July 2018
2018 Summer review M&A legal and market developments
In this issue...
Contractual provisions.............................................................1 Company law...........................................................................4
Listed companies....................................................................7 Good faith................................................................................9
Authors: Philip Broke, Veronica Carson
The revised Practice Direction: Insolvency Proceedings
July 2018
The new housing administration regime for registered providers of social housing is now in force. Our latest Insight introduces the new legislation and highlights some of the key ways in which a housing administration will differ from a normal administration process.
For anyone thinking of donating antiques or other valuable gifts to be part of a museum collection there is a moral to follow: beware how you give and to who you give it to! This was never better demonstrated than in the example of the Wedgwood collection and the case of the disappearing museum.
On 19 June 2018, the Treasury published its call for evidence response (Response) in respect of the government’s proposed 2017 manifesto pledge to introduce a ‘breathing space scheme’ for serious problem debt (Scheme).
2018 has been described as “the year of the CVA”, especially in the retail and casual dining sectors. Although company voluntary arrangements can be a useful tool to compromise portfolios of leasehold obligations, there are certain situations where a CVA may be unsuitable.
1. When a full operational and/or financial restructuring is required
The Pension Protection Fund (PPF) has published guidance on company voluntary arrangements (CVAs), setting out the issues that it expects to be considered and addressed. The new guidance will be relevant to companies who are considering a CVA which could affect a DB pension scheme, and to advisers working with those companies or with pension scheme trustees.
2018 has been one tough year on the High Street...
Retail, as a sector, has long been under pressure from increased competition from online retailers, which has resulted in reduced footfall on the High Street, affecting many companies, including many well-known names.
Carlos Sevilleja Garcia v Marex Financial Limited [2018] EWCA Civ.1468
David Lewis QC and Richard Greenberg report on a significant judgment concerning the rule against reflective loss (the “RL Rule”).