This is one of a series of articles we at Morton Fraser are producing to guide finance companies through the wholesale change proposed in Scots law in relation to security over goods, intellectual property and shares, on the one hand, and invoice finance or the purchase of receivables, on the other. For a general introduction to what the Bill covers, see here.

This is one of a series of articles we at Morton Fraser are producing to guide our clients through the wholesale change proposed in Scots law in relation to security over goods, intellectual property and shares, on the one hand, and invoice finance or the purchase of receivables, on the other. For a general introduction to what the Bill covers, see here.

As we enter a new era of ‘living with Covid’, new financial woes accompany new freedoms for many. Inflation is now at a 30-year high, with income failing to keep pace with the cost of living and interest rates rising twice in the last 4 months. A number of retailers, including Next, B&M and Greggs, have warned that soaring costs cannot be fully absorbed and will lead to price rises for consumers in 2022.

So, what is going on for retailers post-pandemic? And what steps can smaller, boutique brands take to mitigate the risks to their businesses going forward?

Case 1

Convoy Collateral Ltd v Broad Idea International Ltd and Cho Kwai Chee [2021] UKPC 24

Lord Leggatt, Lord Briggs, Lord Sales, Lord Hamblen (in the majority) and Sir Geoffrey Vos MR Lord Reed, Lord Hodge (in the minority), 4 October 2021

The latest battle between the Corbin & King Group, owner of a number of restaurants including the Wolseley, and its lender provides important clarity on when a moratorium should be terminated by its monitors.

Regulated firms using company or insolvency law procedures to manage their liabilities could face action by the FCA if their proposals unfairly benefit them at the expense of their customers. The FCA has put forward draft guidance setting out the new role which it would have when a regulated firm proposes a compromise, what information it expects to be provided and the key factors which the FCA will consider.

The proposed Commercial Rent (Coronavirus) Bill and updated Code of Practice represents a commercial and pragmatic response by the legislator to resolving the apparent billions of pounds of commercial rent arrears arising out of the pandemic.

What does the Commercial Rent (Coronavirus) Bill propose?

The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2020 (SI 2020/1031) which allowed a temporary relaxation for companies to hold a virtual annual general meeting (AGM) is no longer in force.

The wait is over. After 18 months of “temporary” restrictions on issuing winding-up petitions imposed by Schedule 10 of the Corporate Governance and Insolvency Act 2020 (“CIGA”), from 1 October 2021 creditors will once again be able to issue a winding-up petition against a corporate debtor.

Kireeva v Bedzhamov [2022] EWCA Civ 35