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    Virgin Active's UK restructuring plans sanctioned following landlord challenge
    2021-05-27

    On 12 May 2021, in the first opposed cross-class cram down case, the English High Court sanctioned Virgin Active's restructuring plans, the first to bind landlords to lease compromises.

    The decision

    While the opposing landlords challenged the valuation evidence advanced by the companies, they did not advance evidence of their own. The court accepted the companies' evidence that:

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Real Estate, Taylor Wessing
    Authors:
    Amy Patterson , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    English Court revokes Regis CVA - but landlords lose claim for repayment of fees
    2021-05-27

    On 17 May 2021, in the third of a trio of landlord challenge cases, the English High Court revoked Regis UK Limited's company voluntary arrangement (CVA) on one ground of unfair prejudice, but ruled against landlords seeking repayment of fees against the nominees.

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Taylor Wessing
    Authors:
    Amy Patterson , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Back to the drawing board for Amigo: FCA succeeds in challenging its proposed Scheme of Arrangement
    2021-05-26

    The Court (Mr Justice Miles) has refused to sanction a scheme of arrangement (the “Scheme”) between ALL Scheme Limited (the “Company”) and its creditors. The Company is an entity within the Amigo group of companies (the “Group”).

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Financial Conduct Authority (UK)
    Authors:
    Julian Turner , Rebecca Hennis
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    3 ways that banks can adapt to survive and avoid their “Kodak Moment”
    2021-05-26

    Almost everyone knows the tale of Kodak. After over 100 years of market dominance in film and camera production, it was forced into bankruptcy in 2012 after Kodak’s management failed to understand the threat of digital photography on their business.

    A similar story befell Blockbuster. A market leader in the late 1990s, by 2010 its business was in tatters as Netflix and online streaming soared in popularity.

    Filed under:
    Ireland, United Kingdom, Banking, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, DueDil, Blockchain, Bankruptcy, Fintech, Artificial intelligence, Open banking, Coronavirus, HSBC
    Location:
    Ireland, United Kingdom
    Firm:
    DueDil
    The five key points arising from the Norwegian Air Shuttle examinership
    2021-05-26

    Earlier today, 26 May 2021, the final condition to the restructuring plan for the Norwegian Air Shuttle group was met, allowing the Examiner’s scheme to become effective: confirmation that the business has successfully raised 6bn NOK.

    Filed under:
    European Union, Norway, United Kingdom, Aviation, Insolvency & Restructuring, Litigation, A&L Goodbody, Insolvency Act 1986 (UK)
    Authors:
    David Baxter , Marie O'Brien , Marsha Coghlan , Brian O’Malley , Mark Traynor , Maria McElhinney , David Berkery , Seamus O'Croinin , Andrea Lawler , Stephen Ahern , Keith Mulhern , Thomas Ryan , Patrick Fitzpatrick , Eoin Mullowney
    Location:
    European Union, Norway, United Kingdom
    Firm:
    A&L Goodbody
    Pre-pack Sales to Connected Parties The New Evaluator Process Considerations for Administrators and Purchasers
    2021-05-24

    From 30 April 2021, an administrator will be unable to complete a sale of a substantial part of a company's property to a connected person within the first eight weeks of the administration without either:

    • The approval of creditors
    • An independent written opinion (positive or negative)

    This alert considers the impact of the new regulations in practice, which apply to both pre-packs and post-packs that take place within eight weeks of an administrator's appointment.

    When is an evaluator's report required?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    John Alderton , Russell Hill , Devinder Singh , Mark Prior
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    New Look CVA judgment: what the High Court ruling means for landlords
    2021-05-24

    The High Court dismissed landlords’ challenges to the terms of New Look’s company voluntary arrangement (CVA) last week in a ruling that has sparked lively debate within both the landlord and restructuring sectors.

    The landlords challenged the CVA by way of three main limbs:

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Penningtons Manches Cooper LLP, Coronavirus
    Authors:
    Donald Lambert
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Insolvency Insight - Issue 1 | May 2021
    2021-05-25

    This is the first of a regular insolvency insights bulletin from the insolvency specialists at Quadrant Chambers. It is a short at a glance guide to the latest insolvency legislation changes and key cases, all cases link to the relevant judgments.

    Legislation

    Filed under:
    United Kingdom, England & Wales, Insolvency & Restructuring, Litigation, Quadrant Chambers
    Authors:
    Nicola Allsop , Emily Saunderson
    Location:
    United Kingdom
    Firm:
    Quadrant Chambers
    Dealing with insolvent Credit Hire Organisations: A practical guide
    2021-05-25

    This article deals with the effect on claims, both pre-litigation and post, which are driven by Credit Hire Organisations (CHOs) who are insolvent or begin an insolvency process. We have focused on practical considerations to identify such claims as well as what you will need to bear in mind when handling credit hire claims where the CHO is insolvent.

    Background

    There are three main strands: -

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, DAC Beachcroft
    Authors:
    Helen Mason , Ricky Parmar , Steven Earl
    Location:
    United Kingdom
    Firm:
    DAC Beachcroft
    Connected party pre-packs: new controls in place in Northern Ireland from 25 June 2021
    2021-05-25

    Additional conditions will be imposed on administrators seeking to dispose of a company’s business or assets to a party connected to the insolvent company within 8 weeks of their appointment, for administrations beginning on or after 25 June 2021.  Equivalent provisions have been in force in Great Britain since 30 April 2021.

    Summary

    Affected sales will be subject to either

    (1) prior creditor approval or

    (2) prior review by an independent evaluator.

    Filed under:
    United Kingdom, Northern Ireland, Insolvency & Restructuring, TLT LLP
    Authors:
    Jason Byrne
    Location:
    United Kingdom
    Firm:
    TLT LLP

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