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    Insolvency Practitioners: important judgment impacting the treatment of claims in failed energy suppliers
    2022-11-11

    TODAY, THE EAGERLY-AWAITED JUDGMENT HAS BEEN HANDED DOWN BY MR JUSTICE ZACAROLI IN RESPECT OF THE APPLICATION FOR DIRECTIONS MADE BY OFFICE-HOLDERS OF A NUMBER OF FAILED ENERGY SUPPLIERS. 


    The impact of this judgment will be felt much wider than just within the applicants' insolvent estates and it is relevant to any office-holder or unsecured creditor of a failed energy supplier.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Addleshaw Goddard LLP, Insolvency
    Authors:
    Emma Sadler , Fraser Ritson
    Location:
    United Kingdom
    Firm:
    Addleshaw Goddard LLP
    The CVA isn't dead yet...
    2022-11-11

    Whilst creditors’ voluntary liquidations (CVLs) have spiralled in number in recent months, the formerly popular company voluntary arrangement (CVA) has fallen out of the limelight. There were only 29 registered CVAs in Q3 2022, representing just 1% of recorded company insolvencies and languishing behind administrations (also down in number compared with Q2 2022).

    A falling trend

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stevens & Bolton LLP, Supply chain, Insolvency
    Authors:
    Matthew Padian
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Gas Market Insolvencies in Great Britain: Legal, Regulatory and Insolvency Issues
    2022-11-09

    Over the past decade there has been an influx of small- and medium-sized entrants to the U.K. gas supplier market, which is supervised by Great Britain's[1] independent energy regulator, the Office of Gas and Electricity Markets (Ofgem).[2] According to Ofgem, this market development had the effect of increasing price competition and putting pressure on incumbent suppliers to improve customer service for consumers.[3]

    Filed under:
    United Kingdom, Derivatives, Energy & Natural Resources, Insolvency & Restructuring, A&O Shearman, Supply chain, Insolvency, Financial Conduct Authority (UK), European Commission, International Swaps and Derivatives Association, Bank of England, MiFID, Energy Act 2011 (UK)
    Location:
    United Kingdom
    Firm:
    A&O Shearman
    Do company directors owe a ‘creditor duty’ when a company is nearing insolvency?
    2022-11-09

    The Supreme Court, in a key judgment handed down on 5 October 2022 (BTI 2014 LLC v Sequana SA and others [2022] UKSC 25), has provided some important clarification around the scope of directors’ duties in the context of companies that are nearing insolvency.

    Factual background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Collyer Bristow LLP, Insolvency, Supreme Court of the United States, UK Supreme Court
    Authors:
    Robin Henry , Rhiannon Thompson
    Location:
    United Kingdom
    Firm:
    Collyer Bristow LLP
    Continuing or cured? The suspension of swap payments following an event of default may not be unlimited
    2022-11-09

    The High Court of England and Wales has recently provided welcome clarification around the nature of events of default under derivatives contracts governed by the ISDA Master Agreement, in particular in relation to whether an insolvency related event of default can be cured and so cease to be continuing. This brings to an end a long running debate around the extent to which, and for how long, a party can continue to rely on the condition precedent to payment contained in the ISDA framework documentation where the other party is subject to such an event of default.

    Filed under:
    United Kingdom, Derivatives, Insolvency & Restructuring, Litigation, Hogan Lovells, Insolvency, International Swaps and Derivatives Association, High Court judge (England and Wales)
    Authors:
    James Doyle , Jennifer O'Connell , Neil Kurzon , Isobel Wright
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    'Waiving' goodbye to privilege? Not so fast, says the high court
    2022-11-04

    Two years on from PCP Capital Partners LLP and another v. Barclays Bank Plc [2020] EWHC 1393 (Comm), the High Court has declined to extend the scope of what constitutes a waiver of legal professional privilege. The case of Henderson & Jones Limited v.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Legal Practice, Litigation, Mishcon de Reya LLP, Barclays
    Authors:
    Derval Walsh , Laura Hutchings
    Location:
    United Kingdom
    Firm:
    Mishcon de Reya LLP
    BTI v Sequana: What the UK Supreme Court Decision Means for Malaysia
    2022-11-04

    Introduction

    On 5 October 2022, the UK Supreme Court delivered its long-awaited judgment in BTI 2014 LLC v. Sequana SA and others [2022] UKSC 25 ("Sequana Case") which concerns the question of the trigger point when directors must have regard to the interests of creditors ("Creditor Duty"). This case raised questions of considerable importance for Malaysian company law.

    Filed under:
    Malaysia, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Rajah & Tann Asia, Insolvency, Companies Act 2006 (UK), UK Supreme Court
    Authors:
    John Mathew , Chua See Hua , Heng Yee Keat
    Location:
    Malaysia, United Kingdom
    Firm:
    Christopher & Lee Ong
    When Is an Event of Default “Continuing”?
    2022-11-04

    Over a decade after Lehman’s insolvency, the English High Court handed down a key judgement in Grant v FR Acquisitions Corporation (Europe) Ltd [1] on 11 October 2022. The judgement provides commentary on when certain Events of Default have occurred and are “continuing”.

    Filed under:
    United Kingdom, Derivatives, Insolvency & Restructuring, Litigation, Crowell & Moring LLP, International Swaps and Derivatives Association, Companies Act 2006 (UK), High Court judge (England and Wales)
    Authors:
    Charles Wakiwaka , Jennifer J. Kafcas , Lauren J. Blaber , Alvino S. Van Schalkwyk
    Location:
    United Kingdom
    Firm:
    Crowell & Moring LLP
    Insolvent trusts: pari passu indemnification of successive trustees & the importance of creditor expectations - A view from the Channel Islands, Bermuda, the BVI and Cayman
    2022-11-07

    Introduction

    Filed under:
    Bermuda, British Virgin Islands, Cayman Islands, Jersey, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Walkers
    Authors:
    Kevin Taylor , Steven White , Tim Molton , Rosalind Nicholson , Matthew Goucke , Neil Lupton , Luke Petith , Adam Cole , Colette Wilkins , Richard Holden , Nigel Sanders , Craig Macleod , Adam Hinks
    Location:
    Bermuda, British Virgin Islands, Cayman Islands, Jersey, United Kingdom
    Firm:
    Walkers
    English court rules that certain ISDA bankruptcy events of default can be cured
    2022-11-03

    In October 2022, the English High Court delivered a long-awaited judgment1 relating to whether or not certain Bankruptcy Events of Default can be cured under the ISDA 2002 and 1992 Master Agreements ("ISDA Master Agreements") - resolving an issue relating to the suspensory effect of conditions precedent to payments and performance under ISDA Master Agreements raised in the English Court of Appeal earlier in the Lehman administration.

    Filed under:
    United Kingdom, Derivatives, Insolvency & Restructuring, Litigation, Dechert LLP
    Authors:
    John McGrath , Kay Morley , Karen Stretch , James Zhu , En-Min Chua
    Location:
    United Kingdom
    Firm:
    Dechert LLP

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