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    Mehers v Khilji
    2023-03-22

    Mehers v Khilji [2023] EWHC 298 (Ch) is an interesting case about the bankruptcy “use it or lose it” provision enshrined in s 283A Insolvency Act 1986. The provision gives a trustee in bankruptcy three years to decide what, if anything, to do about an interest in a property which is the home of the bankrupt, the bankrupt’s spouse or civil partner, or a former spouse or civil partner of the bankrupt and which forms part of the bankrupt’s estate.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Wedlake Bell
    Authors:
    Frances Coulson , Sarah May
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    UK Court of Appeal Indicates that Victims of Fraud Can Target Third Parties
    2023-03-17

    Tradition Financial Services Ltd v Bilta (UK) Ltd and others [2023] EWCA Civ 112

    Key Takeaways:

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, White Collar Crime, Dechert LLP, Insolvency, HM Revenue and Customs (UK)
    Authors:
    Adam Silver , Ricci John Potts , Richard Herstell
    Location:
    United Kingdom
    Firm:
    Dechert LLP
    Allen v Derev & Anor
    2023-03-20

    In spite of its cross-border dimension, the subject matter and result of the hearing giving rise to the judgment in Re Khadzhi-Murat Derev (in Bankruptcy); Allen v Derev & Anor [2023] EWHC 387 (Ch) are conventional.

    Filed under:
    United Kingdom, England & Wales, Insolvency & Restructuring, Litigation, Wedlake Bell, Insolvency, Cross-Border Insolvency Regulations 2006 (UK)
    Authors:
    Kirk Camrass
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    High Court hands down first reported decision approving an unsecured credit bid in administration
    2023-03-20

    The High Court has approved the sale of a portfolio of securities owned by Sova Capital Limited (Sova) to an unsecured creditor in consideration of the release of that creditor’s claim. The court’s approval of the transaction in this case marks the first reported decision on an unsecured credit bid for the assets of a company in administration (Re Sova Capital Limited (in special administration) [2023] EWHC 452 (Ch)).

    Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Stevens & Bolton LLP, Financial Conduct Authority (UK)
    Authors:
    Tim Carter , Louise Corcoran
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    UK High Court sanctions the first creditor-led restructuring plan
    2023-03-16

    This recent decision has opened up a new opportunity for creditors who are not satisfied with a proposal to put forward their own restructuring plan.

    Background

    Good Box Co Labs Limited (the Company), a fintech start-up, developed contactless payment technologies in the charity sector.

    It entered administration in June 2022 on the application of NGI Systems Limited (NGI) a principal technology supplier, creditor and shareholder of the Company.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Louise Jennings , Callum Chamberlain
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    72 hours to save UK tech: Silicon Valley Bank UK avoids insolvency proceedings
    2023-03-16

    After a weekend that saw the tech ecosystem unite to fight for its future, on Monday 13 March 2023, the Bank of England (the Bank) effected the sale of Silicon Valley Bank UK Ltd (SVB UK) to HSBC. It used the resolution powers for stabilising failing banks granted by the Banking Act 2009 which were introduced following the 2008/9 financial crisis.

    Resolution powers

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, HSBC, Bank of England, Silicon Valley Bank
    Authors:
    Amy Patterson , Stephen O'Grady
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Common law duty of directors of insolvent companies to have regard to the interests of creditors
    2023-03-17

    After a lull during the pandemic, it is expected that the number of company insolvencies in Ireland will increase as financial pressures on businesses intensify following the withdrawal of temporary government supports. Recent changes to directors’ duties bring into sharp focus the actions of, and decisions taken by, company directors in the period leading up to the insolvent liquidation of a company.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, DAC Beachcroft, Insolvency
    Authors:
    Daniel Woodruff
    Location:
    United Kingdom
    Firm:
    DAC Beachcroft
    Call of duty - Supreme Court confirms company directors’ duty to consider the interests of creditors when nearing insolvency
    2023-03-16

    In what was described as a “momentous decision for company law”, the Supreme Court in BTI 2014 LLC v. Sequana SA and Others [2022] UKSC 25 (“Sequana”) confirmed the existence of a duty owed by company directors to consider the interests of its creditors when nearing insolvency.

    It marks the first time the nature, scope, and content of directors’ duties to creditors when a company is nearing insolvency has been considered by the Supreme Court.

    Filed under:
    United Kingdom, Company & Commercial, Compliance Management, Insolvency & Restructuring, Litigation, Fox Williams LLP, Corporate governance, Insolvency, UK Supreme Court
    Authors:
    Paul Taylor , Nik Paskevic
    Location:
    United Kingdom
    Firm:
    Fox Williams LLP
    Insolvency and restructuring newsletter - March 2023
    2023-03-16

    Our last newsletter commented on high inflation, dwindling business confidence and international supply chain issues. Those factors continue to influence the economic outlook, with some businesses unable to survive the strengthening head winds impacting the economy. The consumer price index increased 7.2 percent in the 12 months to December 2022, remaining stubbornly high despite significant movements in the official cash rate to 4.5%, up significantly from the 0.25% it was sitting at in October 2021. ANZ's economic forecast warns that a "policy induced recession is looming".

    Filed under:
    Australia, Canada, New Zealand, United Kingdom, Insolvency & Restructuring, Litigation, White Collar Crime, Buddle Findlay, Supply chain, Insolvency, Barclays, HSBC, Victoria Supreme Court, UK Supreme Court, Supreme Court of Canada
    Location:
    Australia, Canada, New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    HSBC's acquisition of Silicon Valley Bank UK
    2023-03-15

    After a turbulent weekend, the news on Monday morning that HSBC had acquired Silicon Valley Bank UK (SVB UK) caused the UK tech community to breathe a huge sigh of relief.

    It was also a very different outcome to the one that seemed destined on Friday when the Bank of England announced it intended to put SVB UK into a bank insolvency procedure.

    Filed under:
    United Kingdom, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, HSBC, Bank of England, Silicon Valley Bank
    Authors:
    Gabriel Estevez , Angus Miln
    Location:
    United Kingdom
    Firm:
    Taylor Wessing

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