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    UK court approves the appointment of administrators even when the secured creditor was not notified
    2021-05-11

    Re Zoom UK Distribution Ltd (in administration); Wessely and another (in their capacity as joint administrators of Zoom UK Distribution Ltd (in administration)) v Rubra and others

    The UK courts' latest attempt to grapple with the effects of a defect in the way administrators are appointed was recently resolved in favour of the administrators.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Key Dates for Directors (and profit warning)
    2021-05-12

    We are hopefully now beginning to move out of the various lockdowns and restrictions that have been put in place to deal with the pandemic.

    As things begin to return to some form of "normality", businesses might begin to feel some sort of relief. However, the inevitable consequence of normality returning is that some of the temporary rules that have been put in place to assist businesses through these difficulties will fall away.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Morton Fraser MacRoberts
    Authors:
    Alan Meek
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts
    What is the Breathing Space scheme and how does it affect landlords?
    2021-05-06

    Creditors, such as private residential landlords, are being warned about an urgent change to the arrears process, which has been brought about by the government’s Breathing Space initiative.

    Breathing Space, or the Debt Respite Scheme, was launched on 4 May 2021 to give people in debt up to 60 days’ legal protection from creditors.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Real Estate, Beswicks Legal, Financial Conduct Authority (UK)
    Authors:
    Richard Anderson
    Location:
    United Kingdom
    Firm:
    Beswicks Legal
    Pre-pack rules repackaged
    2021-05-06

    Pre-packaged administration sales (where a sale of key assets is agreed prior to the appointment of administrators and then implemented by the administrators immediately following their appointment), have been a widely-used and highly successful tool to rescue businesses, or parts of businesses, that may otherwise have languished in administration interminably.

    Filed under:
    United Kingdom, Insolvency & Restructuring, White & Case, Insolvency Act 1986 (UK)
    Authors:
    Ian Wallace , Ben Davies , Morvyn Radlow
    Location:
    United Kingdom
    Firm:
    White & Case
    Scottish firms facing insolvency is expected to increase
    2021-05-05

    R3, trade body for insolvency and restructuring accountants, said the first quarter of 2021 had seen a sharp fall in companies and individuals becoming bankrupt.

    Corporate insolvencies in January to March fell by 31 per cent on the preceding quarter.

    The figure was 63 per cent lower than the first quarter of 2020.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Morton Fraser MacRoberts
    Authors:
    Alan Meek
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts
    Q1 2021 insolvency statistics: the downward trend continues
    2021-05-05

    The Insolvency Service published its quarterly insolvency statistics for the period January to March 2021 (Q1 2021) on 30 April 2021. By way of comparison, see our previous update on the Q4 2020 statistics here.

    The published statistics for the first quarter of 2021 continue the downward trend seen in the previous 12 month period, with company insolvencies falling overall by 22% from the previous quarter.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stevens & Bolton LLP, Coronavirus
    Authors:
    Tim Carter , Louise Corcoran
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Distribution of assets in liquidation - No priority for first charge holders if security relinquished
    2021-05-06

    The National Company Law Appellate Tribunal (NCLAT) has held that priorities amongst the secured creditors (first charge or second charge) will not prevail in distribution of assets in liquidation, in a case where the creditors had elected for relinquishment of security interest and for distribution of assets according to Section 53 of the Insolvency and Bankruptcy Code, 2016.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Lakshmikumaran & Sridharan Attorneys
    Location:
    United Kingdom
    Firm:
    Lakshmikumaran & Sridharan Attorneys
    Mitchell v Al Jaber [2021] EWHC 912 (Ch)
    2021-05-05

    The High Court has had to grapple with the application of witness immunity and the unique examination process under section 236 Insolvency Act 1986. Witness immunity (or immunity from suit) provides that no witness, party, counsel or judge may be liable for words spoken or evidence given in court proceedings; it is an absolute immunity from any civil proceedings based on such conduct.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Wilberforce Chambers
    Authors:
    Clare Stanley KC , Lemuel Lucan-Wilson
    Location:
    United Kingdom
    Firm:
    Wilberforce Chambers
    Speak no evil: Section 236 examinees and immunity from suit
    2021-05-05

    The High Court has had to grapple with the application of witness immunity and the unique examination process under section 236 Insolvency Act 1986. Witness immunity (or immunity from suit) provides that no witness, party, counsel or judge may be liable for words spoken or evidence given in court proceedings; it is an absolute immunity from any civil proceedings based on such conduct.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Wilberforce Chambers
    Authors:
    Clare Stanley KC , Lemuel Lucan-Wilson
    Location:
    United Kingdom
    Firm:
    Wilberforce Chambers
    Disputes Quick Read: One Blackfriars administrators cleared of misfeasance
    2021-05-05

    On 23 March 2021, the 2011 sale of the One Blackfriars development site in London by administrators was cleared of misfeasance by the High Court, in Re One Blackfriars Ltd [2021] EWHC 684 (Ch).

    In a £250 million claim, the company's liquidators had alleged that the former administrators had breached their duties by failing to act independently of the banking syndicate which appointed them, failing to properly assess the value of the site, and selling the site at an undervalue.

    Here, we recap the facts of the case and outline the key takeaways to consider.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Coronavirus
    Authors:
    Stephen O'Grady
    Location:
    United Kingdom
    Firm:
    Taylor Wessing

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