Background
Key Point
The liquidation of an agent for service appointed by a Borrower under a loan agreement did not prevent the Lender from validly serving process on the Borrower by delivering documents to that agent.
The facts
A loan agreement contained the following clause:
"Service of process. Without prejudice to any other mode of service allowed under any relevant laws, each Borrower -
Key Point
The Graham Review into pre-pack administrations suggests beefing up SIP16 and creating new steps in the sale process where the sale is to a connected party but stops short of proposing new legislation.
The Graham Review
Key Point
Neither failure to obtain debtor's consent to modifications to an IVA proposal, prior to the creditors' meeting; nor the unauthorised exercise of a proxy at a creditors' meeting render an approved IVA a nullity.
The facts
Under the equity of exoneration, where jointly owned property is charged to secure the indebtedness of one joint owner, the other joint owner is presumed, in the absence of evidence to the contrary, to be acting as a surety only, and is entitled to be exonerated by the principal debtor. This long established principle remains relevant in the modern day, as was recently demonstrated in Day v Shaw.
The UK has long-since established itself as a jurisdiction of choice for complex cross-border restructurings involving corporate groups whose principal operations are overseas.
Most Landlords, and Insolvency Practitioners (“IP”s), will be well aware of the issues and liabilities that can arise where a tenant (whether it be a company or individual, residential or commercial) experiences financial difficulties. Competing interests can lead to difficulties for all parties and, potentially, legal disputes.
Overturning two significant recent decisions, the Court of Appeal has held that whenever a rent payment day falls, from the moment a company in administration beneficially retains property, it will ordinarily be liable to pay rent as an expense for the period of that beneficial retention.
With APCOA Parking, the English High Court sets out the latest line of authority in the increasing use of schemes of arrangement by foreign companies.
This case, APCOA Parking (UK) Limited & Ors [2014] EWHC 997 (Ch), presents two novel aspects:
On 27 June 2014, the High Court of Justice of England and Wales sanctioned the solvent scheme of arrangement made by J.K. Buckenham Limited and its Scheme Creditors pursuant to Part 26 of the Companies Act 2006 which was voted on and approved by the Scheme Creditors during the meeting held on 4 June 2014. A copy of the Order sanctioning the Scheme was delivered to the Registrar of Companies on 30 June 2014, and the Scheme became effective on that date.