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    English Court appoints administrators to sanctioned company before license issued
    2023-02-08

    CargoLogicAir Limited (the Company) was the UK's only all-cargo main deck freight airline. Due to sanctions imposed on its Russian owner, the Company was unable to effectively trade and pay its debts as they fell due despite obtaining a 'Basic Needs Licence'. Its sole director applied to appoint administrators.

    Issues

    The court considered two key issues:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Taylor Wessing, Sanctions
    Authors:
    Louise Jennings , Callum Chamberlain
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Are recent SME restructuring plans paving the way for a more cost-efficient process?
    2023-02-01

    Since the introduction of the Corporate Insolvency and Governance Act 2020 (CIGA) and the creation of the new Part 26A restructuring plan procedure, questions have been raised about whether the cost of using such a procedure would restrict its use to larger, better capitalised companies.

    Filed under:
    United Kingdom, Banking, Company & Commercial, Insolvency & Restructuring, Travers Smith LLP, Insolvency, HM Revenue and Customs (UK), Insolvency Service (UK), Corporate Insolvency and Governance Act 2020
    Authors:
    Kirsty Emery , Edward Smith
    Location:
    United Kingdom
    Firm:
    Travers Smith LLP
    Sequana: Directors' Duties in a Distressed Landscape
    2023-02-02

    In Short

    The Situation: Directors in England and Wales owe duties to the companies to which they are appointed (and may face personal liability for breaching such duties). Although the Companies Act 2006 obliges directors to maximise value for a company's shareholders, case law has suggested that directors should act in the interests of a company's creditors if a company becomes distressed.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, Insolvency
    Authors:
    David Harding , Ben Larkin
    Location:
    United Kingdom
    Firm:
    Jones Day
    Purkiss v Kennedy & Ors (Re Ethos Solutions Ltd)
    2023-02-02

    ICC Judge Barber’s judgment in the case of Purkiss v Kennedy & ors (Re Ethos Solutions Ltd) [2022] EWHC 3098 (Ch) deals with a complex and late application for joinder and to re-amend proceedings. It was handed down following a four day hearing and weighs in at over 200 paragraphs, facts indicative of the unusual nature of the application.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Wedlake Bell, HM Revenue and Customs (UK), Limitation Act 1980 (UK)
    Authors:
    Frances Coulson
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    Jersey company wound up in Scotland under section 221 of the Insolvency Act 1986
    2023-02-01

    We have emerged from the COVID-19 pandemic amidst war, political instability, strikes and double-digit inflation rates that haven’t been seen since the early 1980s. With interest rates likely to continue to rise during the first half of 2023 and pay increases falling short of inflation, consumer confidence remains low. Companies’ margins are being squeezed by rising interest rates and when combined with increased debt burdens, supply chain difficulties and labour shortages it is no surprise that the number of insolvencies across the UK is increasing.

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Litigation, DLA Piper, Supply chain, Coronavirus
    Authors:
    Sarah Letson
    Location:
    United Kingdom
    Firm:
    DLA Piper
    UK restructuring a year in retrospect
    2023-02-01

    UK Restructuring A YEAR IN RETROSPECT 2 Contents Introduction Birmingham London North West Yorkshire UK team UK Restructuring Employment UK Restructuring Section Header Section Header Contents 3 Robert Russell UK Head of Restructuring +44 (0)161 235 4147 [email protected] 2022 – Unpredictable circumstances It would be fair to say that 2022 was not an easy year.

    Filed under:
    United Kingdom, Derivatives, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Trade & Customs, DLA Piper, Supply chain, Fintech, Airbnb, International Swaps and Derivatives Association
    Location:
    United Kingdom
    Firm:
    DLA Piper
    Changes to the costs of petitioning for sequestration in Scotland
    2023-02-01

    There are several costs associated with presenting a creditor's petition for sequestration (bankruptcy) in Scotland. As you would expect there are court dues for presenting the petition, currently at £122, as well as sheriff officer and legal fees.

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Litigation, Brodies LLP, Insolvency Service (UK)
    Authors:
    Sarah Wilson , Lucy McCann
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    Q&A: The proposed new UK Insurer Resolution Regime
    2023-02-01

    Last week HM Treasury published its much anticipated consultation paper on introducing a dedicated Insurer Resolution Regime (IRR) in the UK, which would implement key international standards.

    Filed under:
    United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, Insurance, Freshfields Bruckhaus Deringer, HM Treasury (UK), Bank of England, Solvency II Directive (2009/138/EU), Banking Act 2009 (UK)
    Authors:
    Priti Lancaster , George Swan , Lauren Honeyben , Kevin Whibley
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    European leveraged finance: Choosing the right path
    2023-01-31

    European leveraged finance markets paused for breath in 2022, due to rising interest rates, volatile geopolitics and a tightening of financial markets across the board—but what can we expect in 2023?

    Filed under:
    European Union, United Kingdom, USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Public, White & Case, Foreign direct investment, Private equity, Climate change, Supply chain, Carbon neutrality, Euribor, Bank of England
    Location:
    European Union, United Kingdom, USA
    Firm:
    White & Case
    Float like a butterfly, sting like a bee: is your floating charge valid?
    2023-01-31

    In the current times of financial stress, a borrower seeking to renegotiate or refinance existing financing arrangements may be asked by its lender to enhance or refresh its security package through the grant of a new floating charge.

    The question of whether a floating charge can be avoided due to section 245 of the Insolvency Act 1986 ("IA 1986") can arise in such a context.

    Void floating charges under section 245 of the IA 1986

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Stephenson Harwood LLP, Insolvency Act 1986 (UK)
    Authors:
    Will Rowling , Charlotte Drake , James Linforth
    Location:
    United Kingdom
    Firm:
    Stephenson Harwood LLP

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