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    Financial restructurings of foreign companies through English schemes of arrangement
    2013-10-08

    Lending to a foreign company? If you choose English law to govern your facility documents and provide for the English court to have exclusive jurisdiction, an English scheme may be a viable means of restructuring the debt later, if the need arises.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Dentons, Conflict of laws, Debt, Exclusive jurisdiction, Insolvency Act 1986 (UK)
    Authors:
    Rachel Anthony , Luci Mitchell-Fry , Ian Fox
    Location:
    United Kingdom
    Firm:
    Dentons
    Bankruptcy: when can creditors access pension funds?
    2012-04-11

    The High Court has recently considered whether a bankrupt individual of pensionable age can be forced to draw his pension to pay his creditors.

    Raithatha v. Williamson [2012] EWHC 909 (Ch)

    Background

    A bankruptcy order was made against Mr Raithatha on 9 November 2010. Mr Raithatha's trustee in bankruptcy applied for an income payments order (IPO) against Mr Raithatha's pension shortly before he was due to be discharged from bankruptcy. Mr Raithatha was then aged 59 and his pension scheme allowed him to draw a pension from age 55.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Initial public offering
    Authors:
    Alan Jarvis , Elmer Doonan , Andrew Patten , Harriet Fletcher
    Location:
    United Kingdom
    Firm:
    Dentons
    FSA consults on guidance on liquidity swaps
    2011-07-29

    FSA has published a guidance consultation on the prudential treatment of liquidity swaps. According to the FSA, a liquidity swap involves a liquidity transformation. Typically they involve transactions between an insurer and a bank whereby high-credit quality, liquid assets (such as gilts) held by an insurer is exchanged with illiquid or less liquid assets (such as asset-backed securities (ABS)) held by a bank. The proposed guidance will apply to all regulated firms transacting liquidity swaps (not just banks and insurers) and the deadline for responses is 21 September 2011.

    Filed under:
    United Kingdom, Banking, Derivatives, Insolvency & Restructuring, Insurance, Dentons, Market liquidity, Swap (finance), Asset-backed security, Credit rating, FSA
    Location:
    United Kingdom
    Firm:
    Dentons
    Guarantees – time to brush up the non-competition clause
    2010-06-09

    Financial guarantees often contain non-competition clauses. This is mainly to:  

    • increase the financier’s recoveries from its principal debtor, by stopping the guarantor from draining money from the principal debtor; and  
    • prevent the guarantor from obstructing a restructuring of the principal debtor’s liabilities.  

    A recent case suggests these clauses should expressly exclude the “rule in Cherry v. Boultbee”. Zoë Thirlwell and Alexander Hewitt explain.

    Counter-indemnity rights  

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Dentons, Surety, Debtor, Liability (financial accounting), HSBC, Trustee
    Authors:
    Zoe Thirlwell , Alexander Hewitt
    Location:
    United Kingdom
    Firm:
    Dentons
    Treasury makes Financial Markets and Insolvency Regulations
    2009-04-09

    Treasury has made a new set of Financial Markets and Insolvency Regulations that change the insolvency regime that applies to RIEs and RCHs. The Regulations amend several existing pieces of legislation including Part VII Companies Act 1989 and the 1991 Regulations. The changes include:  

    Filed under:
    United Kingdom, Capital Markets, Insolvency & Restructuring, Dentons, Bankruptcy, Liquidation, Default (finance), Companies Act
    Authors:
    Matthew Hodgson , Robert Finney
    Location:
    United Kingdom
    Firm:
    Dentons
    Talk before suspending for non payment
    2020-11-23

    On 26 June 2020, the Corporate Insolvency and Governance Act 2020 (Act) came into force with changes to insolvency law to help businesses manage the economic implications of Covid-19. The new Act’s permanent measure on continuing supply stands out for the construction industry.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Dentons, Coronavirus
    Location:
    United Kingdom
    Firm:
    Dentons
    A valuable decision of the UK Supreme Court on Scottish sales at undervalue
    2019-12-06

    On 4 December 2019, the UK Supreme Court issued its decision in MacDonald and another as joint liquidators of Grampian MacLennan's Distribution Services Ltd v. Carnbroe Estates Ltd [2019] UKSC 57, a Scottish case involving insolvency and "gratuitous alienations" (sales at undervalue).

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Litigation, Dentons
    Authors:
    Douglas Blyth
    Location:
    United Kingdom
    Firm:
    Dentons
    Supreme Court judgment in the long-running Lehman Waterfall litigation
    2017-05-17

    On 17 May 2017, the UK Supreme Court handed down judgment in proceedings - commonly known as the Waterfall I litigation - to determine claims with regard to the estimated £8 billion surplus arising in the estate of Lehman Brothers International (Europe) (LBIE).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Dentons, Lehman Brothers, UK Supreme Court
    Authors:
    Tessa Blank
    Location:
    United Kingdom
    Firm:
    Dentons
    Financing of North Sea oil and gas – a restructuring and insolvency perspective
    2015-03-31

    Until recently, there was little call for restructuring and turnaround specialists in the UK to focus on the oil and gas industry. That has now undoubtedly changed.  In the second half of 2014, Brent crude prices fell from over US$100 a barrel to around US$50, and although prices have since stabilised (currently near the US$60 mark), a low price environment in the medium term seems likely. That is not bad news for all in the oil and gas industry.

    Filed under:
    United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Dentons
    Location:
    United Kingdom
    Firm:
    Dentons
    The Nortel and Lehman Brothers companies
    2013-07-31

    Background

    Under the Pensions Act 2004 the Pensions Regulator (tPR) has the power to impose a financial support direction (FSD) requiring a company “connected or associated” with the sponsoring employer of a UK pension fund to provide financial support to the pension fund. To date tPR has used the power in insolvencies.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Debt, Pensions Act 2004 (UK), The Pensions Regulator, Lehman Brothers
    Authors:
    Jay Doraisamy
    Location:
    United Kingdom
    Firm:
    Dentons

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