Hugh Miall and James Fennemore acted for the successful claimant beneficiaries in an important decision concerning insolvent trusts and powers exercised for an improper purpose.
Floating charges are common features of finance transactions both in Scotland and in England, and share some characteristics, but these securities have different origins (the Scottish floating charge is a creation of statute while the English floating charge derives from common law) and other key differences which we outline below.
The economic clouds continue to darken alongside the incessant rainstorms outside, and people are paying closer attention to the forecasts to understand what to do to keep dry.
As interest rates continue to rise, and many commentators describe a challenging economic outlook amid an extending inflationary cycle, one only has to look at the recent company collapses in the construction sector to see the struggle that businesses are facing. Times are, and certainly will be, tough for a large number of people, and there are clearly sectors in distress.
In Denaxe Limited v Cooper & Rubin, the Court of Appeal has recently considered the important issue of immunity from suit against a party who has previously sought the Court’s approval for a particular course of action. This is commonly utilised by trustees (under CPR 64) and insolvency practitioners (for example under CPR 69 and Schedule B1 of the Insolvency Act 1986) when faced with difficult questions concerning entitlements and distributions to different classes of beneficiary or creditor.
June 2023 – As part of a package of measures in the field of commercial law, the National Council of the Slovak Republic approved today, 28 June 2023, amendment to Act no. 7/2005 Coll. on Bankruptcy and Restructuring and on Amendments to Certain Acts, which confirms the long-standing treatment of the creditor-debtor relationship in Slovakia in cases of the potential relationship between the debtor and the creditor.
It is worthwhile for creditors to take part in litigation even if the outcome could go against them. This way, they can help prevent the court from issuing rulings sought by colluding debtors and their allies.
Most landlords seek advice prior to entering a commercial lease.
But, as the cautionary tales in this article suggest, if the tenant goes into administration or liquidation, landlords would be wise to seek specialist advice. The lesson is simple: a landlord should not lightly assume that the appointment of an administrator or liquidator implies the end of the lease or a right to re-enter the premises.
The restructuring of Casino Group, one of France's top 6 retailers, is at the point of reaching a favourable outcome. An agreement is expected at the end of July 2023. The commonalities between the restructuring of Casino and Orpéa are the preservation of secured debt, the conversion of unsecured debt into capital, asset disposals and, of course, a significant injection of new money.
“Were Congress to . . . intervene and expand § 524(g) beyond asbestos cases, bankruptcy would become a more suitable alternative for resolving mass tort cases. Until then, such cases will likely remain problematic under the Code in the face of creditor opposition.”
When feeling a little lost, stressed or fearful about life its fairly natural to gravitate towards things that give us a sense of ease (dopamine), control, distraction and worth. I used to find these escapes in in alcohol, and then food, and from time to time I still do in shopping to the detriment of my mental health.
But all things in moderation as they say, and I would argue there is actually meaning in some material things that give us a sense of remembrance or comfort. Hard work should be rewarded and this is often a nice way to do so.