Invoice discounting agreements: What Administrators Should Know
Invoice finance has dominated the lending landscape in 2014 and has outperformed all other types of business lending in the UK. We examine below many issues which may arise in the restructuring of...
View ArticleUK Government Confirms Direct Recovery of Tax Powers Not Intended to Restore...
The vast majority of UK taxpayers pay what they owe in full and on time. Her Majesty’s Revenues and Customs (HMRC) thinks that a persistent minority choose not to pay which provides an undeserved...
View ArticleSpain Introduces New Scheme To Give Bankrupt Individuals A Second Chance
The Royal Decree-Law 1/2015 dated February 27, 2015 (the “RDL”) seeks to implement urgent measures to, among other things, reduce individual debtors’ financial burden. The RDL was designed to give a...
View ArticleDo we need to fear a Grexit?
Is it legally possible that Greece ceases to be a member of the Eurozone without exiting the EU and without changing the treaties which establish the European Union and what consequences would this...
View ArticleEnglish Football League Toughens Stance On Administrations
Despite the fact that there have been no football club insolvencies in over two seasons, on 5 June 2015 the Football League voted to amend its rules on football insolvencies. The amendments to the...
View ArticleGreece, Grexit, Cross-Default – What is next?
On Monday 13 July 2015 the Eurozone Finance Ministers stated that they have entered into an understanding for further funds to be made available to Greece under the rules of ESM (combined with a more...
View ArticleArbitrate before you litigate!
Over the last seven months there has been a spate of cases dealing with the relationship between arbitration law and insolvency law. Winding-up petitions and arbitration clauses Where a winding-up...
View ArticlePension Protection Fund Issue New Pre-Pack Administration Guidance
New guidance from the Pension Protection Fund (PPF) regarding pre-packaged administrations (pre-packs) outlines their approach to pre-packs when the same insolvency practitioner (IP) proposes to...
View ArticleUsing the “evasion principle” to pierce the corporate veil in UK bankruptcy
The English High Court has granted an injunction to trustees in bankruptcy and pierced the corporate veil of companies which were operated by a bankrupt as his agents and nominees and which held assets...
View ArticlePowerful Changes to UK Insolvency Legislation – Are You Ready?
On 1 October 2015, several changes to UK insolvency legislation are coming into force. Insolvency practitioners and stakeholders should take note of the following key amendments to make sure they are...
View ArticleExercising Discretion- when does a Debtor run out of time?
When will the Court exercise its discretion to adjourn a bankruptcy petition or make an immediate bankruptcy order? The recent Bankruptcy Court decision of Aabar Block Sarl v Maud provided...
View ArticleOne Click Bankruptcy
From 6 April 2016, debtors in England and Wales who wish to enter bankruptcy will need to apply online and will no longer be able to petition the Court. The final form statutory instruments to...
View ArticleIndia’s Insolvency and Bankruptcy Code 2015
What is this all about? India is proposing a new insolvency and bankruptcy code. It’s all part of the “Make In India” campaign by Narendra Modi’s government who are trying to attract businesses to...
View ArticlePromociones Habitat, S.A. agrees to reschedule its debts
Promociones Habitat SA, the Spanish residential homebuilder, has completed a €1.45 billion restructuring which was the first refinancing of an existing composition agreement using Spain’s new company...
View ArticleRussian Retailers Run into Trouble
There has been a significant increase in insolvencies in the construction, real estate, retail and wholesale sectors of the Russian economy, according to the statistics in the Competition Development...
View ArticleSpanish banks must refund homebuyers’ deposits on unfinished developments
A ruling by the Supreme Court in Spain says Spanish banks that held deposits for property that was never built are to be held to account. Around 100,000 people in the UK are thought to have paid big...
View ArticleIs it possible to Restructure in Russia?
Theoretically, a Russian debtor is able to reorganize. In practice, the law currently does not encourage voluntary restructuring of debt in a way designed to preserve the continued operation of...
View ArticleThe UK Court exercises its discretion against making an administration order
The High Court has recently demonstrated its right to exercise discretion as to whether an administration order should be made in relation to a company. In Rowntree Ventures v Oak Property Partners...
View ArticleWhy financiers should consider taking security over short leases
When we review security for financiers, we always consider what enhancements they might implement to strengthen their security net. As part of this approach, we obtain a proprietor search from the Land...
View ArticlePPF updates guidance for restructuring and insolvency practitioners
Since its inception in 2005, the PPF has been a welcome safety net for employees whose company pension scheme is in deficit and the sponsoring employer is on the verge of insolvency. The PPF’s major...
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