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    Termination: Contractual Rights to Terminate Curtailed
    2020-08-21

    New legislation has been introduced in the UK which restricts the rights of parties to construction contracts to terminate or even suspend work. This means that even if your contract says you can terminate or suspend – for example, for non-payment – you may not in the future be able to exercise this right. These reforms are likely to lead to significant changes to how parties operate their contracts and credit lines.

    Filed under:
    United Kingdom, Company & Commercial, Construction, Insolvency & Restructuring, Litigation, HFW, Corporate governance, Coronavirus
    Authors:
    Andrew Ross , Michael Sergeant
    Location:
    United Kingdom
    Firm:
    HFW
    Corporate Insolvency and Governance Act 2020
    2020-08-21

    This alert was written by Geoffrey Wynne, Alexandra Shipulina and Szonja Kolbenheyer (trainee solicitor)

    The Act

    The Corporate Insolvency and Governance Act 2020[1] ("the Act") received Royal Assent on 25 June 2020. The overarching purpose of the Act is to protect as many businesses as possible from falling into administration or insolvency as a result of the disruptions and hardship caused by the pandemic.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Projects & Procurement, Sullivan & Worcester LLP, Coronavirus
    Authors:
    Geoffrey Wynne
    Location:
    United Kingdom
    Firm:
    Sullivan & Worcester LLP
    Sour Grapes for freezing orders - English Court of Appeal addresses when "frozen" assets may be used in the "ordinary and proper course of business"
    2020-08-21

    So you have a freezing order against a start-up company, now what? Can that start-up use the assets which are the subject of your order, or any of its other assets, to continue to pursue its risky business, or must it stay idle and wait for the inevitable?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown
    Authors:
    James Whitaker , Robert Slattery
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    COVID-19: Time for Hong Kong to update its insolvency law and statutory corporate rescue regime
    2020-08-21

    The tragically unforeseen current novel coronavirus (COVID-19) global pandemic has brought unprecedented challenges to all aspects of Hong Kong society including the health of its citizens, the economy and the business community. Economic activities across most sectors globally are being devastated. The dire economic situation in Hong Kong has been exacerbated by the trade war between Washington and Beijing and the new national security law.

    Filed under:
    Australia, Hong Kong, New Zealand, Singapore, United Kingdom, Insolvency & Restructuring, Hill Dickinson, Coronavirus, Companies Act
    Authors:
    Bryan O'Hare
    Location:
    Australia, Hong Kong, New Zealand, Singapore, United Kingdom
    Firm:
    Hill Dickinson
    Re Lehman Brothers International (Europe) [2020] EWHC 1932 (Ch)
    2020-08-21

    This was an application by the administrators of Lehman Brothers International (Europe) Ltd for a direction under paragraph 63 of Schedule B1 IA86 that they be at liberty to consent to a request from the company’s directors to distribute surplus funds to the company’s sole shareholder.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Boyes Turner LLP, Lehman Brothers
    Authors:
    Rebecca Nicholson , Lizzie Peck , Oliver Fitzpatrick , Phil Smith
    Location:
    United Kingdom
    Firm:
    Boyes Turner LLP
    Re: Tundrill Ltd ­- Unreported
    2020-08-21

    The Court has granted one of the first Winding Up Orders under CIGA 2020.

    The winding up petition had been issued on 1 May 2020, 8 weeks before CIGA 2020 came in to force, but after 27 April 2020, the date from which CIGA 2020 applies retrospectively. As a result, the petitioner could not have ensured that the winding up petition satisfied the requirements of CIGA 2020, as those requirements were not in existence at the time that the petition was presented.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Boyes Turner LLP, Coronavirus, International Chamber of Commerce
    Authors:
    Rebecca Nicholson , Lizzie Peck , Oliver Fitzpatrick , Phil Smith
    Location:
    United Kingdom
    Firm:
    Boyes Turner LLP
    Re North Point Global Ltd [2020] EWHC 1648 (Ch)
    2020-08-21

    The liquidators of a subsidiary company had submitted a proof in the CVA of the parent company. The proof was based upon a claim under section 239 of the Insolvency Act 1986 (IA86) that  certain payments by the parent to the subsidiary had amounted to unlawful preferences of the company. The liquidators appealed against the decision by the supervisor of the CVA to reject that proof.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Boyes Turner LLP
    Authors:
    Rebecca Nicholson , Lizzie Peck , Oliver Fitzpatrick , Phil Smith
    Location:
    United Kingdom
    Firm:
    Boyes Turner LLP
    Insolvency Service release monthly insolvency statistics
    2020-08-21

    Following the Insolvency Service’s announcement that it will produce monthly (as opposed to quarterly) company and individual statistics for England and Wales, to assist the Government and the insolvency sector in monitoring the impact of COVID­19, the results for July showed that:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Boyes Turner LLP, Commercial tenant
    Authors:
    Rebecca Nicholson , Lizzie Peck , Oliver Fitzpatrick , Phil Smith
    Location:
    United Kingdom
    Firm:
    Boyes Turner LLP
    BEIS announces proposed law change to benefit consumers buying pre­paid goods
    2020-08-21

    The Department for Business, Energy & Industrial Strategy (BEIS) has recently issued a press release regarding proposed changes in the law to better protect consumers in the event that a company, and in particular a retailer, becomes insolvent.

    Under existing law, if a company becomes insolvent but goods pre­paid for are still in its possession, they may be considered as assets belonging to the business and can be used by administrators to pay off the company’s debts.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Boyes Turner LLP
    Authors:
    Rebecca Nicholson , Lizzie Peck , Oliver Fitzpatrick , Phil Smith
    Location:
    United Kingdom
    Firm:
    Boyes Turner LLP
    COVID-19, construction contracts and insolvency
    2020-08-20

    In standard building contracts most commonly used in the UK, a party is entitled to terminate the contract if the other party is insolvent (Clause 91 of NEC3 and NEC4 and Clause 8.5 and 8.10 of JCT/SBCC).

    The Corporate Insolvency and Governance Act 2020 provides measures for businesses that are designed to provide temporary reliefs during the COVID-19 pandemic, as well as permanent measures for companies in financial difficulty.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Brodies LLP, Coronavirus
    Authors:
    Juliet Haldane , Jane McMonagle
    Location:
    United Kingdom
    Firm:
    Brodies LLP

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