A recent UK Supreme Court decision establishes that where a director unlawfully transfers property to a company he controls, a subsequent breach of duty claim will not be subject to a limitation period.
The provision in question under the UK Limitation Act is mirrored in the Hong Kong Limitation Ordinance (Cap 347), so it will be interesting to see whether this decision will be applied by the Hong Kong Courts.
Back to the future – but no idea when What Brexit could mean for the Anglo-European restructuring industry What happens now? On 23 June 2016, the UK voted to leave the European Union. The nature of the UK’s relationship with the EU and the rest of the world, post-Brexit (if and when Brexit happens), is uncertain. So what do we know? Actually, we do know several things: – Legally speaking, the referendum result has no immediate effect. It is only advisory.
Hogan Lovells Corporate Insurance Newsletter June 2014 UK PRA publishes PS5/14: PRA Rulebook PRA publishes statement of policy on the financial stability information power The PRA’s approach document to insurance supervision updated PRA publishes SS7/14: Reports by skilled persons PRA publishes statement of policy on the use of PRA powers to address serious failings in the culture of firms PRA publishes its annual report and accounts 2014 FCA publishes a market study into retirement income: revised terms of reference FCA publishes FG14/6 - Annuity comparison websites: financ
In a judgment issued in test cases, OTG Ltd v Barke and others, the EAT held that administration proceedings are not capable of coming within the insolvency exception to the normal business transfers rule.
The High Court has allowed an application for an order to enable access to a bankrupt’s pension to satisfy debts arising from fraud. Prior to the bankruptcy, judgment was obtained against him for £3.2m plus costs.
We are delighted to share with you our Financial Institutions Horizons 2021, which provides a snapshot of key legal topics and market trends across the globe, shaping the future of the financial institutions market.
Our note provides a high-level guide to securitisation transactions under English law. Written in partnership with Chambers and Partners, it forms the UK-focused section of the Chambers and Partners Global Practice Guide: Securitisation 2020.
This general guide discusses a broad range of topics to provide a helpful overview to those that are looking at a first time securitisation. It also provides guidance on a number of more detailed points to assist with those more experienced in securitisations, including recently regulatory development.
Collapsed retailer British Home Stores cannot challenge its own company voluntary arrangement as an unenforceable contractual penalty and must repay rental discounts to its landlords, the High Court in England and Wales decided yesterday.
The case, in which Hogan Lovells represented the successful landlord, provides important guidance on the operation of company voluntary arrangements (CVAs), particularly after termination, and the payment of rent as an expense of a company’s administration in priority to other debts.
CVAs
The decision of the High Court inVanquish Properties (UK) Limited Partnership –v- Brook Street (UK) Limited provides a stark reminder of the strict requirements for serving a valid break notice and the traps into which the unwary can easily fall.
Pension Protection Fund: valuation assumptions
The PPF has consulted on changing the assumptions used for section 143 valuations (used for schemes in assessment periods) and section 179 valuations (used when setting a scheme's risk-based levy). The PPF expects that the proposed changes would increase section 143 and section 179 liabilities by just under 4% and would potentially lead to a small increase in the number of schemes transferring to the PPF.
Pension Protection Fund: insolvency risk provider