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    Slovakia introduces new restructuring procedure
    2022-07-07

    The new Slovakian preventive restructuring framework aims to provide companies with a viable toolkit to deal with financial distress at an early stage and to counter the fact that the majority of Slovak companies enter an insolvency process having been insolvent for more than a year.

    Main characteristics

    Filed under:
    Slovakia, Insolvency & Restructuring, Taylor Wessing
    Location:
    Slovakia
    Firm:
    Taylor Wessing
    UK Court’s first reported decision on the new moratorium procedure
    2022-03-09

    The English High Court has rejected a creditor's application to bring a moratorium to an end following the monitors' decision not to terminate the moratorium.

    Background

    A monitor must terminate the moratorium if they 'think' that the company is unable to pay any pre-moratorium debts for which the company does not have a 'payment holiday'. Surprisingly, debts arising under an agreement involving 'financial services' are excluded from the payment holiday.

    Decision

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Increase in UK company insolvencies - is there worse still to come?
    2021-11-11

    On 29 October 2021, the UK Insolvency Service published its insolvency statistics for Q3 2021. Notably, the number of company insolvencies was 17% higher than in Q2 2021 and 43% higher than in Q3 2020. This was driven by an increase in company voluntary liquidations (CVLs) to the highest quarterly level for 12 years.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Taylor Wessing, Supply chain, Coronavirus, Commercial tenant
    Authors:
    Lorna Bramich , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Minister stelt nieuwe (tijdelijke) regels voor turboliquidatie voor
    2021-07-15

    Op 28 juni 2021 heeft het kabinet een wetsvoorstel in consultatie gebracht met als doel de turboliquidatie van rechtspersonen transparanter te maken voor schuldeisers. Om dat te bereiken, stelt de minister voor dat het bestuur van een rechtspersoon binnen tien werkdagen na de ontbinding een aantal documenten deponeert bij het Handelsregister en van de deponering mededeling doet aan de schuldeisers. Ook bevat het voorstel de mogelijkheid om, indien een bestuurder de nieuwe regels niet naleeft, een bestuursverbod op te leggen.

    Filed under:
    Netherlands, Company & Commercial, Insolvency & Restructuring, Taylor Wessing
    Authors:
    Mark Goorts , Maja Bolè
    Location:
    Netherlands
    Firm:
    Taylor Wessing
    UK court approves the appointment of administrators even when the secured creditor was not notified
    2021-05-11

    Re Zoom UK Distribution Ltd (in administration); Wessely and another (in their capacity as joint administrators of Zoom UK Distribution Ltd (in administration)) v Rubra and others

    The UK courts' latest attempt to grapple with the effects of a defect in the way administrators are appointed was recently resolved in favour of the administrators.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    The tax man cometh - floating charges, preferential creditors and priorities
    2021-03-03

    From 1 December 2020 onwards, HMRC will be treated as a preferential creditor of companies for certain taxes including PAYE, VAT, employee NICs and Construction Industry Scheme deductions. In the event that a company enters administration or liquidation, HMRC's claim for these taxes will rank ahead of any floating charge holder.

    This reflects recent changes made to the Finance Act 2020.

    The impact on floating charge holders

    Filed under:
    United Kingdom, Corporate Finance/M&A, Insolvency & Restructuring, Tax, Taylor Wessing, Due diligence, Coronavirus, HM Revenue and Customs (UK)
    Authors:
    Luke Viner , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Adjudicator's Decisions, Insolvent Parties and Court Enforcement
    2020-12-15

    The Supreme Court decision in Bresco made it clear that a company in liquidation does have the right to adjudicate its disputes under a construction contract. Any difficulties concerning potential repayment by an insolvent company to the paying party if the paying party later should overturn the adjudicator's decision should be taken into account at the summary judgment hearing to enforce an adjudicator's decision.

    Now, with the case of John Doyle v. Erith Contractors, we have further guidance as to how the court will approach enforcement.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, Taylor Wessing
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Fixed charge receiverships: good news for real estate lenders
    2020-09-02

    Facts

    Centenary Homes Limited (C) was a property development company which acquired two blocks of flats: one in Enfield and the other in Bloomsbury. The Bank of Scotland (BOS) extended secured finance to C for the development of the two properties.

    C defaulted on its repayment obligations in 2012 and fixed charge receivers were appointed in March, when the balance outstanding was approximately £4.4 million.

    The receivers were able to sell the Enfield flats in July 2012, for £3,250,000.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Cheng Bray
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    COVID-19 in the UK: restrictions on the use of statutory demands, winding up petitions, and CRAR
    2020-05-11

    Building on measures already introduced in the Coronavirus Act – such as the moratorium on lease termination for non-payment of rent until 30 June 2020 – the Government announced that further emergency measures will be introduced.

    Statutory demands and winding up petitions issued to commercial tenants to be temporarily voided

    The forthcoming Corporate Insolvency and Governance Bill will include restrictions on the use of statutory demands and winding up petitions to recover sums owed by tenants.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Taylor Wessing, Landlord, Coronavirus, Commercial tenant
    Authors:
    Nick Moser , Amy Patterson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Corona: (insolvenz-)rechtliche Eckpunkte bei der Inanspruchnahme staatlicher Finanzierungshilfen
    2020-03-25

    Unternehmen, die aufgrund der Corona-Krise Liquiditätsprobleme entwickeln, sollen auf staatliche Finanzierungshilfen zurückgreifen können. Die Bundesregierung hat diesbezüglich ein Schutzschild beschlossen, der die Unternehmen mittels Kostensenkungen (durch arbeits-, steuer-, und sozialrechtliche Maßnahmen) sowie kurzfristiger Darlehen in der Krise stabilisieren soll. Weitere Maßnahmen werden derzeit zusätzlich auf Länderebene entwickelt.

    Filed under:
    Germany, Insolvency & Restructuring, Taylor Wessing, Coronavirus
    Authors:
    Hendrik Boss , Dr. Martin Heidrich , Ingo Gerdes , Dr. Michael Malitz , Dr. Peter Seemann , Hauke Bornschein , Clemens Niedner , Claus Goedecke , Dr. Jens Wiesner , Sabine Schomaker , Ulf Gosejacob , Michael Brüggemann
    Location:
    Germany
    Firm:
    Taylor Wessing

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