King & Ors v Kings Solutions Group Ltd & Ors [2022] EWHC 1099 (Ch)

Background

This appeal arose in the context of long-running and complex dispute between the shareholders of Kings Solutions Group Limited (‘the Company’).

Corporate Update is our fortnightly bulletin highlighting the latest legal and regulatory developments which we consider to be of relevance to in-house corporate counsel.

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KEY POINTS:

Global Perspectives on Insolvency, Restructuring & Dispute Resolution 

As primarily offshore lawyers, we speak on a daily basis with onshore counsel, banks, asset managers, trustees, corporates, insolvency practitioners and individuals around the world. Those conversations give our Global Insolvency & Dispute Resolution Practice Group a unique perspective on the different market trends and their regional impact in 2022.

The Insolvency Service is satisfied that the restructuring plan and moratorium processes are broadly meeting their policy objectives – and that ipso facto clauses are likely to be used more in future

Insolvency figures for May 2022 were published by the Insolvency Service on 17 June, and reveal an increase in corporate insolvencies both compared to pandemic and pre-pandemic levels.

The uncertainty that has descended on global economic markets brought about by the global covid-19 pandemic has been widespread and unprecedented. Anyone looking for clear wisdom on the likely trends in restructuring as we look now to the second half of 2022 and beyond may find the milky darkness of a Magic 8-ball a better barometer of future forecasting.

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In Shop Direct Finance Company Limited v The Official Receiver, the Commercial Court confirmed that it's the customer’s trustee in bankruptcy - in this case the Official Receiver (OR) - whose knowledge is relevant for the purpose of the time limit rule in DISP 2.8.2R(2). This is likely to be good news for firms facing complaints brought by the OR around historical mis-selling allegations (including PPI).

On 18 March 2021, the UK Government published its white paper on restoring trust in audit and corporate governance. On 31 May 2022, the Government published its response to the consultation.