Background

The defining feature of the restructuring plan, which was introduced by the Corporate Insolvency and Governance Act 2020, is the "cross class cram down" ("CCCD") mechanism it introduces as a means of imposing a settlement on recalcitrant creditors.

Overview

Peabody Trust ("Peabody") issued proceedings against National House Building Council ("NHBC") to recover insured extra project costs incurred following contractor insolvency. NHBC sought to short circuit the litigation via an application for summary judgment and strike-out.

I. Introduction

If a building contractor becomes insolvent, but the build is covered by an NHBC Buildmark warranty providing insolvency cover, when does time start to run for the insured to start proceedings against an insurer who fails to pay a claim?

The Technology and Construction Court (TCC) has recently considered this question in the context of an application for summary judgment made by the NHBC, in Peabody Trust v National House-Building Council [2024].

If a tenant appoints a voluntary administrator, the Corporations Act protects the administrator from Landlords who would otherwise be able to re-enter the premises.

It is important to act decisively to recover possession of your premises before an administrator is appointed.

The Singapore International Commercial Court (the "SICC"), a division of the General Division of the High Court and part of the Supreme Court of Singapore, was established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution. It recently considered, as a matter of first impression for the SICC, whether to approve a prepackaged scheme of arrangement for a group of Vietnam-based real estate investment companies under Singapore's recently enacted Insolvency, Restructuring and Dissolution Act 2018 (the "IRDA").

On 19 August 2024, the High Court handed down its quantum decision in Wright v Chappell [2024] EWHC 2166 (Ch), which for the first time sets out the method for quantifying loss relating to "trading misfeasance" claims.

Introduction

If the agreement between a creditor and debtor refers disputes to arbitration, what limits should be placed on the creditor to pursue winding-up proceedings based on an unpaid debt under that agreement? Should a court simply stay the winding-up proceedings to allow the debt to be disputed in arbitration?

The below sets out key considerations when dealing with an extension of an administration at the end of the first-year anniversary.

The Technology and Construction Court recently delivered helpful judicial guidance on when an insured’s cause of action under an the NHBC ‘Buildmark Choice’ policy, providing cover for contractor insolvency before practical completion arises.