From 1 October 2021, the temporary restrictions in Schedule 10 of the Corporate Insolvency and Governance Act 2020 (CIGA) are being replaced[1].

These changes lift the current restrictions on issuing winding up petitions, and replaces them with less stringent and more refined restrictions which are due to remain in place until 31 March 2022.

“Mike is unquestionably the most experienced UK asset recovery expert focused on the offshore jurisdictions” “He is very user friendly and I have absolute confidence that his advice is based on securing the best possible outcome” “His experience on the ground in offshore jurisdictions makes him a valuable resource for any international asset recovery effort”

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High Court sanctions scheme of arrangement proposed by the Provident Finance group

In our earlier blog, we considered the application to strike out the challenge against the Caffè Nero company voluntary arrangement (“CVA”) (Nero Holdings Ltd v Young) and the rejection of Caffè Nero’s strike-out action by the Court.

While testators generally have freedom to decide how to dispose of their assets in England and Wales, there are limits to this freedom, including where a beneficiary of the estate is made bankrupt. If the testator passes away during the course of the beneficiary’s bankruptcy, the legacy will usually pass to the trustee in bankruptcy for the benefit of creditors instead of to the beneficiary.

Creditors can often confuse (i) the outlawed practice of “phoenixing” with (ii) pre-pack administrations. The former is an abuse of the privilege of limited liability through (often repeatedly) liquidating a company laden with debts only to emerge shortly after under the guise of a new limited company, debt free, effectively carrying on the exact same business with the same name, premises and people.

“He has extensive offshore experience that is invaluable in understanding the structures that we are often dealing with” “Sam is enormously bright, very hard working and a super-pleasant fellow” “Sam combines sound technical knowledge with a great demeanour and client manner”

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“He can always see where a deal can be cut to secure recoveries cost effectively” “Nick is a very well-known and highly successful practitioner” “He has a thorough, encompassing and determined approach to cases”

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The Government has announced the relaxation of the rules which were put in place in order to restrict the use of winding up petitions during the coronavirus pandemic. The changes, which come into effect on 1 October 2021 and will remain in force until 31 March 2022, are likely to prompt a significant increase in the number of petitions being presented to the court given the ever-increasing level of debt that has accumulated as a result of the pandemic.

As Andrew Jones and Daniela Miklova report, the recent case of Ristorante Limited t/a Bar Massimo v Zurich Insurance plc [2021] EWHC 2538 is a useful insight into how the Court will interpret the questions and answers in insurers’ proposal forms in coverage disputes. It also shows how insurers can lose potential policy defences through the drafting of proposal form questions going wrong.