“He has extensive offshore experience that is invaluable in understanding the structures that we are often dealing with” “Sam is enormously bright, very hard working and a super-pleasant fellow” “Sam combines sound technical knowledge with a great demeanour and client manner”
Questions & Answers
“He can always see where a deal can be cut to secure recoveries cost effectively” “Nick is a very well-known and highly successful practitioner” “He has a thorough, encompassing and determined approach to cases”
Questions & Answers
The High Court has rejected a landlord's challenge to the Caffè Nero CVA, giving support to the ongoing usefulness of CVAs in high street restructurings. The case raised issues around the use of the electronic decision procedure set out in the Insolvency Rules for CVAs, nominee and director decision-making during the CVA process, CVA modifications and provision of information to CVA creditors.
Background
Death does not release an individual from their debts and liabilities, nor does it allow transactions made to loved ones to escape challenge. This is so regardless of whether the transactions were made with the intention to defraud creditors.
Insolvency administration orders (IAOs)
From 1 October 2021, the temporary restrictions in Schedule 10 of the Corporate Insolvency and Governance Act 2020 (CIGA) are being replaced[1].
These changes lift the current restrictions on issuing winding up petitions, and replaces them with less stringent and more refined restrictions which are due to remain in place until 31 March 2022.
As the public may be aware, there are ways to put a company into liquidation, one of which is what is called “soft-touch” liquidation. The definition of the soft-touch liquidation was set out in a British Virgin Islands judgment — Re Constellation Overseas Ltd BVIHC (Com) 2018/0206, 0207, 0208, 0210 & 0212. It was held that the essence of a soft-touch provisional liquidation is that a company remains under the day- to-day control of the directors but is protected against actions by individual creditors.
“Mike is unquestionably the most experienced UK asset recovery expert focused on the offshore jurisdictions” “He is very user friendly and I have absolute confidence that his advice is based on securing the best possible outcome” “His experience on the ground in offshore jurisdictions makes him a valuable resource for any international asset recovery effort”
Questions & Answers
High Court sanctions scheme of arrangement proposed by the Provident Finance group
In our earlier blog, we considered the application to strike out the challenge against the Caffè Nero company voluntary arrangement (“CVA”) (Nero Holdings Ltd v Young) and the rejection of Caffè Nero’s strike-out action by the Court.