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    Virgin Active's UK restructuring plans sanctioned following landlord challenge
    2021-05-27

    On 12 May 2021, in the first opposed cross-class cram down case, the English High Court sanctioned Virgin Active's restructuring plans, the first to bind landlords to lease compromises.

    The decision

    While the opposing landlords challenged the valuation evidence advanced by the companies, they did not advance evidence of their own. The court accepted the companies' evidence that:

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Real Estate, Taylor Wessing
    Authors:
    Amy Patterson , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    The importance of contractual nexus
    2021-04-16

    Duty of care in tort not established in favour of main contractor from third party sub consultant

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, Projects & Procurement, Real Estate, Taylor Wessing, Supply chain
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Development property - purchasers' liens trump new creditor interests
    2021-03-03

    Sky Building Ltd (the Company) owned a development property (the Property) and granted leases for 145 flats. Leasehold contracts were exchanged in relation to 143 flats, giving rise to purchasers' liens. Some of the purchasers' liens (securing liabilities of approximately £6.5 million) were protected by registration of notices against the title to the Property, conferring a priority interest in the event of a sale of the Property.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Taylor Wessing
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    COVID-19 in the UK: restrictions on the use of statutory demands, winding up petitions, and CRAR
    2020-05-11

    Building on measures already introduced in the Coronavirus Act – such as the moratorium on lease termination for non-payment of rent until 30 June 2020 – the Government announced that further emergency measures will be introduced.

    Statutory demands and winding up petitions issued to commercial tenants to be temporarily voided

    The forthcoming Corporate Insolvency and Governance Bill will include restrictions on the use of statutory demands and winding up petitions to recover sums owed by tenants.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Taylor Wessing, Landlord, Coronavirus, Commercial tenant
    Authors:
    Nick Moser , Amy Patterson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Webinar: Corona-Krise: Erste Hilfe für die Hotelbranche
    2020-03-25

    Die Hotelindustrie gehört zu den Branchen, die von der Corona-Krise am schwersten getroffen werden. Mitunter geht es um das schlichte Überleben der betroffenen Unternehmen. Wir möchten Ihnen in einem interdisziplinären Webinar einige der drängendsten Fragen beantworten, die Ihnen helfen sollen, durch diese herausfordernde Zeit durchzukommen.

    Folgende Themen stehen im Fokus des Webinars:

    Filed under:
    Germany, Banking, Employment & Labor, Insolvency & Restructuring, Leisure & Tourism, Real Estate, Taylor Wessing, Coronavirus
    Authors:
    Michael Brüggemann , Dr. Daniel Kunz , Dr. Jens Wiesner
    Location:
    Germany
    Firm:
    Taylor Wessing
    Escheat and the restructuring of property ownership
    2021-09-09

    An intention to transfer is not sufficient to claim lost property

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Taylor Wessing
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Tenant bankruptcies in the COVID-19 era: tenant bankruptcy and letters of credit
    2021-03-25

    In the face of increased tenant bankruptcies caused by the COVID-19 pandemic, a key question arises for commercial landlords: what protection do I have from the security provided by my tenant? Tenant-supplied security under a lease can take many forms, including a third party guarantee or indemnity, prepaid rent, a cash deposit, and a letter of credit (an LOC). Crucially, certain forms of security will be more beneficial to a landlord in the face of a tenant bankruptcy, especially where the lease has been disclaimed by the tenant’s trustee in bankruptcy.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Real Estate, Borden Ladner Gervais LLP, Due diligence, Coronavirus, Commercial tenant
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Tenant bankruptcies in the COVID-19 era: Security deposits, prepaid rent and distress rights
    2020-09-15

    This is the first part of a two-part series

    Commercial tenant bankruptcies and COVID-19

    Filed under:
    Canada, Insolvency & Restructuring, Real Estate, Borden Ladner Gervais LLP, Coronavirus, Commercial tenant
    Authors:
    Marta O. Lewycky
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Bankrupt Tenants and Landlords' Rights to Draw Upon a Letter of Credit Obtained as Security
    2019-11-29

    ​When a commercial tenant goes bankrupt, the respective rights of landlords and trustees can be complex to sort out. Yet, as illustrated by recent Ontario Superior Court decision 7636156 Canada Inc. v. OMERS Realty Corporation, 2019 ONSC 6106, this determination can have important ramifications on the assets available for distribution to creditors.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Real Estate, Borden Ladner Gervais LLP
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Tipping the Scales: Ontario Court of Appeal Confirms the Primacy of Creditors’ Interests when Approving a Receiver’s Sale of Property
    2018-11-02

    One of the most delicate balancing acts that the Courts are asked to perform in Canada is balancing all of the disparate and competing interests in an insolvency process. The Ontario Court of Appeal was asked to review one iteration of this balancing act in Reciprocal Opportunities Incorporated v.

    Filed under:
    Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, Real Estate, Borden Ladner Gervais LLP, Royal Bank of Canada, Court of Appeal for Ontario
    Authors:
    Scott Pollock
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP

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