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    Shareholder rights and remedies: How can I resolve a shareholder dispute?
    2020-04-13

    When a shareholder’s rights have not been observed by a company and/or its directors, it is possible for them to ask the court to impose a fair remedy.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Lincoln & Rowe, Articles of association, Shareholder disputes, Insolvency Act 1986 (UK)
    Authors:
    Dipesh Dosani
    Location:
    United Kingdom
    Firm:
    Lincoln & Rowe
    Covid-19: Insolvency pitfalls to be aware of!
    2020-04-14

    The government has introduced a number of measures in order to assist businesses during the current Covid-19 pandemic. Unfortunately, for some businesses, this may not be enough to prevent their business entering some form of insolvency. Businesses and directors need to beware of the pitfalls that they could fall into, as they continue to trade. Two of the most common are Preference Payments and Transfers at Undervalue, both of which are discussed below.

    Preference Payments

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Herrington Carmichael LLP, Coronavirus
    Authors:
    Alex Canham
    Location:
    United Kingdom
    Firm:
    Herrington Carmichael LLP
    Carluccio’s, Covid-19 and Catch 22: The Furlough Scheme and paragraph 99(5) of Schedule B1 to the Insolvency Act 1986
    2020-04-14

    The Carluccio’s judgment provides some much-needed clarity on the interrelation of the Furlough Scheme and the requirements of insolvency legislation. It is to be commended for its clarity and for the fact that it had to construe the workings of the Furlough Scheme in the absence of any statutory guidance as to its implementation. It is to be hoped that, when the Government comes to enact the necessary legislative measures (including perhaps amendments to Schedule B1 and IR 2016), that it does so with this judgment very firmly in mind.

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, Gatehouse Chambers, Coronavirus, Insolvency Act 1986 (UK)
    Authors:
    Alaric Watson
    Location:
    United Kingdom
    Firm:
    Gatehouse Chambers
    Legal risks and practical considerations for company directors during the covid-19 crisis
    2020-04-14

    Introduction

    The COVID-19 pandemic presents directors of all business entities1 with a profound and unprecedented set of challenges. Now more than ever, key decision-takers in businesses appreciate that their actions will be carefully judged following the crisis. Scrutiny of their actions will come from a range of interested and affected parties including creditors, employees, trades unions, landlords, customers, regulators, insolvency practitioners and possibly even law enforcement.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, White Collar Crime, Cohen & Gresser LLP, Corporate governance, Landlord, Money laundering, Coronavirus
    Location:
    United Kingdom
    Firm:
    Cohen & Gresser LLP
    There are as many opinions as there are experts: issues to consider when drafting reasoned legal opinions
    2020-04-14

    Legal opinions can be complex, and certain areas require the provision of reasoning to support the opining firm’s conclusion. Parties should discuss and agree the scope of legal opinions as early as possible within the life cycle of a deal. This article discusses some common areas for consideration.

    WHAT IS A LEGAL OPINION AND WHY IS IT USED?

    Legal opinions are formal letters typically provided to confirm a specified legal position in relation to a document or a suite of transaction documents.

    For example, a firm practising English law may be asked to opine on whether:

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Legal Practice, Litigation, Tax, Stevens & Bolton LLP, Power of attorney, UK Supreme Court
    Authors:
    Andrew Dodds
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Changes to UK insolvency law and directors and officers insurance due to Covid-19
    2020-04-15

    As reviewed previously, the impact on Covid-19 losses will result in a steep increase in insurance claims under business interruption, public liability, product liability, employer’s liability, asset management, directors and officers, professional liability, errors and omissions, and marine insurance policies.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Penningtons Manches Cooper LLP, Coronavirus
    Authors:
    Celso de Azevedo , James Harrison
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Liquidation and Fiduciary Duties: No Rest for (the Wicked?) Directors
    2020-04-15

    In Hunt (as Liquidator of System Building Services Group Ltd) v Michie & Ors [2020] EWHC 54 (Ch), ICC Judge Barber has confirmed that directors of insolvent companies remain subject to fiduciary duties, even after those companies enter into an insolvency procedure.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Kingsley Napley, Board of directors, International Chamber of Commerce, Companies Act, Insolvency Act 1986 (UK)
    Authors:
    Richard Clayman
    Location:
    United Kingdom
    Firm:
    Kingsley Napley
    Coronavirus: the impact of insolvency on licensed premises
    2020-04-08

    It’s becoming apparent that despite the government’s intervention with business rate holidays, relief against forfeiture and furloughing of staff during the coronavirus pandemic, many licensed, leisure and retail businesses are in dire straits as a result of closure. Whilst emergency insolvency legislation is in place to provide a breathing space for companies, this will only help financially distressed but viable businesses. As a result, it is unfortunate that insolvencies already reported in the press will just be the tip of the iceberg.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Keystone Law, Landlord, Coronavirus
    Authors:
    Niall McCann , Richard Williams
    Location:
    United Kingdom
    Firm:
    Keystone Law
    COVID-19 UK: New Temporary Practice Direction on Insolvency Proceedings
    2020-04-08

    Whilst no further action has, as yet, been taken to implement the foreshadowed changes to insolvency law in England and Wales (see our comments on the same), the Business and Property Courts of England and Wales ("BPC") have moved quickly to release a temporary Practice Direction on insolvency proceedings ("TIPD").

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Coronavirus
    Authors:
    Duncan Lockhart
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Wrongful trading suspension: Does it create a false sense of security?
    2020-04-08

    Wrongful trading laws have been suspended. But other relevant laws remain unchanged. Critically directors remain subject to the creditors’ interest duty. Read our article which examines the current position and highlights other key issues to be kept firmly in mind by directors and those advising them in these challenging times.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Maitland Chambers, Board of directors, Liquidation, Coronavirus
    Authors:
    Catherine Addy KC , Rebecca Page , Rosanna Foskett , Rowena Page
    Location:
    United Kingdom
    Firm:
    Maitland Chambers

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