Recently, the British Chamber of Commerce (BCC) warned that economic conditions are weakening and businesses are struggling, following a survey they have conducted of 6,600 companies employing 1.2 million workers. Their research found that domestic and export sales are falling, and services firms have seen a decrease in work in the three months to September. This has prompted fears that the UK’s economy may fall into recession.

Summary

Case:Pantiles Investments Ltd & Anor v Winckler [2019] EWHC 1298 (Ch)(23 May 2019)

In a recent case the High Court has addressed how Company Voluntary Arrangements affect landlords when balancing the needs of a commercial tenant to restructure its debts.

In September 2019, Debenhams Retail Limited entered into a Company Voluntary Arrangement (CVA) with its creditors, with the aim of restructuring its debts. The CVA contained a number of provisions affecting Debenhams' landlords (themselves potentially creditors) in respect of its various department store leases.

Five Elements for Chinese Companies trading with UK counterparts Part 1: Gold

Section 127 of the Insolvency Act 1986 (“IA86”) says:

(1) In a winding up by the court, any disposition of the company’s property, and any transfer of shares, or alteration in the status of the company’s members, made after the commencement of the winding up is, unless the court otherwise orders, void.

In the past five years, insolvency rates in the construction industry have increased more quickly than in other industries across the UK. This article considers the common causes of construction insolvency and how to protect your position if insolvency occurs.

Recent trends

Originally published on LexisLibrary and LexisPSL

Restructuring & Insolvency analysis: Thomas Cook is the third large company to be wound up by the courts in 18 months, following British Steel and Carillion in 2018. Professor Andrew Keay, barrister at Kings Chambers, 9 Stone Buildings and Lincoln’s Inn and Professor of corporate and commercial Law at the University of Leeds, discusses why it entered liquidation rather than administration and how it will impact employees and customers of Thomas Cook.

Original news

Agriculture may be the (second?) oldest profession, but it is one that remains ever relevant to modern day life. Farmers are not only producing food, they are also environmental stewards through no other reason than they are the people literally on the ground and on the front line.

Retail Company Voluntary Arrangements (CVAs) are becoming an increasingly popular means of minimising liabilities and creating breathing space for tenants during a difficult trading environment on the High Street. Where does this leave landlords?

Since the news of Thomas Cook’s demise a lot of focus has been on its travel customers. But beyond repatriating stranded holiday makers, the impact of large scale insolvencies such as Thomas Cook, Carillion and British Steel can be far reaching.

Those relying on the likes of Thomas Cook for business may also face financial distress as the impact of its insolvency ripples down the supply chain. Potentially impacting suppliers of goods and services, those who relied on Thomas Cook’s business outside of the UK, employees and landlords.