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    “Further advances”
    2014-05-23

    Many will be familiar with the words “further advances” and associate this term with typical boiler plate provisions in finance documents.

    In a recent case (In the matter of Black Ant Co Ltd (in administration) [2014] EWHC 1161 (Ch)(15 April 2014) the High Court provided useful commentary on the meaning of “further advances” in the context of the priority of security.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Debtor
    Authors:
    Simon Johnston , Marianne Mudd
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    TUPE and Rangers Newco: the right to object
    2012-06-28

    At this time of year, sports pages are normally rife with transfer speculation before the new domestic seasons begin across the UK. This summer is different however, due to increased interest in Glasgow Rangers and the effect of “TUPE transfers” of players to the Rangers Newco.

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, Media & Entertainment, CMS Cameron McKenna Nabarro Olswang LLP, Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK)
    Authors:
    Anthony Fincham , Sarah Ozanne , Alison Woods
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Come and get it! The meaning of “give possession” under the Cape Town Convention
    2020-11-03

    The Full Court of the Federal Court of Australia has become the first appellate court among ratifying countries to look directly at the meaning of “give possession” and “giving possession of the aircraft object to the creditor” under the Protocol to the Convention on International Interests in Mobile Equipment (known as the Cape Town Convention) on matters specific to Aircraft Equipment (the Protocol) in the context of an insolvency (the Virgin Australia insolvency) in Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (admin

    Filed under:
    Australia, United Kingdom, Aviation, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus
    Location:
    Australia, United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Directors' duties in a formal insolvency context
    2020-02-12

    Introduction

    The decision of ICC Judge Barber in the case of Stephen Hunt & System Building Services Group Limited -v- Brian Michie & System Building Services Group Limited [2020] EWHC 54 (Ch) was recently handed down and it is an interesting decision about directors’ duties post the appointment of an administrator or liquidator.

    Facts

    The facts are quite involved and matter specific, and gave rise to a number of issues, but for present purposes the key issues are as follows.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Julian Turner
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Contractor insolvency under the JCT
    2018-01-25

    A recent TCC decision has concluded that the contractor insolvency provisions of the JCT form continue to apply after a termination by the contractor for repudiation. This conclusion may give rise to surprising results and potentially allow an employer to claim from the contractor additional amounts incurred in completing the works with a third party even after termination for the employer’s own default and/or repudiation.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, General contractor, Technology and Construction Court
    Authors:
    Matthew Taylor , Aidan Steensma
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Bankrupts cannot be forced to draw down pension to satisfy debts
    2016-01-11

    A major consideration for any Claimant in an action seeking monetary damages is whether the Defendant to an action has the assets to meet a judgment, whether that be a claim against an individual or a limited company backed by the personal guarantee of an individual. That consideration should extend to a scenario where the Defendant has a judgment made against them and then either refuses to pay or cannot pay on time. The Claimant may have to seek their bankruptcy to achieve some payment.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    The impact of insolvency events on the enforceability of adjudication decisions
    2013-12-12

    Parties wishing to resist the enforcement of an adjudication decision on the grounds of insolvency usually need to show that the claiming party will not be in a position to repay the amount of the decision if required to do so in later court or arbitration proceedings. Two recent cases in the TCC have, however, shown that different considerations can apply in the less typical circumstances of a members’ voluntary liquidation and a creditors voluntary arrangement.

    Maguire & Co v Mar City Developments

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Liquidation
    Authors:
    Adrian Bell
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Pre-administration rents - the Luminar judgment: the detail
    2012-04-19

    In our Law-Now of 4 April 2012 (click here for link), we reported on the decision of the court in the case of Leisure (Norwich) II Limited v Luminar Lava Ignite Limited (in administration).  The detailed judgment has now been released, setting out the rationale for the decision and summarising the position on rents in administration generally.

    The legal position on this issue is now:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Liquidation, Liquidator (law)
    Authors:
    Pranai Karia
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Arbitration and foreign bankruptcy proceedings: The English court’s pro-arbitration stance
    2020-10-26

    The English courts are known for being pro-arbitration. In the recent case of Riverrock Securities Limited v International Bank of St Petersburg (Joint Stock Company) [2020] EWHC 2483 (Comm) the English High Court has granted an anti-suit injunction in relation to claims being made in foreign bankruptcy proceedings, where the underlying agreements included arbitration provisions with a London seat.

    The parties

    Filed under:
    United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Bankruptcy
    Authors:
    Richard Bamforth , Kushal Gandhi
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Cartel litigation: Important ruling that limitation can begin to accrue in advance of a regulator making an infringement decision
    2020-02-03

    On 25 February 2020, the High Court handed down an important ruling: Granville Technology Group Limited (In Liquidation) and Others v Elpida Memory (Europe) Gmbh and Others [2020] EWHC 415 (Comm). This is the first ruling by an English Court on how the Limitation Act 1980 should be applied to secret cartel claims.

    Filed under:
    United Kingdom, USA, Company & Commercial, Competition & Antitrust, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, European Commission, US Department of Justice, HSBC
    Location:
    United Kingdom, USA
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP

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