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    Information and consultation in insolvencies - who wins, really?
    2016-05-16

    The Employment Tribunal ruled last month that ex-employees of Sahaviriya Steel Industries UK Limited (in liquidation) (“SSI”) are entitled to the maximum protective award for a complete failure by SSI to inform and consult with them about their redundancies (90 days’ pay for each of the 1100 employees affected).

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Squire Patton Boggs, Employment tribunal
    Authors:
    Mark Prior , Ramez Moussa
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Third Parties (Rights against Insurers) Act 2010 - coming very soon…
    2016-05-17

    2016 is turning out to be a year of significant reform of insurance law. The Insurance Act comes into force on 16 August 2016 and now we know that the Third Parties (Rights against Insurers) Act 2010 will finally come into force on 1 August 2016, having been updated by the Third Parties (Rights against Insurers) Regulations 2016.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Eversheds Sutherland (International) LLP, Condition precedent
    Authors:
    Simon Brooks
    Location:
    United Kingdom
    Firm:
    Eversheds Sutherland (International) LLP
    Third Parties (Rights Against Insurers) Act 2010
    2016-05-09

    In the week that Leicester City overcame odds of 5000/1 to be crowned Premier League champions, the insurance market was (almost) as astounded at the news that the long-awaited Third Parties (Rights Against Insurers) Act 2010, which received Royal Assent on 25 March 2010, will be coming into force on 1 August 2016.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Hill Dickinson
    Authors:
    Tom Turner , Adrian Marsh , Andrew Schutte , Sarah Naylor
    Location:
    United Kingdom
    Firm:
    Hill Dickinson
    Third Parties (Rights Against Insurers) Act 2010 to come into force in August 2016
    2016-05-09

    A statutory instrument has recently been passed providing that the Third Parties (Rights Against Insurers) Act 2010 will, finally, come into force on 1 August 2016, some six years after it was first passed.

    The act will replace and, in general, streamline the procedures put in place by the Third Parties (Rights Against Insurers) Act 1930. Perhaps the two most significant changes brought about by the 2010 Act are:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Cooley LLP
    Authors:
    Sam Tacey
    Location:
    United Kingdom
    Firm:
    Cooley LLP
    Kids Company: risks of insolvency to large charities
    2016-05-09

    Summary: The Public Administration and Constitutional Affairs Committee's findings in relation to Kids Company serve as a reminder of the risks of insolvency to large charities. The inherent weaknesses in the demand-led 'self-referral' operating model resulted in little to no reserves, and ultimately led to the trustees being required to file a petition to wind up the charity. Trustees of large charities must always be mindful of reserve levels.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Non-profit Organizations, Bryan Cave Leighton Paisner, Charitable organisation
    Authors:
    Carly Parsons
    Location:
    United Kingdom
    Firm:
    Bryan Cave Leighton Paisner
    Third parties’ improved rights to claim against insurers
    2016-05-10

    The Third Parties (Rights Against Insurers) Act 2010 (the 2010 Act) will finally come into force from 1 August 2016.

    The Act improves the rights of claimants who have a claim against an insolvent company or individual to directly claim against the insolvent party’s insurer.

    In particular, the 2010 Act brings about the following important changes:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Burges Salmon LLP
    Authors:
    Kari McCormick , Matthew Kaltsas-Walker
    Location:
    United Kingdom
    Firm:
    Burges Salmon LLP
    Third Parties’ (Rights against Insurers) Act 2010 comes into force in August
    2016-05-10

    The 2010 Act has now been updated by regulations (the Third Parties (Rights against Insurers) Regulations 2016) to reflect changes in insolvency law. Accordingly, the long-awaited 2010 Act will finally come into force on 1 August 2016.

    It will be recalled that the 2010 Act is intended to make it easier for third party claimants to bring direct actions against (re)insurers where an insured has become insolvent. The key changes coming in are as follows:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Litigation, Clyde & Co LLP
    Authors:
    Nigel Brook
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    PST Energy 7 Shipping LLC and another (Appellants) v O W Bunker Malta Limited and another (Respondents)
    2016-05-12

    Julian Kenny QC appeared for the Appellants in the Supreme Court who handed down judgment 11 May, a much anticipated ruling by shipowners and subsidiary companies affected by the OW Bunker collapse.

    The judgment affirms the rulings of the Court of Appeal and of first instance Judge, Males J, that a contract for the supply of bunkers that a shipowner had entered into with a subsidiary of the now insolvent OW Bunker company was not one to which the Sale of Goods Act 1979 applies.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Twenty Essex
    Authors:
    Julian Kenny KC
    Location:
    United Kingdom
    Firm:
    Twenty Essex
    My employer is in Administration: What does this mean for me?
    2016-04-29

    Retailers BHS and Austin Reed have recently gone into administration, leaving 11,000 and 1,200 jobs respectively at risk. In such uncertain times, what rights do affected employees have?

    What is administration?

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, Shoosmiths LLP
    Authors:
    Antonia Blackwell
    Location:
    United Kingdom
    Firm:
    Shoosmiths LLP
    All aboard the insolvency express
    2016-05-12

    As we reach the 30th anniversary of the Insolvency Act 1986, the legislators have clearly decided it is time to dust the profession down and bring out a shiny new model for us to hop aboard and take a journey (for some) into the unknown.

    But what do all these changes mean in practice, and is there any theme running through them?

    Fee regime

    Filed under:
    United Kingdom, Insolvency & Restructuring, Shoosmiths LLP, Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Shoosmiths LLP

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