Fixed and floating charges – why are they important?
They give a lender a higher position in the queue for the net proceeds of a borrower’s assets in the event of a borrower’s insolvency.
Yesterday the UK Financial Conduct Authority (the “FCA”) published the final text of some significant changes to the Listing Rules.1 The changes, which will come into force on 16 May 2014, are intended to enhance the effectiveness of the UK listing regime, particularly in situations where the rights of minority shareholders are at risk of being abused, and to address concerns in relation to the potential influence of
controlling shareholders on UK listed companies, while ensuring that London remains an attractive listing
venue.
The Insolvency Rules 1986 (“IR 1986”) are to be replaced in their entirety by the Insolvency Rules 2015 (“IR 2015”).
The Insolvency Service has been running a long-standing ‘modernisation’ project to consolidate the 23 amending instruments to IR 1986 and provide a number of substantive amendments to existing insolvency law and practice.
Key point
When assessing if a company is insolvent on the "cash-flow" basis, the Court will consider not only whether a company manages to meet its debts as they fall due but also how a company does so. A company meeting its debts simply by increasing longer-term debt, will likely be held to be insolvent.
The facts
In Re Lehman Brothers International (Europe) (in administration) and others [2014] EWHC 704 (Ch), the High Court ruled on issues regarding the order of distributions and payments in the administration and potential liquidation of various Lehman entities. This wide-ranging judgment gives clarity on a number of previously uncertain issues.
"The Government has carefully considered the views of the respondents to the call for evidence and has decided to proceed with ratification of the treaty" – para. 1.4 - Convention on International Interests in Mobile Equipment (the Convention) and the Protocol thereto on Matters Specific to Aircraft Equipment (the Protocol), Government Response to the Call for Evidence (the Government Response).
In this article on the changing landscape of UK fashion retail, we consider the challenges and changes faced by the industry and comment on the opportunities available for existing players and potential new entrants to the market.
The UK fashion industry is estimated to contribute over £21 billion annually to the UK economy. Of this figure, an estimated £2.5 billion comprises retail spending. With over 800,000 people employed in the industry, fashion retail is a significant and vibrant part of UK Plc.
The Bankruptcy and Debt Advice (Scotland) Bill was passed by the Scottish Parliament on 20 March 2014, containing significant amendments to Scottish personal bankruptcy legislation.
Modernising Personal Bankruptcy
The PPF Ombudsman has rejected an appeal by a pension scheme member which was based on the premise that the PPF compensation cap contravened European law (in this case the Insolvency Directive). The Insolvency Directive requires member states to take "necessary measures" to ensure protection of members' occupational retirement benefits upon the insolvency of an employer.