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    Out with the Old Temporary - In with the New Temporary: Issuing Winding Up Petitions from 1 October 2021
    2021-09-30

    From 1 October 2021, the temporary restrictions in Schedule 10 of the Corporate Insolvency and Governance Act 2020 (CIGA) are being replaced[1].

    These changes lift the current restrictions on issuing winding up petitions, and replaces them with less stringent and more refined restrictions which are due to remain in place until 31 March 2022.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Deka Chambers, Coronavirus
    Location:
    United Kingdom
    Firm:
    Deka Chambers
    Landlord's attempt to overturn Caffè Nero CVA fails...
    2021-09-29

    The High Court has today given judgment in the insolvency case of Young v Nero Holdings Ltd [2021] EWHC 2600 (Ch), determining that the company voluntary arrangement ("CVA") which was on the brink of approval by creditors was not capable of challenge by an aggrieved (yet well supported) landlord, Ronald Young.

    Filed under:
    United Kingdom, England & Wales, Insolvency & Restructuring, Litigation, Real Estate, Bristows LLP, Landlord, Coronavirus
    Authors:
    Giles Davy
    Location:
    United Kingdom
    Firm:
    Bristows LLP
    Too little too latte: Challenge to Caffé Nero CVA fails at its final hearing
    2021-09-29

    The High Court has dismissed an application by a landlord creditor to overturn a company voluntary arrangement (CVA) implemented by coffee shop chain Caffé Nero. The CVA, previously approved by its creditors, compromised rent arrears and reduced future rents for the company's premises. The decision follows a series of previous high-profile challenges to retail and leisure CVAs.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Hogan Lovells
    Authors:
    Mathew Ditchburn , Joseph Armstrong
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Winding up petitions: a return to the old normal? Except for landlords
    2021-09-29

    The new month sees a partial re-instatement of the legislation permitting creditors to serve winding up petitions on companies. However, the UK Government has adopted a softly, softly approach; this is seen from the temporary increase in the amount that must be owed from the modest £750 to £10,000 and the requirement for creditors to seek proposals for payment from a debtor business, giving them 21 days for a response, before they can proceed with winding up action. The measures are said to protect small businesses as they seek to rebuild their stability.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Mayer Brown, Coronavirus
    Authors:
    Gillian Palmer
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Investing in Distressed Hotel Assets - What to Consider
    2021-09-27

    Summary

    With government support instigated by the Covid-19 pandemic coming to an end, there is an inevitability that some hotel owners will sadly not have the liquidity to continue to operate in the medium term. Eager investors are seeing opportunities and are waiting to deploy capital. We examine the main considerations for investors who are looking to purchase distressed hotel assets out of an insolvency process.

    General Introduction

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, BCLP, Due diligence, Coronavirus, HM Revenue and Customs (UK), GDPR
    Authors:
    Laura Wild
    Location:
    United Kingdom
    Firm:
    BCLP
    UK Government phases out some - but not all - temporary measures preventing winding-up petitions
    2021-09-20

    In response to the COVID-19 pandemic, legislation was introduced during 2020 to prevent creditors filing statutory demands and winding up petitions on the basis of their debtor's inability to pay its debts, unless it could be shown that non-payment was not a result of the pandemic. These temporary measures had been extended a number of times during the pandemic as businesses continued to suffer the effects of multiple lockdowns and trading restrictions, but are now gradually being phased out.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Travers Smith LLP, Coronavirus, Commercial tenant
    Authors:
    Kirsty Emery , Natalie Scoones , Edward Smith , Sarah Walker
    Location:
    United Kingdom
    Firm:
    Travers Smith LLP
    Winding up petitions post 30 September 2021: what you need to know
    2021-09-21

    At the start of the coronavirus pandemic, temporary provisions were put in place under the Corporate Insolvency and Governance Act 2020 ("CIGA") to allow businesses impacted by the COVID-19 pandemic breathing space from the threat of winding up action. Those restrictions will expire on 30 September 2021.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Womble Bond Dickinson (UK) LLP, Coronavirus
    Authors:
    Jonathan Dunkley , Mark Barley
    Location:
    United Kingdom
    Firm:
    Womble Bond Dickinson (UK) LLP
    Court of Appeal summaries (September 13 - September 17, 2021)
    2021-09-17

    Good evening.

    Following are this week’s summaries of the Court of Appeal for Ontario for the week of September 13, 2021.

    Filed under:
    Canada, United Arab Emirates, Ontario, Family, Insolvency & Restructuring, Litigation, Real Estate, Blaney McMurtry LLP, Bankruptcy
    Authors:
    John Polyzogopoulos
    Location:
    Canada, United Arab Emirates
    Firm:
    Blaney McMurtry LLP
    High Court Refuses Winding up Petition for Non-Payment of Rent
    2021-09-14

    The High Court recently refused a winding up petition brought by a landlord against a tenant company that had not paid rent on its commercial premises for more than a year.

    Lestown Property Limited v The Companies Act 2014 [2021] IEHC 513.

    A dispute arose between a landlord, Lestown Property, and a tenant that operated a Leisureplex in Charlestown Shopping Centre. The Leisureplex was only accessible through the lobby of an adjacent cinema. The cinema was leased to a separate entity and was closed during the COVID-19 pandemic.

    Filed under:
    Ireland, Insolvency & Restructuring, Litigation, Real Estate, LK Shields, Coronavirus, High Court (Ireland)
    Authors:
    Jill Callanan , Clare Dowling , Ciara Smyth
    Location:
    Ireland
    Firm:
    LK Shields
    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
    Authors:
    Tom Stanton
    Location:
    United Kingdom
    Firm:
    Taylor Wessing

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