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    Landlords (with guarantees) unfairly prejudiced by company voluntary arrangements: Re PRG Powerhouse Limited
    2007-05-04

    In a decision that will have important repercussions for creditors with the benefit of guarantees, the High Court this week has held that a company in financial difficulties may not propose a voluntary arrangement which is unfairly prejudicial on its terms to certain creditors.

    Re Powerhouse

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Unsecured debt, Landlord, Leasehold estate, Board of directors, Debt, Secured creditor, Prejudice, Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    The minefield of surrenders and assignments
    2016-04-12

    The minefield of surrenders and assignments

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Landlord, Leasehold estate
    Authors:
    Gemma Whale
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    A shift in the balance……?
    2015-10-06

    On 14 September 2015, judgment was handed down in the case of Re SSRL Realisations Limited (In Administration), in which a landlord was granted permission to forfeit a lease by peaceable re-entry. The case will be of interest to insolvency practitioners and landlords alike – but for very different reasons.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Landlord
    Authors:
    Gemma Whale , Devinder Singh
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Game over - or soon will be
    2014-02-12

    This week will hopefully see the end of a long running battle between Britain’s biggest landlords and the restructuring profession. On 12 February, the Court of Appeal will start to hear an appeal relating to the administration of Game Station (Jervis v Pillar Denton). It will consider whether the administrators should pay rent for the properties which they occupied during the administration as an administration expense, so ensuring the landlords receive their rent in priority to payments  made to other creditors.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Landlord
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Landlords rejoice as court overturns “unfair” CVA
    2010-08-04

    The past eighteen months have seen a marked increase in the use of the Company Voluntary Arrangement (“CVA”) by retailers to reduce their lease liabilities and win the release of onerous parent company guarantees, with several high street names going through the process. Although this practice received cautious support from landlords, real concern continues to be voiced over the practice of “guarantee stripping”.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Costs in English law, Retail, Landlord, Leasehold estate, Brand, Public limited company, Valuation (finance), Parent company, High Court of Justice
    Authors:
    Susan Kelly , John Alderton , Cathryn Williams , Daniel French
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Where does rent rank now in administration?
    2010-03-24

    In the event of a tenant becoming insolvent, it is clearly important for a landlord to know where rent payable ranks in administration. A recent landmark decision handed down by the High Court strengthens the position of landlords by deciding that rent can now be more widely payable as an expense of the administrator.

    Background

    Simply, if rent is ranked as an expense of the administration1 then it is almost always discharged in full as a mandatory expense of the administrator, rather than being placed with lower priority creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Landlord, Leasehold estate, Vacated judgment, Liability (financial accounting), Liquidation, High Court of Justice
    Authors:
    Patrick Walker , Sally Lodge
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Landlords and administrators: a shift in the balance of power?
    2010-01-20

    In a blow to administrators that will surely impact on the timings of any administration, most particularly those involving a large property portfolio, HHJ Purle, sitting in the High Court, has handed down a decision that will have ramifications potentially as serious as those of Re Trident Fashions for administrators in considering how long to remain in office, or indeed whether to accept an appointment at all.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Landlord, Leasehold estate, Threatened species, Liability (financial accounting), Liquidation, Liquidator (law), Prejudice, Lehman Brothers, High Court of Justice
    Authors:
    Daniel French
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    New UK Insolvency Laws offers support for businesses struggling with cash flow, but what else can lenders and others expect?
    2020-05-21

    The UK Government published the Corporate Governance and Insolvency Bill on 20 May 2020. The legislation will be fast tracked and include both temporary and permanent changes to the UK insolvency legislation.

    The temporary measures, aimed at supporting businesses struggling with cash flow and facing distress due to COVID-19, include prohibitions on presentation of winding up petitions and winding up orders, suspension of wrongful trading laws and the ability to apply for a moratorium.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Squire Patton Boggs, Corporate governance, Landlord, Coronavirus
    Authors:
    John Alderton , Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    What do the insolvency statistics say about the impact on UK businesses post-lockdown?
    2020-05-20

    The Insolvency Service has released statistics on the level of insolvencies in April 2020. This allows us to take a look at the immediate effect of insolvencies post-lockdown compared with those before.

    Statistics

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Squire Patton Boggs, Landlord, Coronavirus, HM Revenue and Customs (UK)
    Authors:
    Mark Prior
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Is Presenting A Winding Up Petition Too Much Of A Risk (UK)?
    2020-05-05

    Further to our blog about measures announced by the Government to protect commercial tenants from “aggressive” rent collection strategies, the Government subsequently confirmed that the restrictions will apply (unless extended) from:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Landlord, Coronavirus, Commercial tenant
    Authors:
    Emily Davis
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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