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    Disclosure and Vote Swamping Revisted - Has the Position Changed following the Mizen CVA Appeal?
    2023-06-13

    In two recent blog posts we discussed the challenge made to the Company Voluntary Arrangement (CVA) of Mizen Build/Design Ltd (the “Company”) by Peabody Construction Limited (“Peabody”) and the finding of (i) a material irregularity based on failure to disclose information to creditors in the CVA proposal, and (ii) unfair prejudice based on vote swamping.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Rebecca Terrace
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Delaware Bankruptcy Court Approves DIP Financing of 700 Bitcoin
    2023-06-09

    On May 8, 2023, online cryptocurrency exchange platform Bittrex, Inc. and three of its affiliated entities (collectively “Bittrex”) filed for chapter 11 to wind down their U.S. and long-dormant Malta operations. The bankruptcy filing followed costly regulatory investigations and an April 17, 2023 SEC enforcement action alleging that Bittrex improperly sold crypto assets that were securities. Unlike other crypto bankruptcies, Bittrex did not risk, hypothecate, or loan cryptocurrencies needed to meet its contractual obligations to its customers.

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Bitcoin, Cryptocurrency, US Securities and Exchange Commission
    Authors:
    Kyle F. Arendsen
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Debt Ceilings Apply Outside of the US
    2023-06-01

    With increased stress in global, domestic, and regional economies, the number of Australian businesses at risk of bankruptcy is approaching a three-year high.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Supply chain, Insolvency
    Authors:
    Masi Zaki
    Location:
    Australia
    Firm:
    Squire Patton Boggs
    (UK) What are the Key Takeaways for future Restructuring Plans following the GAS sanction hearing?
    2023-05-18

    What can we say about the outcome of the GAS (Great Annual Savings Company Limited) sanction hearing that hasn’t already been reported?

    It’s impossible not to comment on the fact that the plan was not sanctioned, and as a consequence of fierce opposition from HMRC that it avoided cram down. Nor that the court refused to sanction the plan on the basis that the conditions for cram down were not met – the court was not satisfied that HMRC would be better off under the plan and even if it were the judge said he would have not exercised his discretion to cram down.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, HM Revenue and Customs (UK)
    Authors:
    Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    What is Meant by the language to “Consider” in the Insolvency Legislation ?
    2023-05-15

    The recent case of Dolfin Asset Services Ltd v Stephens & Anor (Re Dolfin Financal (UK) Ltd) [2023] EWHC 123 (Ch) (“Dolfin“) concerned a special administration, but it has relevance to administrators more generally. In particular, when it comes to the judge’s view of what is meant by the word “consider” – which is phrase used in the insolvency legislation when it comes to making decisions.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Insolvency, International Criminal Court
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    (UK) Avanti: The Evolution of a Spectrum - from Fixed to Floating Charge, who Needs Control?
    2023-05-11

    In a decision likely to be welcomed by both debtors and lenders, the High Court has held that a charge granted by Avanti Communications Limited (“Avanti”) was properly characterised as a fixed charge (rather than a floating charge) notwithstanding that the chargor retained an element of control over the charged assets. A key plank of the decision was that the relevant assets were not ‘fluctuating assets’ or ‘stock in trade’ that the chargor might be expected to dispose of in the ordinary course of its business.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, HM Revenue and Customs (UK), House of Lords, Office of Communications (UK)
    Authors:
    Helena Clarke
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    If a Business Is Facing Distress, What Options Are There?
    2023-05-04

    There are a number of options and avenues that a company can explore when faced with business stress or distress. Depending on the circumstances, a combination of these could be appropriate to help mitigate or avoid a business failing.

    This guide provides an overview of potential options and should be considered alongside specific advice from the company's advisors.

    Informal Options

    Even when informal options are being considered, directors should engage with their advisors and stakeholders to ensure that their decisions take into account their directors' duties.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs, Private equity, Supply chain, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    (UK) The Gloves are on for HMRC: What did we learn from the Great Annual Savings Sanction Hearing?
    2023-04-26

    Yesterday saw the end of a three-day sanction hearing for the restructuring plan (the “Plan”) of the Great Annual Savings (GAS) company, with Justice Adam Johnson reserving his judgment and importantly, his decision on whether to exercise cross-class-cram-down to sanction the Plan for a later date.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    MOAC Mall Holdings LLC v. Transform Holdco LLC - The US Supreme Court Unanimously Rules That Section 363(m) Is Not Jurisdictional
    2023-04-24

    On April 19, 2023 the Supreme Court issued its unanimous ruling in MOAC Mall Holdings LLC v. Transform Holdco LLC, 528 U.S ____ (2023), holding that the limitations contained in section 363(m) of the United States Bankruptcy Code are not jurisdictional. The Supreme Court’s ruling not only resolved a split amongst the circuits, but it also cleared up a foggy corner of arguably one of the most consequential sections of the Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Supreme Court of the United States
    Location:
    USA
    Firm:
    Squire Patton Boggs
    It’s the principle of the thing”: HMRC fights back against UK Restructuring Plans
    2023-04-18

    ‘If, at first, you don’t succeed, then try and try again’ is a fitting description for HMRC’s recent approach to restructuring plans, with its opposition of plans proposed by The Great Annual Savings Company (GAS) and Nasmyth Group Limited (Naysmyth).

    The GAS sanction hearing (which is due to take place this week) will be the first time that HMRC has taken an active role contesting a restructuring plan at sanction following the case of Houst where the Court exercised its discretionary power to “cram down” HMRC.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Squire Patton Boggs, HM Revenue and Customs (UK)
    Authors:
    Rachael Markham , Charlotte Møller
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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