Bankruptcy Code § 365(d)(3) requires the trustee or the debtor in possession to "timely perform all the obligations of the debtor . . .arising from and after the order for relief under any unexpired lease of nonresidential real property, until such lease is assumed or rejected, notwithstanding section 503(b)(1)." In 2001 the Third Circuit construed this section to require the debtor to perform the lease in accordance with its terms. CenterPoint Properties v. Montgomery Ward Holding Corp. (In re Montgomery Ward Holding Corp.), 268 F.3d 205 (3d Cir. 2001).
Last week the High Court of England and Wales revoked a company voluntary arrangement (CVA) promoted by retailer Miss Sixty in a damning judgment that called into question the conduct of the practitioners involved. The case of Mourant & Co Trustees Limited v Sixty UK Limited (in administration) [2010] could end so-called guarantee stripping – where the CVA purports to discharge guarantees given by a third party – and provide powerful ammunition to landlords seeking to negotiate future CVAs with tenant companies.
His Honour Judge Purle QC in Re Cornercare Limited [2010] EWHC 393 (CH) has clarified English law on the filing of successive notices of intention to appoint administrators. He has held that there is nothing in the relevant provisions of the Insolvency Act 1986 ("IA 1986") to prevent the filing of successive notices of intention to appoint administrators, where the original notice of intention to appoint an administrator had not been acted upon for good reason.
On 28 June 2022 the Insolvency Service published a report it had commissioned from RSM UK to assess the impact that CVAs were having on commercial landlords (the “Report”).
National Car Parks' proposed restructuring plan aimed to write-off arrears, cut rents and close unwanted sites but why did the plan stall?
On 30 April 2021, National Car Parks launched its proposed restructuring plan, which is the flagship new restructuring process introduced last June through the Corporate Insolvency and Governance Act 2020. Around a dozen restructuring plans have come to market so far, but the NCP plan was only the second (the first being Virgin Active) to involve landlord creditors.
Nur bedingt geeignet für die Hotelbranche
RE: A COMPANY (INJUNCTION TO RESTRAIN PRESENTATION OF PETITION)
Long awaited insolvency reforms in the UK, plus the government’s COVID-19 proposals on the use of statutory demands – and much more
What’s the latest?
Eigentümerrisiko im Insolvenzfall?
Aufgrund der angespannten Situation in der Hotelbranche treten aktuell diverse Mieter an ihre Vermieter heran und bitten um Stundung oder Erlass der Mietzahlungen für die kommende Zeit. Die Vorschläge für mögliche Kompromisse sind vielfältig – dabei ist aber immer auch die insolvenzrechtliche Situation zu beachten, um hier keine Risiken für Mieter oder Vermieter zu schaffen. Die Ausführungen dieses Beitrags gelten gleichermaßen auch für Hotelpachtverträge.
Aktuell diskutierte Kompromisse
The decision of the High Court inVanquish Properties (UK) Limited Partnership –v- Brook Street (UK) Limited provides a stark reminder of the strict requirements for serving a valid break notice and the traps into which the unwary can easily fall.