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    Corporate reorganizations in the UK - Debt waivers and tax
    2018-11-22

    Corporate reorganizations often involve waivers of inter-company debt. In general – although perhaps more obviously outside the group context – the waiver of a debt can be seen as producing a profit for the debtor company. Where this is reflected in profit and loss for accounting purposes, a taxable profit may arise in the hands of a UK resident debtor. Typically, however, debt waivers in the context of corporate reorganizations are not problematic.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, DLA Piper
    Location:
    United Kingdom
    Firm:
    DLA Piper
    Schemes of arrangement: splitting debts to sanction?
    2017-02-22

    In the first case of its kind, the High Court in England has prevented a shareholder from splitting its shareholding in an attempt to defeat the approval of a scheme of arrangement under section 895 of the Companies Act 2006 (Scheme) by way of manipulation of legislative requirements in relation to Schemes which require approval by a majority in number representing 75% in value of the voting class of shareholders.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, DLA Piper, Shareholder, Companies Act 2006 (UK)
    Authors:
    David Ampaw
    Location:
    United Kingdom
    Firm:
    DLA Piper
    The Financial Report January 22, 2015 - news from Europe
    2015-01-22

    PRA consults on capital adequacy. The UK Prudential Regulation Authority proposed changes to the PRA’s Pillar 2 framework for the banking sector, including changes to rules and supervisory statements. The proposed policy is intended to ensure that firms have adequate capital to support the relevant risks in their business and that they have appropriate processes to ensure compliance with the Capital Requirements Regulation and Capital Requirements Directive.

    Filed under:
    European Union, India, United Kingdom, Banking, Capital Markets, Competition & Antitrust, Insolvency & Restructuring, DLA Piper, Capital requirement, Financial Services Compensation Scheme, Financial Conduct Authority (UK), European Banking Authority, UK Prudential Regulatory Authority
    Location:
    European Union, India, United Kingdom
    Firm:
    DLA Piper
    A shop window of opportunity: Act now to recover
    2021-08-06

    Challenges in bricks-and-mortar retail are not new. However, the impact of the COVID-19 pandemic has accelerated many key consumer trends away from the high street, forcing acute (and potentially permanent) reductions in footfall as well as widespread store closures. To date in 2021, the number of stores in the UK is reported to have fallen by almost 10,000.

    Filed under:
    United Kingdom, Insolvency & Restructuring, DLA Piper, Coronavirus
    Location:
    United Kingdom
    Firm:
    DLA Piper
    The New UK Restructuring Plan - The “Super Scheme”
    2020-09-30

    The Corporate Insolvency and Governance Act, which received Royal Assent on 25 June 2020, contains a range of significant reforms, not least of which is the introduction of a new Restructuring Plan process dubbed the Super Scheme. The first such Restructuring Plan, used in the financial restructuring of Virgin Atlantic Airways (VAA), was sanctioned by the High Court on 2 September 2020 representing a new landmark in the UK restructuring landscape.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, DLA Piper
    Authors:
    David Ampaw , David Manson
    Location:
    United Kingdom
    Firm:
    DLA Piper
    UK Corporate Insolvency And Governance Bill: Moratorium
    2020-06-03

    The Corporate Insolvency and Governance Bill introduces a new standalone moratorium procedure for companies. The moratorium is part of a package of significant legislative reforms contained in the Bill and intended to enhance the UK’s restructuring rescue culture. These were originally consulted on in 2018 and have now been fast-tracked to deal with the COVID-19 pandemic.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, DLA Piper, Coronavirus
    Authors:
    Barney Smedley , Sarah Letson
    Location:
    United Kingdom
    Firm:
    DLA Piper
    Tenant Insolvency - How landlords should approach CVAs
    2018-10-24

    What is a CVA?

    A CVA is an insolvency and rescue procedure under the Insolvency Act 1986, allowing a company in financial distress to make legally binding arrangements with its unsecured creditors. Typically, this involves rescheduling or reducing the company’s debts or even amending certain contractual terms.

    Filed under:
    United Kingdom, Insolvency & Restructuring, DLA Piper, Contractual term, Landlord, Insolvency Act 1986 (UK)
    Authors:
    Tim Dawson , Rowan Aspinwall
    Location:
    United Kingdom
    Firm:
    DLA Piper
    Improvements to the Investment Bank Special Administration Regime
    2017-01-13

    The Investment Bank Special Administration Regime (SAR) was introduced in 2011 in response to difficulties faced in the Lehman Brothers administration. Following a review of the regime by Peter Bloxham in 2014, and a Government consultation in 2016, the Treasury has introduced draft regulations to improve the regime - The Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, DLA Piper, Investment banking
    Authors:
    Chris Parker
    Location:
    United Kingdom
    Firm:
    DLA Piper
    Retention of title in the UK – protecting your business from your customer’s insolvency
    2014-12-18

    Following on from our article on “Understanding and managing the risks of an insolvent acquisition” in the Q2 2014 edition of Global Insight, in this third article in our series of risks and opportunities in the fashion retail sector we assess one of the most prominent areas of risk for suppliers - the insolvency of a trade customer/retailer. 

    Filed under:
    United Kingdom, Insolvency & Restructuring, DLA Piper
    Authors:
    Robert Russell , Peter Manley
    Location:
    United Kingdom
    Firm:
    DLA Piper
    Administrations: a new (restructuring) plan of action?
    2021-07-20

    Amicus Finance PLC

    After a somewhat stop/start convening hearing concluded earlier this month, Amicus Finance PLC (in administration) was the first company given the opportunity to convene creditor meetings for a restructuring plan whilst in administration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, DLA Piper, Coronavirus
    Authors:
    James Davison
    Location:
    United Kingdom
    Firm:
    DLA Piper

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