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    Have Rangers’ woes undermined sales finance?
    2012-05-31

    Of all the headlines related to Rangers’ current financial plight one related to the world of sales finance is probably a surprise. However, Rangers’ administrators recently sought the opinion of the Court of Session on the club’s well publicised deal with Ticketus, under which Rangers sold to Ticketus rights to future season ticket sales.  Although the Ticketus deal is not, strictly, an invoice financing Lord Hodge’s opinion touches on several questions directly relevant to sales finance.
     

    Filed under:
    United Kingdom, Insolvency & Restructuring, Media & Entertainment, Morton Fraser MacRoberts
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts
    Secured recoveries: sales in possession
    2012-05-31

    Natural England makes geographic information datasets available under the Open Government licence  

    This means that datasets about areas of significance for the natural environment such as protected site boundaries, are now made available under a perpetual licence for commercial and non-commercial use. See link to natural England website for further information.

    Squatting criminalised

    Filed under:
    United Kingdom, Insolvency & Restructuring, Eversheds Sutherland (International) LLP
    Authors:
    Nick Battrick
    Location:
    United Kingdom
    Firm:
    Eversheds Sutherland (International) LLP
    The football creditors’ rule
    2012-06-01

    The long awaited judgment in The Commissioners for her Majesty’s Revenue and Customs v. Football League Limited, on the so called “football creditors’ rule” (the “Rule”) has been given.

    This article only concerns itself with the issue of whether the Rule was or was not considered void on the grounds that it was contrary to the pari passu principle and the anti-deprivation rule and not on the fairness of the Rule itself.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, BDB Pitmans LLP, HM Revenue and Customs (UK)
    Authors:
    Adrian Wilmot
    Location:
    United Kingdom
    Firm:
    BDB Pitmans LLP
    Administrator not personally liable for contracts or adverse costs order
    2012-06-01

    An administrator who was sued in relation to contractual liabilities which he entered as administrator of a company was found to have no personal liability for those contracts or for the costs of the litigation.

    In the recent case of Wright Hassall LLP v Morris1 the claimant advanced various arguments in an attempt to make the administrator personally liable for a costs order in litigation where the defendant companies were unable to pay. These arguments were rejected.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, RPC
    Location:
    United Kingdom
    Firm:
    RPC
    The “client money” decision in the Lehman administration
    2012-06-01

    The Supreme Court decides how client moneys are to be allocated in the Lehman estate, which has far-reaching implications for distributions in other financial collapses.

    The Supreme Court has recently handed down a decision in a contentious and difficult application in the Lehman administration, a decision which fundamentally affects the allocation of client moneys in the Lehman estate.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Liquidator (law), Lehman Brothers
    Authors:
    Jumana Rahman
    Location:
    United Kingdom
    Firm:
    Latham & Watkins LLP
    Company voluntary arrangements - no pain, no gain?
    2012-06-06

    Gym chain Fitness First is the latest high street name to propose a company voluntary arrangement (CVA) to its creditors. The chain currently runs more than 140 clubs in the UK but the arrangement proposes that 67 will be transferred to other operators within six months. Landlords will be reviewing the terms of the proposed CVA carefully.

    A CVA is an agreement reached by a corporate debtor with its unsecured creditors. It is generally seen as a quicker and less formal route out of trading difficulties than administration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Gowling WLG, Landlord
    Authors:
    Alison Hardy , Ian Brook
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Payments for creditors to vote for proposals held not to be bribes
    2012-06-06

    A facilitation payment to encourage creditors to vote through the restructuring proposals of creditors’ debts has been held by the High Court not to be an illegal bribe. The court had regard to the fact that the offer of payment was made openly to all relevant creditors, none of whom were prevented from voting on the proposal. As such, where a creditor consented and received the facilitation payment, this was not contrary to the pari passu principle.

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, White Collar Crime, Mayer Brown, Bond (finance), Debt
    Authors:
    David Allen , Jessica Walker
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Is it all over? ISDA termination and closing out transactions
    2012-05-10

    There have been a number of first instance decisions concerning the construction and effect of Section 2 (a) (iii) of the ISDA Master Agreement. The problem has been the conflicts between the various judgments, and in particular, with respect to the interpretation and effect of Section 2 (a) (iii). This has led to uncertainly as to how the Section is intended to operate.

    Filed under:
    United Kingdom, Derivatives, Insolvency & Restructuring, Litigation, Stephenson Harwood LLP, Condition precedent
    Authors:
    Peter Bennett
    Location:
    United Kingdom
    Firm:
    Stephenson Harwood LLP
    When is a defective appointment too defective to be cured?
    2012-05-11

    The Court has heard another case dealing with a defective appointment of administrators under paragraph 22 of Schedule B1 Insolvency Act 1986 (“Schedule B1”)1. Following hot on the tail of a recent series of conflicting cases relating to defective appointments, the Court has held that:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown, FSA, Insolvency Act 1986 (UK)
    Authors:
    David Allen , Alexandra Wood , Jessica Walker
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    U-turning to avoid bumpy roads
    2012-05-14

    It is looking increasingly likely that 2012 will be another difficult year for the automotive sector, leading to a decline, not only in vehicle sales, but also in goods and services supplied to the sector. As a result, businesses may experience cash flow problems and increased creditor pressure to pay invoices.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, BDB Pitmans LLP, Unsecured debt, Liquidation, Balance sheet
    Authors:
    Adrian Wilmot , Suzanne Brooker
    Location:
    United Kingdom
    Firm:
    BDB Pitmans LLP

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