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    Does tax have special status in Restructuring Plans? An examination of GAS and Nasmyth
    2023-05-22

    The English Court has refused to sanction two separate restructuring plans proposed by Nasmyth Group Limited (Nasmyth) and The Great Annual Savings Company Ltd (GAS). Both companies sought to use Part 26A of the Companies Act 2006 to “cram down” His Majesty’s Revenue and Customs (HMRC). Whilst neither decision is the first time that Part 26A has been used in this way1, they are the first to involve any active participation by HMRC in the sanction hearing2.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, DLA Piper, HM Revenue and Customs (UK)
    Authors:
    David Ampaw
    Location:
    United Kingdom
    Firm:
    DLA Piper
    Avanti Communications Ltd - High Court considers fixed charges in context of administration sale
    2023-05-23

    In the recent case of Avanti Communications Limited (in administration) [2023] EWHC 940 (Ch), the High Court revisited the perpetually knotty question: what level of control is necessary for a charge over assets to take effect as a fixed, rather than floating, charge?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Stevens & Bolton LLP, Employee Retirement Income Security Act 1974 (USA), HM Revenue and Customs (UK), House of Lords
    Authors:
    Tim Carter , Helen Martin
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Asian Legal Update 2023年第1四半期(1-3月)
    2023-05-19

    戦略的提携・拠点開設のお知らせ クアラルンプール 1 アジアでのさらなる体制強化のため、2023 年 1 月より WM Leong & Co と当事務所のシンガポール拠点である Nishimura & Asahi (Singapore) LLP が、マレーシア業務に関して戦略的提携を行っております。 WM Leong & Co は、マレーシア法において豊富な知識・経験を有するワンメイ・リョン マレーシア弁護士が代表を 務めるマレーシアの独立した法律事務所です。WM Leong & Co との戦略的提携の下で、マレーシアが関わるクロ スボーダー案件について豊富な経験を有する眞榮城大介弁護士および当事務所シンガポール事務所所属の弁 護士が中心となり WM Leong & Co と緊密に連携しながらクライアントのマレーシア事業の拡大および現地ビジネ スのサポートを行ってまいります。2 札幌 2023 年 4 月に札幌事務所を開設しております。道内企業での執務経験を有し、コーポレート・M&A・エネルギーの 分野ならびに海外案件支援に強みを持つ坪野未来弁護士が所属しており、身近なところでご相談をいただきなが ら、きめの細かいアドバイスを提供いたします。

    Filed under:
    India, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Banking, Competition & Antitrust, Employment & Labor, Insolvency & Restructuring, Tax, White Collar Crime, Nishimura & Asahi
    Location:
    India, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam
    Firm:
    Nishimura & Asahi
    Asian Legal Update First Quarter 2023 (January- March)
    2023-05-19

    Indonesia Authors: Miriam Andreta and Hans Adiputra Kurniawan 1. Bankruptcy and Liquidation: Updates Brought by PPSK Law With respect to bankruptcy and liquidation of certain parties (public listed companies, banks, non-bank financial institutions), there are certain updates and clarifications set out in Law on Development and Improvement of Financial Sector (also known by its local abbreviation “PPSK Law”) - which came into effect on 12 January 2023 (except for certain provisions that are explicitly intended to take effect otherwise).

    Filed under:
    India, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Banking, Company & Commercial, Competition & Antitrust, Employment & Labor, Insolvency & Restructuring, Litigation, Tax, Nishimura & Asahi, Cybercrime, Mediation, Sexual harassment, Due diligence, Merger control, Data privacy, Anti-bribery and corruption, US Securities and Exchange Commission, Bank Indonesia, Competition Act 1985 (Canada)
    Location:
    India, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam
    Firm:
    Nishimura & Asahi
    GST and insolvency: Recent developments and key issues
    2023-05-18

    A recent amendment to the Goods and Services Tax Act 1985 has clarified that voluntary administrators are personally liable for the GST of companies under their administration.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Tax, MinterEllisonRuddWatts, Insolvency
    Authors:
    Andrew Ryan , Simon Akozu , Sean Gollin , Michael Langdon , Richard Gordon
    Location:
    New Zealand
    Firm:
    MinterEllisonRuddWatts
    (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
    Re Great Annual Savings Ltd
    2023-05-18

    The judgment of Adam Johnson J in Re Great Annual Savings Company Ltd, (Re Companies Act 2006) [2023] EWHC 1141 (Ch) demonstrates again the rigorous approach the courts are taking in relation to the fulfilment of the conditions required to “cram down” dissenting creditors in restructuring plans as well as in the exercise of the court’s discretion to sanction them.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Wedlake Bell, HM Revenue and Customs (UK)
    Authors:
    Robert Paterson
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    (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
    Corporate insolvencies on the rise: businesses still facing challenges post-Covid
    2023-05-12

    Businesses are still struggling to recover post-Covid, with corporate insolvency figures continuing to rise. Recent research shows that the most common company insolvency procedure is creditors’ voluntary liquidation (CVL) and in March 2023, there was the highest monthly total of CVLs since January 2019.

    The sectors that appear to have been hit the hardest are construction; wholesale and retail; accommodation and food services.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Keystone Law, Supply chain, Coronavirus, Insolvency, HM Revenue and Customs (UK)
    Authors:
    Aman Sehgal
    Location:
    United Kingdom
    Firm:
    Keystone Law
    Nasmyth Group Ltd
    2023-05-10

    Re Nasmyth Group Ltd (Re Companies Act 2006) [2023] EWHC 988 (Ch) sets out Leech J’s reasons for refusing to sanction a Part 26A restructuring plan.

    The company acted as the holding company of engineering subsidiaries in the UK and elsewhere and provided administrative and treasury functions to the rest of the group.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Wedlake Bell, HM Revenue and Customs (UK)
    Authors:
    Ian Rees
    Location:
    United Kingdom
    Firm:
    Wedlake Bell

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