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Russian Retailers Run into Trouble
2016-06-23

There has been a significant increase in insolvencies in the construction, real estate, retail and wholesale sectors of the Russian economy, according to the statistics in the Competition Development Bulletin “Concentration on the Russian Markets: Trends in the Period of Recession” published in December 2015 by the Analytical Centre of the Government of the Russian Federation.

Filed under:
Russia, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Retail, Liquidation
Authors:
Sergey Treshchev
Location:
Russia
Firm:
Squire Patton Boggs
View Original Article
Retail CVAs - an unproven track record?
2016-05-03

Only a month ago we were singing the praises of the CVA and calling them the saviour of the high street following the creditors’ approval of the BHS CVA. (See our earlier blog Move over Mary Portas, CVA’s are the real saviour of the High Street).

Filed under:
United Kingdom, Insolvency & Restructuring, Squire Patton Boggs, Retail
Authors:
Caroline Castle , Jonathan Dunkley
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Distressed retail in Spain
2015-04-23

Insolvency Statistics

2014 was the first year in which the number of insolvency proceedings filed by Spanish companies fell each month since 2004, the year when the last bankruptcy reforms were enacted. Last year, a total of 6,508 insolvency proceedings were initiated in Spain, a reduction of 26.2% when compared to 2013, which was a record year when 8,823 cases were filed.  As a result, in 2014, the streak of consecutive years of increase in the number of insolvency filings ended.

Filed under:
Spain, Insolvency & Restructuring, Squire Patton Boggs, Retail
Authors:
Fernando González
Location:
Spain
Firm:
Squire Patton Boggs
View Original Article
Landlords rejoice as court overturns “unfair” CVA
2010-08-04

The past eighteen months have seen a marked increase in the use of the Company Voluntary Arrangement (“CVA”) by retailers to reduce their lease liabilities and win the release of onerous parent company guarantees, with several high street names going through the process. Although this practice received cautious support from landlords, real concern continues to be voiced over the practice of “guarantee stripping”.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Costs in English law, Retail, Landlord, Leasehold estate, Brand, Public limited company, Valuation (finance), Parent company, High Court of Justice
Authors:
Susan Kelly , John Alderton , Cathryn Williams , Daniel French
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
UK administrator expenses - administrator's liability for rent
2010-04-09

The recent English court decision in Goldacre (Offices) Limited v Nortel Networks UK Limited (in administration) [2009] EWCH 3389 (Ch) may be controversial and raises thorny practical issues, especially in relation to the restructurings of retail businesses.   

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Retail
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Expenses in administration: rates
2007-07-18

Re Trident Fashions PLC: Exeter City Council v Bairstow [2007] EWHC 400 (Ch)

In March 2007 the High Court ruled that that non-domestic rates are payable as an expense of the administration as a “necessary disbursement” under Rule 2.67(1)(f) Insolvency Rules 1986 (IR), in priority to payment of the administrator’s remuneration.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Tax exemption, Retail, Debt, Liability (financial accounting), Liquidation, Public limited company, Liquidator (law), Enterprise Act 2002 (UK), High Court of Justice
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Company voluntary arrangements: creditors with guarantees
2007-07-18

Re Powerhouse Limited: Prudential Assurance Company Limited v PRG Powerhouse Limited [2007] EWHC 1002 Ch Guarantees are widely used in commercial transactions to provide assurance to creditors that debts or other obligations owed to them are discharged fully in the event the principal debtor fails to perform. This assurance was shaken by the steps taken in early 2006 by PRG Powerhouse Limited (Powerhouse) to enter into a company voluntary arrangement (CVA) that contained proposals to release certain parent company guarantees given to landlords of premises being vacated by Powerhouse.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Retail, Surety, Debtor, Unsecured debt, Landlord, Debt, Liquidation, Secured creditor, Prejudice, Insolvency Act 1986 (UK), High Court of Justice
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Parliament to consider preferential creditor status for consumers
2016-08-03

Consumers could be set to jump up the insolvency hierarchy if Parliament backs the latest Law Commission recommendations.

The Law Commission’s report, Consumer Prepayments on Retailer Insolvency, recommends, among other things, that consumers who prepay for goods or services over £250 in the six months prior to a formal insolvency process should be paid out as preferential creditors instead of unsecured creditors.

Filed under:
United Kingdom, Insolvency & Restructuring, Squire Patton Boggs, Credit card, Retail, Consumer protection, Unsecured debt, Debt, Liquidation, Liquidator (law), Consumer Rights Act 2015 (UK), Law Commission (England and Wales)
Authors:
Russell Hill , Matt Ford
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
The retail sector – restructuring options in the current climate
2009-07-30

The ready availability of credit over the first seven years of the past decade fuelled a massive, property-led consumer boom. Although perhaps a long time coming, the restriction in the continuing availability of such credit since mid 2007 has resulted in a serious recession. The scale of the problems will take time to unwind but given the continuing restrictions on credit, consumers are spending less, especially on high-value discretionary items.  

Filed under:
United Kingdom, Insolvency & Restructuring, Real Estate, Jones Day, Retail, Credit (finance), Debtor, Private equity, Landlord, Debt, Consent, Leverage (finance)
Authors:
Michael Rutstein , David Harding
Location:
United Kingdom
Firm:
Jones Day
View Original Article
Petition rather than transfer date valuation of collateral appropriate in determining secured creditor's preference liability
2008-04-22

Valuation is a critical and indispensable part of the bankruptcy process. How collateral and other estate assets (and even creditor claims) are valued will determine a wide range of issues, from a secured creditor’s right to adequate protection, post-petition interest, or relief from the automatic stay to a proposed chapter 11 plan’s satisfaction of the “best interests” test or whether a “cram-down” plan can be confirmed despite the objections of dissenting creditors.

Filed under:
USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Retail, Collateral (finance), Interest, Liability (financial accounting), Liquidation, Secured creditor, Valuation (finance), United States bankruptcy court
Location:
USA
Firm:
Jones Day
View Original Article

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