The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a 2020 innovation in UK insolvency law, as described in our earlier alert.
The recent judgment of HHJ Richard Williams, sitting as a High Court Judge, in Loveridge v Povey & Ors [2024] EWHC 329 (Ch) deals with what he described as a bitter dispute over the Loveridge family business. The business concerned was the operation of caravan parks in Worcestershire, Warwickshire and Shropshire, in part through five companies, and in part through three partnerships at will. The companies made use of interest-free inter-company loans repayable on demand
New legislation hit the statue books on Wednesday bringing updates to the legislation governing special administrations for regulated water companies in England and Wales. The changes are timely (some may even consider them overdue) given the current market instability, and provide flexible options should the regime have to be used.
Dispute Resolution analysis: In November 2023, Mr Justice Miles sanctioned restructuring plans under section 901F of the Companies Act 2006 in respect of two companies within the Atento group. The plans had significant creditor support, did not involve any cross-claim cram down and achieved a demonstrably better outcome for creditors than the alternative, a group-wide liquidation.
Re Atento UK Ltd [2023] EWHC 3076 (Ch))
What are the practical implications of this case?
Fraudulent trading is both a civil and criminal offence. The recent judgment of the High Court in Bouchier v Booth provided a helpful reminder of the principles that a Court will apply when considering whether directors have acted in a manner that constitutes fraudulent trading and the high threshold for proving fraudulent conduct.
The Calcutta Cup represents a long and competitive rugby rivalry between the great neighbours that are Scotland and England. Last year, Scotland retained the trophy in a hard-fought match at Twickenham with victory being sealed in the last minute with a try from Duhan van der Merwe who, being 6ft 4 inches, blond and in the peak of physical health, is a fair representation of your average Scotsman.
On 13thFebruary 2024, the Insolvency Service (IS) released their latest monthly enforcement stats in relation to the directors’ disqualifications. The figures, whilst not surprising highlight some interesting points to note:
The concept of an ‘insolvent trust’ is somewhat of a paradox. A trust is not a separate legal entity in the way that companies are and, as such, cannot be insolvent in the technical sense. Trustees legally own assets in a trust for the benefit of beneficiaries.
Nilsson & Anor v Iqbal & Anor [2024] EWHC 49 (Ch) was an application by the joint trustees in bankruptcy of Mohammed Babar Iqbal for a declaration as to the beneficial ownership and an order for possession and sale of his former matrimonial home, Southview, Pollards Hill East in London. Mr Iqbal, the first respondent, did not appear to resist the trustees’ claim. The second respondent, Mrs Iqbal, did. She was his former wife under Islamic law.
On 23 January 2024, Snowden LJ handed down the Court of Appeal's judgment in the Adler Restructuring Plan case - AGPS Bondco plc - overturning the sanctioning of the Plan by the High Court in April 2023.