The High Court has dismissed a challenge to Caffe Nero's company voluntary arrangement (CVA) in Young v Nero Holdings Limited. The Applicant in the proceedings, Mr Young, was a landlord of premises let to the First Respondent, Nero Holdings Limited (the Company) and challenged the Company's CVA under s 6(1)(a) and (b) of the Insolvency Act 1986 (the Act).

Seit dem 1. Januar 2019 haben Schuldner bei Vorliegen bestimmter Voraussetzungen die Möglichkeit, mittels eines Gesuchs zu verlangen, dass eine ungerechtfertigte Betreibung auf dem Betreibungsregisterauszug nicht ersichtlich ist. In der Zwischenzeit hat das Bundesgericht erste Entscheide gefällt, welche die die Tragweite der seit 2019 in Kraft stehenden Bestimmung präzisiert.

The coronavirus pandemic posed a significant challenge to the financial health of businesses across the UK. A sector additionally at the mercy of the markets following the easing of lockdown restrictions is the energy industry, with the wholesale price of natural gas (measured on a pence per therm basis) having risen dramatically from around 50p/therm in January 2021 to over 200p/therm during the first few weeks of October 2021.

The new 2021 year brought in various changes to insolvency laws, which included the introduction of the Small Business Restructuring (SBR) process to assist small businesses in restructuring their debts. This new regime provides an opportunity for eligible small businesses which are financially distressed, but otherwise viable, to continue trading into 2021 and beyond. However, a question that we have recently been faced with is whether a company that is a corporate trustee of a trust, also known as a trustee company, is able to avail itself of the SBR process.

The Bankruptcy Protector

In the ever-churning waters of the Countryman test for determining whether a contract is executory, the United States District Court for the Middle District of Louisiana recently dipped its toe. The question before the court was whether surety bonds issued to an oil and gas company were executory. The district court, upholding the bankruptcy court below, held that they were not. An analysis of this opinion sheds light on why the surety bonds are not executory and provides lessons for both creditors and debtors, alike.

A recent High Court judgment has provided some clarity on issues arising from the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (“the Regulations 2020”). Partner Alex Jay and Senior Paralegal Aarti Chadda examine the judgment and its interpretation of the Regulations 2020.

The court’s power to overturn the decisions of insolvency practitioners in a company’s external administration was highlighted in the recent case of Tuscan Capital Partners Pty Ltd v Trading Australia Pty Ltd (in liq), in the matter of Trading Australia Pty Ltd (in liq) (Proof of Debt) [2021] FCA 1061 (Tuscan).

Part 1: A Broad Overview of Bankruptcy

‘As privileged professionals, who live by the words of the English language, lawyers have a special duty to be clear in what they say and write’

When discussing any area of law, precision is essential.

A common source of confusion amongst both lawyers and the public generally is the difference between insolvency and bankruptcy. Though you may see the terms being used interchangeably (especially in legal dramas), the two concepts are distinct.

On 10 October, the Dubai Court of First Instance issued a potentially ground-breaking judgment in respect of directors’ liability in the context of corporate insolvency.

In particular, in the matter of the liquidation of the public company Marka PJSC (“Marka”), the Court held the company’s board of directors and managers personally and jointly liable for the company’s outstanding debts, totalling close to AED 450 million.

A Practical Guide to Bankruptcy:

Part 1: A Broad Overview of Bankruptcy

‘As privileged professionals, who live by the words of the English language, lawyers have a special duty to be clear in what they say and write’[1]

When discussing any area of law, precision is essential.