morton Fraser MacRoberts, Breach of contract, Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK)
    Authors:
    Innes Clark
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts
    The “client money” decision in the Lehman administration
    2012-06-01

    The Supreme Court decides how client moneys are to be allocated in the Lehman estate, which has far-reaching implications for distributions in other financial collapses.

    The Supreme Court has recently handed down a decision in a contentious and difficult application in the Lehman administration, a decision which fundamentally affects the allocation of client moneys in the Lehman estate.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Liquidator (law), Lehman Brothers
    Authors:
    Jumana Rahman
    Location:
    United Kingdom
    Firm:
    Latham & Watkins LLP
    Company voluntary arrangements - no pain, no gain?
    2012-06-06

    Gym chain Fitness First is the latest high street name to propose a company voluntary arrangement (CVA) to its creditors. The chain currently runs more than 140 clubs in the UK but the arrangement proposes that 67 will be transferred to other operators within six months. Landlords will be reviewing the terms of the proposed CVA carefully.

    A CVA is an agreement reached by a corporate debtor with its unsecured creditors. It is generally seen as a quicker and less formal route out of trading difficulties than administration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Gowling WLG, Landlord
    Authors:
    Alison Hardy , Ian Brook
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Payments for creditors to vote for proposals held not to be bribes
    2012-06-06

    A facilitation payment to encourage creditors to vote through the restructuring proposals of creditors’ debts has been held by the High Court not to be an illegal bribe. The court had regard to the fact that the offer of payment was made openly to all relevant creditors, none of whom were prevented from voting on the proposal. As such, where a creditor consented and received the facilitation payment, this was not contrary to the pari passu principle.

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, White Collar Crime, Mayer Brown, Bond (finance), Debt
    Authors:
    David Allen , Jessica Walker
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Administrators get to use the property rent free!
    2012-06-08

    Leisure Norwich (2) Ltd & Others v Luminar Lava Ignite Limited & Others - [2012] EWHC 951(Ch). Incurring liabilities to third parties is often necessary in order to carry out an effective administration of an insolvent company.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, BDB Pitmans LLP, Landlord, Insolvency Act 1986 (UK)
    Authors:
    David Vaughan
    Location:
    United Kingdom
    Firm:
    BDB Pitmans LLP
    Lehman Brothers (In Administration): the long and winding road to distribution
    2012-06-08

    The UK Supreme Court's decision in Re Lehman Brothers International (Europe) (In Administration) caps the extensive litigation which developed in the aftermath of the collapse of Lehman Brothers International (Europe) (Lehman Brothers) almost four years ago.

    It all began on 15 September 2008 when Lehman Brothers went into administration following what the Courts have referred to as its performance failures on 'a truly spectacular scale', foremost of which was the failure to protect its clients' monies.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, BDB Pitmans LLP, Investment banking, Lehman Brothers, FSA, UK Supreme Court
    Authors:
    Rita Sarkar
    Location:
    United Kingdom
    Firm:
    BDB Pitmans LLP

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