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    Is it all over? ISDA termination and closing out transactions
    2012-05-10

    There have been a number of first instance decisions concerning the construction and effect of Section 2 (a) (iii) of the ISDA Master Agreement. The problem has been the conflicts between the various judgments, and in particular, with respect to the interpretation and effect of Section 2 (a) (iii). This has led to uncertainly as to how the Section is intended to operate.

    Filed under:
    United Kingdom, Derivatives, Insolvency & Restructuring, Litigation, Stephenson Harwood LLP, Condition precedent
    Authors:
    Peter Bennett
    Location:
    United Kingdom
    Firm:
    Stephenson Harwood LLP
    When is a defective appointment too defective to be cured?
    2012-05-11

    The Court has heard another case dealing with a defective appointment of administrators under paragraph 22 of Schedule B1 Insolvency Act 1986 (“Schedule B1”)1. Following hot on the tail of a recent series of conflicting cases relating to defective appointments, the Court has held that:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown, FSA, Insolvency Act 1986 (UK)
    Authors:
    David Allen , Alexandra Wood , Jessica Walker
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    U-turning to avoid bumpy roads
    2012-05-14

    It is looking increasingly likely that 2012 will be another difficult year for the automotive sector, leading to a decline, not only in vehicle sales, but also in goods and services supplied to the sector. As a result, businesses may experience cash flow problems and increased creditor pressure to pay invoices.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, BDB Pitmans LLP, Unsecured debt, Liquidation, Balance sheet
    Authors:
    Adrian Wilmot , Suzanne Brooker
    Location:
    United Kingdom
    Firm:
    BDB Pitmans LLP
    Controversial pensions bankruptcy case to be appealed
    2012-05-14

    We previously reported on Raithatha v Williamson (4 April 2012) where the High Court held that a bankrupt’s right to draw a pension was subject to an income payments order (“IPO”) even if the individual had yet to draw his pension. This judgment represented a significant departure from previous practice under the Welfare Reform and Pensions Act 1999 which protected future pension rights from IPOs and distinguished them from pensions in payment. It also effectively allowed a trustee in bankruptcy to compel a bankrupt to draw pension against his wishes.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, BDB Pitmans LLP
    Authors:
    Symon Rowley
    Location:
    United Kingdom
    Firm:
    BDB Pitmans LLP
    Insolvency proceedings
    2012-03-27

    A new practice direction on insolvency proceedings came into force on 23 February 2012. It contains procedural requirements for various aspects of proceedings under the Insolvency Act 1986 and the Insolvency Rules 1986.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Mills & Reeve LLP
    Authors:
    Miranda Whiteley
    Location:
    United Kingdom
    Firm:
    Mills & Reeve LLP
    Rangers in administration - what is a season ticket?
    2012-03-27

    This blog is supposed to be about real estate, mostly commercial real estate.  So when one of my Celtic-supporting partners who has been watching avidly every twist and turn of the Rangers saga said I should read the latest court judgement and what it said about property law, I was a little surprised.  But there is quite a lot that is relevant to what we do on a day to day basis.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Media & Entertainment, Morton Fraser MacRoberts
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts
    Pre-appointment rent not an expense of the administration
    2012-03-28

    A High Court ruling in England today has provided a significant clarification of the law relating to payment of rent as an administration expense.

    In Leisure (Norwich) II Limited v Luminar Lava Ignite Limited (in administration), the Court confirmed that rent payable in advance prior to the appointment of administrators is not payable as an expense of the administration, even if the administrators continue to use the property. This means that the rent would not be given priority over other unsecured debts.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Hogan Lovells
    Authors:
    Mathew Ditchburn , Joe Bannister , Tim Reid
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Pre-pack reforms put on ice
    2012-04-02

    After nearly two years of discussion and consultation, the Department for Business Skills and Innovation (BIS) announced on 26 January 2012 that it will not be seeking to introduce new legislative controls on pre-packs. These were to include a much heralded three-day notice period for creditors to challenge the sale. Many have been left surprised by the government’s apparent u-turn and dismayed that so much time and effort seems to have come to nothing.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Hogan Lovells
    Authors:
    Mathew Ditchburn
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Court of Appeal provides clarity on payment obligations owed to insolvent counterparties
    2012-04-03

    In a keenly anticipated judgment, the Court of Appeal today handed down its verdict in four appeals1 concerning the interpretation of various terms of the 1992 ISDA Master Agreement.

    Filed under:
    United Kingdom, Derivatives, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Court of Appeal of England & Wales
    Authors:
    Damien Byrne Hill , Ralph Sellar
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Aircraft repossession and recovery
    2012-04-03

    Recent European airline bankruptcies have highlighted the need to take care when formulating aircraft repossession and recovery strategies.

    Filed under:
    United Kingdom, Aviation, Insolvency & Restructuring, Vedder Price PC
    Location:
    United Kingdom
    Firm:
    Vedder Price PC

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