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    Important changes to insolvency law and creditor enforcement
    2020-04-09

    The purpose of this note

    The profound business and market interruption already caused by the COVID-19 outbreak has introduced insolvency risks for many otherwise healthy businesses. 

    This note summarises proposed insolvency law reforms announced on 28 March 2020 with some commentary on other recent COVID-19 developments in this area, including: 

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, TLT LLP, Coronavirus
    Location:
    United Kingdom
    Firm:
    TLT LLP
    Guide to the UK Government proposed reforms to the corporate insolvency regime
    2020-04-09

    In response to the profound market disruption caused by the coronavirus pandemic and to stave off a predicted “tsunami” of corporate insolvencies, the UK Government has announced its plans to enact a series of urgent law reforms, aimed at keeping as many of the affected businesses as possible intact and trading. 

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, TLT LLP, Coronavirus
    Location:
    United Kingdom
    Firm:
    TLT LLP
    COVID-19 - Temporary Relaxation of UK Insolvency Laws
    2020-04-07

    Cash flow and current and future liquidity are now real concerns for many businesses during this COVID-19 pandemic. Increasingly, the attention of directors and the wider economic ecosystem is turning to consider the issues of approaching insolvency and the duties of directors.

    In line with the current approach of the UK Government to support businesses, on Saturday, 28 March, the Business Secretary, Alok Sharma, announced that UK wrongful trading insolvency laws are to temporarily change to help give businesses and directors some "breathing space".

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Coronavirus
    Authors:
    David Wood
    Location:
    United Kingdom
    Firm:
    Katten Muchin Rosenman LLP
    COVID-19: Skype hearings? Are you winding me up?
    2020-04-06

    As a creditor, especially during the current Covid-19 crisis, it may be tempting to accept all and any payments from debtors.

    Payments that a debtor company makes to you during the period where there is a winding-up petition in place will be a void disposition, under section 127 of the Insolvency Act 1986, unless there is an application to the Court and receipt of what is known as a “validation order,” allowing you to keep the money.

    What’s happening in real life?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Brecher LLP, Coronavirus, HM Revenue and Customs (UK)
    Authors:
    Anastasia Hammond
    Location:
    United Kingdom
    Firm:
    Brecher LLP
    Approval of liquidator’s remuneration: a tale of two reporters
    2020-04-06

    A recent Sheriff Court judgment is the latest decision to consider the role and remit of the court reporter in a liquidation which, unusually, involved the court appointing two reporters.

    In Scotland, the Insolvency (Scotland) (Receivership and Winding Up) Rules 2018 provide that where there is no creditors committee, the remuneration of a liquidator shall be fixed by the court. In practice, the court appoints a reporter to examine and audit the liquidator’s accounts and to report on the amount of remuneration to be paid.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Shoosmiths LLP
    Authors:
    Stuart Clubb
    Location:
    United Kingdom
    Firm:
    Shoosmiths LLP
    COVID-19 UK: Protecting your JV operations - Insolvency and Default
    2020-04-07

    As the prevalence of COVID-19 continues to grow worldwide, together with the resulting social and business restrictions, the inevitable fallout will be a failure to achieve business plans and an increase in business insolvencies.

    The UK Chancellor, Rishi Sunak, stated whilst unveiling recent plans for a £330bn economic boost in light of the pandemic, “this is an economic emergency. Never in peacetime have we faced an economic fight like this one".

    Filed under:
    United Kingdom, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Force majeure, Coronavirus
    Authors:
    Simon Vere Nicoll , Richard Elks
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Conducting winding up petitions on Skype
    2020-04-02

    While in previous weeks the winding up petition list has been adjourned for a minimum of three months, this week’s list was successfully conducted by Skype. This article discusses how the hearings worked.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gatehouse Chambers, Coronavirus, HM Revenue and Customs (UK)
    Authors:
    Katrina Mather
    Location:
    United Kingdom
    Firm:
    Gatehouse Chambers
    Trade Finance - Insolvency and Business Disruption Implications
    2020-04-01

    In the current period of flux, lenders should review their finance documents regarding protections and/or vulnerabilities; and where exposed to industries particularly affected by the COVID-19 outbreak may consider (i) invoking provisions to demand early repayment and/or to preclude further lending; and (ii) whether there is material benefit in doing so. They should also consider pre-emptive steps with a view to staving off critical defaults.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Coronavirus
    Authors:
    Thomas A. Pugh
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    COVID-19 UK: Prospective changes to insolvency law (England and Wales)
    2020-04-02

    The Secretary of State for Business, Energy and Industrial Strategy, Alok Sharma, has announced that the government will be introducing a number of changes to the insolvency regime in England & Wales as part of its response to the COVID-19 outbreak.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Coronavirus, UK House of Commons
    Authors:
    Duncan Lockhart , Andrew Ramsden , Tristan Cox
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Property, Chancery and Commercial Group Briefing - March 2020
    2020-03-31

    Welcome to this bulletin from 1 Chancery Lane's Property, Chancery and Commercial Law team.

    In this edition:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Deka Chambers, Landlord, House of Lords, Supreme Court of the United States
    Location:
    United Kingdom
    Firm:
    Deka Chambers

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