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    Spring into action: Top 10 litigation trends to watch
    2025-03-05

    If the overarching theme of 2024 was continued uncertainty (Ten litigation trends to watch for 2024), 2025 already looks set to be another unpredictable year. Various doom-laden economic forecasts indicate that 2025 will be a challenging year for the UK economy.

    Filed under:
    United Kingdom, Arbitration & ADR, Capital Markets, Company & Commercial, Copyrights, Environment & Climate Change, Insolvency & Restructuring, IT & Data Protection, Litigation, Penningtons Manches Cooper LLP, Climate change, Due diligence, Cryptocurrency, ESG, Cybersecurity, Shareholder activism, Google, Companies Act 2006 (UK), EU Artificial Intelligence Act, UK Supreme Court
    Authors:
    James Harrison , Manon Huckle
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Insolvency and Forfeiture: A Tale of Two Companies
    2025-03-03

    The case of SBP 2 S.À.R.L v 2 Southbank Tenant Limited [2025] EWHC 16 (Ch) highlights the importance of careful drafting and robust legal advice when looking to forfeit a lease.

    Background

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Litigation, Penningtons Manches Cooper LLP, Insolvency Act 1986 (UK), Chapter 11, US Bankruptcy Code
    Authors:
    Amy Evans
    Location:
    United Kingdom, USA
    Firm:
    Penningtons Manches Cooper LLP
    Judgment finds that crypto debt can be used to wind up a company in Singapore
    2023-11-24

    The High Court in Singapore has ordered the winding up of Hodlnaut Pte Ltd, a Singapore based cryptocurrency lending and borrowing platform, as it was cash flow insolvent given that the cryptocurrency funds held by the company from various creditors count as ‘debts’ within the meaning of s125(1)(e) of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA).

    Filed under:
    Singapore, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Penningtons Manches Cooper LLP, Cryptocurrency, Winding-up, Insolvency, Restructuring and Dissolution Act 2018 (Singapore)
    Authors:
    John Adams
    Location:
    Singapore
    Firm:
    Penningtons Manches Cooper LLP
    Tax on winding up a company
    2023-11-09

    Assume that you have a company which has ceased trading and is left with a cash balance. You could extract most of the cash by paying a dividend, but that would be inefficient for tax purposes (resulting in tax rates of up to 39.35%). So, instead, you decide to wind the company up and receive the proceeds as a capital distribution, taking advantage of the lower capital gains tax rates (generally at 10% or 20% depending on the circumstances). Surely that is legitimate?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Penningtons Manches Cooper LLP, Winding-up, HM Revenue and Customs (UK)
    Authors:
    Stephen Goldstraw
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Avoiding being haunted by past decisions as a director
    2023-10-31

    As a director of a company, the regulatory landscape in England and Wales can feel like a scary place. The possible ways a director can become exposed can feel endless – especially if one asks Google.

    Just ask any corporate lawyer fortunate enough to own the tome that is the Companies Act 2006. In the absence of becoming a legal expert, what can directors practically do to best protect themselves when carrying out their role?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Penningtons Manches Cooper LLP, Companies Act 2006 (UK)
    Authors:
    John Adams , Jonathan Allen
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Navigating local authority insolvency
    2023-10-23

    Following the news of Birmingham City Council’s recent ‘bankruptcy’, it began a procedure under section 114 of the Local Government Finance Act 1988 which triggers an interim spending freeze whilst a mandatory review is carried out.

    Those who transact with local authorities may be unsure of what the impact of such a notice means for their ongoing deals and existing contracts. This article aims to demystify the process and explain the potential impact on property transactions, including issues to consider for existing agreements with a local authority.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Public, Penningtons Manches Cooper LLP, Insolvency
    Authors:
    James McNeilly
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Distressed M&A: what buyers and sellers need to know
    2023-07-05

    Amid ongoing economic uncertainty, businesses face growing – and sometimes insurmountable – challenges to remain viable, leading to a marked increase in accelerated or ‘distressed’ sales.

    Distressed M&A describes a sale of shares or assets where the business is in financial distress. This includes, for example, companies that are undergoing restructuring or facing insolvency. The sale can be led by the company itself or an officeholder if the company has entered into a formal insolvency process.

    Filed under:
    United Kingdom, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Penningtons Manches Cooper LLP, Due diligence
    Authors:
    Matthew Martin , Marina Ehrlich
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Dangers and tips for directors when facing company insolvency
    2023-05-25

    As the economic outlook remains uncertain, businesses of all sizes and their boards are experiencing mounting pressure from various sources. In particular, directors of companies in financial difficulty face a number of challenges. Primarily, they must decide what they can do to keep the company in business without running the risk of committing an offence or incurring personal liability, and at what stage they must stop trading.

    This article outlines some key issues and strategies that directors should consider when times are tough.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Penningtons Manches Cooper LLP, Insolvency
    Authors:
    Matthew Martin , Marina Ehrlich
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Can a ‘crypto-debt’ form the basis of a winding-up petition or bankruptcy petition?
    2022-12-20

    This article will discuss whether or not a winding-up petition or bankruptcy petition can be based upon a liquidated amount of crypto which is due and payable by one party to another (a crypto-debt).

    An example of such a case could be where party A agrees to transfer 100 widgets to party B in exchange for five bitcoin. Assume party A delivers the widgets, and party B accepts receipt and raises no issue with the widgets, and does not dispute their liability to transfer five bitcoin to party B.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Penningtons Manches Cooper LLP, Bankruptcy, Cryptocurrency, Winding-up
    Authors:
    John Adams
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Contractor insolvencies are on the rise: guidelines for employers on the warning signs and how best to protect your interests
    2022-12-16

    Introduction

    There is a worrying trend in the construction industry: contractor insolvencies are on the rise.

    According to a release from The Insolvency Service, the construction industry accounted for 3,213 insolvency cases in the 12 months leading up to April 2022. This equates to almost a fifth (19%) of the overall cases of insolvency and, more worryingly, these numbers are still growing. These insolvencies have occurred throughout the market but have particularly affected smaller and mid-tier contractors.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Penningtons Manches Cooper LLP
    Authors:
    Peter Massey
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP

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