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    High Court considers contractual construction of irrevocable letter of credit incorporating UCP 600
    2022-11-15

    In the context of a trade finance dispute, the High Court has considered the contractual interpretation of an irrevocable letter of credit incorporating the commonly used code in the Uniform Customs and Practice for Documentary Credits 600 (UCP 600), published by the International Chamber of Commerce (ICC). In particular, the court held that the issuer’s interpretation of the letter of credit would, in practice, render the instrument revocable, which was inconsistent with the UCP and therefore not the proper construction.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
    Authors:
    Ajay Malhotra , Ceri Morgan , Elina Kyselchuk
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    FTX bankruptcy: how do you solve the problem of crypto-assets in insolvency?
    2022-11-11

    Cryptocurrency exchange FTX has filed for bankruptcy in the USA after the proposed bail-out by rival exchange, Binance, fell through earlier this week.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Stevens & Bolton LLP, Bitcoin, Cryptocurrency, Insolvency
    Authors:
    Lucy Trott
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Avoiding personal liability in relation to the re-use of (insolvent) company names - key points which directors need to know
    2022-11-11

    With rising insolvency rates, driven in particular by the number of creditors’ voluntary liquidations reaching record highs, the decision in the recent Court of Appeal case of PSV 1982 Limited v Langdon [2022] EWCA Civ 1319 serves as a timely reminder for directors of the personal risks involved in re-using the name of a liquidated company.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Stevens & Bolton LLP, Insolvency, Proceeds of Crime Act 2002 (UK)
    Authors:
    David Steinberg , Helen Martin
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    The Dekagram 14th November 2022
    2022-11-14

    As well as the Deka Legal Bake, last week witnessed the publication of the updated ASHE and a further judgment on the subject of jurisdiction, which seems to be a growth area in satellite litigation, perhaps unsurprisingly given the effect of Exit Day.

    Filed under:
    European Union, France, United Kingdom, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Public, Tax, White Collar Crime, Deka Chambers, Mediation, Clinical negligence, HM Revenue and Customs (UK), Senior Courts Act 1981 (UK), Court of Justice of the European Union, UK Supreme Court, Court of Cassation (France)
    Authors:
    Gaurang Naik , Sarah Prager , Amelia Katz
    Location:
    European Union, France, United Kingdom
    Firm:
    Deka Chambers
    To Complete or not to Complete - “Early” Completion of Company Voluntary Arrangements (UK)
    2022-11-10

    Can a Company Voluntary Arrangement (“CVA”) complete, but still remain in place and bind creditors?

    The simple answer is yes; but it does require (a) the terms of the CVA to be carefully drafted to allow notice of completion to be filed before the end of the CVA term; (b) compliance with the terms of the CVA, and (c) careful consideration of the position of the supervisors, creditors and company.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Insolvency
    Authors:
    Rachael Markham , Emily Davis , John Alderton
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    StaRUG in Practice: German Scheme Expands Restructuring Options for Debtors
    2022-11-10

    The scheme offers a credible implementation alternative, but no “one size fits all” solution exists for German credits.

    German credits in sectors such as real estate, automotive, and energy face a worsening macro backdrop. At the same time, the available toolkit for financial restructurings has expanded, offering multiple options without the need for recourse to insolvency proceedings.

    Filed under:
    European Union, Germany, United Kingdom, Insolvency & Restructuring, Public, Latham & Watkins LLP, Gaming, Coronavirus, Insolvency
    Location:
    European Union, Germany, United Kingdom
    Firm:
    Latham & Watkins LLP
    Insolvency Practitioners: important judgment impacting the treatment of claims in failed energy suppliers
    2022-11-11

    TODAY, THE EAGERLY-AWAITED JUDGMENT HAS BEEN HANDED DOWN BY MR JUSTICE ZACAROLI IN RESPECT OF THE APPLICATION FOR DIRECTIONS MADE BY OFFICE-HOLDERS OF A NUMBER OF FAILED ENERGY SUPPLIERS. 


    The impact of this judgment will be felt much wider than just within the applicants' insolvent estates and it is relevant to any office-holder or unsecured creditor of a failed energy supplier.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Addleshaw Goddard LLP, Insolvency
    Authors:
    Emma Sadler , Fraser Ritson
    Location:
    United Kingdom
    Firm:
    Addleshaw Goddard LLP
    The CVA isn't dead yet...
    2022-11-11

    Whilst creditors’ voluntary liquidations (CVLs) have spiralled in number in recent months, the formerly popular company voluntary arrangement (CVA) has fallen out of the limelight. There were only 29 registered CVAs in Q3 2022, representing just 1% of recorded company insolvencies and languishing behind administrations (also down in number compared with Q2 2022).

    A falling trend

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stevens & Bolton LLP, Supply chain, Insolvency
    Authors:
    Matthew Padian
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Gas Market Insolvencies in Great Britain: Legal, Regulatory and Insolvency Issues
    2022-11-09

    Over the past decade there has been an influx of small- and medium-sized entrants to the U.K. gas supplier market, which is supervised by Great Britain's[1] independent energy regulator, the Office of Gas and Electricity Markets (Ofgem).[2] According to Ofgem, this market development had the effect of increasing price competition and putting pressure on incumbent suppliers to improve customer service for consumers.[3]

    Filed under:
    United Kingdom, Derivatives, Energy & Natural Resources, Insolvency & Restructuring, A&O Shearman, Supply chain, Insolvency, Financial Conduct Authority (UK), European Commission, International Swaps and Derivatives Association, Bank of England, MiFID, Energy Act 2011 (UK)
    Location:
    United Kingdom
    Firm:
    A&O Shearman
    Do company directors owe a ‘creditor duty’ when a company is nearing insolvency?
    2022-11-09

    The Supreme Court, in a key judgment handed down on 5 October 2022 (BTI 2014 LLC v Sequana SA and others [2022] UKSC 25), has provided some important clarification around the scope of directors’ duties in the context of companies that are nearing insolvency.

    Factual background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Collyer Bristow LLP, Insolvency, Supreme Court of the United States, UK Supreme Court
    Authors:
    Robin Henry , Rhiannon Thompson
    Location:
    United Kingdom
    Firm:
    Collyer Bristow LLP

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