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    Navigating through the storm
    2011-03-30

    There remains much economic uncertainty ahead and it seems that insolvency practices are likely to continue to remain important drivers in accountancy firms. However, insolvency practitioners are facing increased regulation and public scrutiny. They need to remain on top of their game to navigate safely through stormy waters, as Ross Goodrich reports.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, RPC, Shareholder, Unsecured debt, Interest, Accounting, Economy, Liquidation, Liquidator (law), Office of Fair Trading, Institute of Chartered Accountants in England and Wales
    Location:
    United Kingdom
    Firm:
    RPC
    Court of Appeal rules on balance sheet insolvency
    2011-03-30

    In BNY Corporate Trustee Service v Eurosail UK1, the Court of Appeal rejected a “mechanical” definition of balance sheet insolvency.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, RPC, Liability (financial accounting), Liquidation, Balance sheet, Insolvency Act 1986 (UK), Court of Appeal of England & Wales, Trustee
    Location:
    United Kingdom
    Firm:
    RPC
    TUPE applies to pre-pack administrations
    2011-02-22

    The much awaited EAT decision inOTG Ltd v Barke and others (formerlyOlds v Late Editions Ltd) was delivered on 16 February. As expected, the EAT has taken the view that an administration cannot amount to “bankruptcy” or “analogous insolvency proceedings” for the purposes of Regulation 8(7) of TUPE. So, on a sale by an administrator (even in a pre-pack administration) TUPE will apply.

    In more detail

    The full force of TUPE is relaxed in relation to insolvent transfers as follows:

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, RPC, Contractual term, Bankruptcy, Liability (financial accounting), Liquidation, Unfair dismissal, Bright-line rule, Precondition, Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK), Transfers of Undertakings Directive (2001/23/EC)
    Location:
    United Kingdom
    Firm:
    RPC
    Insolvent insureds: better rights for claimants to pursue insurers directly are on the way
    2010-03-30

    The Third Parties (Rights against Insurers) Act 2010 received Royal Assent on 25 March 2010. The Act modernises the Third Parties (Rights against Insurers) Act 1930 by streamlining the procedure by which a third party claimant can recover compensation from the insurer of a defendant.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, RPC, Bankruptcy, Costs in English law, Legal personality, Debt, Liquidation, Unsecured creditor, Insolvency Act 1986 (UK), Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    RPC
    Administrators' liability to pay rent
    2010-01-13

    The case of Goldacre v Nortel, decided in December, has clarified the circumstances in which an administrator is liable to pay rent under a lease as an expense of an administration. If rent is an expense of the administration, the landlord will almost certainly be paid in full for as long as the administrator uses the property. If it is not such an expense, the landlord will be an unsecured creditor who will be lucky to receive a few pence in the pound.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, RPC, Landlord, Leasehold estate, Liquidation, Asset forfeiture, Unsecured creditor, House of Lords, Court of Appeal of Singapore
    Authors:
    Vivien Tyrell
    Location:
    United Kingdom
    Firm:
    RPC
    Landlords, will an administrator pay your rent in full?
    2009-10-01

    In the current recession landlords are among the fi rst to lose out when a company goes into insolvency, be it a pre-pack sale or a conventional administration process. It is important, therefore, for landlords to know what rights they retain when confronted with the administration of their tenant in order to ensure the full rent is paid - if they are still entitled to it - or, at the very least, to increase their bargaining position. In this article, we look at the circumstances where an administrator is obliged to pay the landlord’s rent in full.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, RPC, Unsecured debt, Landlord, Leasehold estate, Liquidation, Unsecured creditor, Title retention clause
    Authors:
    Vivien Tyrell
    Location:
    United Kingdom
    Firm:
    RPC
    Renting in the recession – rent deposits and insolvency
    2009-07-28

    In the current climate, both landlords and tenants could be forgiven for wondering what would happen if the other became a victim of the recession. For both parties, a rent deposit deed can provide some comfort. Such a deed would mean the landlord has immediate access to cold hard cash if the tenant fails to pay the rent, while a struggling tenant may get valuable breathing space before the landlord turns to other remedies.  

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, RPC, Costs in English law, Collateral (finance), Landlord, Leasehold estate, Deed, Liquidation, Moratorium (law), Stakeholder (corporate), Liquidator (law), Unsecured creditor
    Location:
    United Kingdom
    Firm:
    RPC
    Adjudication and liquidation - the TCC gets it wrong…but right
    2019-01-31

    Back in August, we wrote a blog about adjudication and liquidation, following the judgment in the TCC case of Michael J. Lonsdale (Electrical) Limited v Bresco Electrical Services Limited (in Liquidation) [2018] EWHC 2043 (TCC) (Lonsdale).

    Filed under:
    United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, RPC, Liquidation, Construction contracts
    Location:
    United Kingdom
    Firm:
    RPC
    Adjudication and liquidation - the final word?
    2018-08-03

    It is generally the case (though not always!) that courts are reluctant to enforce monetary award adjudication decisions in favour of companies in liquidation (CILs). This is because of the uncertainty surrounding the CIL’s ability to repay those sums should it later transpire it was not entitled to the award.

    Filed under:
    United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, RPC, Liquidation
    Authors:
    Sarah Shafiq
    Location:
    United Kingdom
    Firm:
    RPC
    Taxpayer's application to have HMRC's winding-up petition dismissed fails due to lack of evidence
    2015-08-19

    In Winnington Networks Communications Ltd v HMRC[1], the Chancery Division Companies Court (Nicholas Le Poidevin QC) refused the taxpayer company's application to have HMRC's winding-up petitions dismissed, as it had failed to provide evidence that it had a real prospect of successfully disputing the debt claimed by HMRC.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Liquidation, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs
    Location:
    United Kingdom
    Firm:
    RPC

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