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Includes new legislation due to coronavirus. Temporary provisions centre around winding-up petitions, wrongful trading and ipso facto clauses. Permanent changes include the creation of two corporate insolvency processes.
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The Insolvency Service has updated its enforcement outcomes management information tables with data for September 2024. The data shows that there were...
The European Law Institute (ELI) has published its Principles Governing the Third Party Funding of Litigation (TPFL) as the final outcome of its TPFL...
This week's edition of Restructuring & Insolvency weekly highlights includes newly published guidance on the information sharing measures in the...
Employment analysis: On 10 October 2024, the government published the Employment Rights Bill 2024. The Bill sets out the rights and policies,...
The Employment Rights Bill was introduced in the House of Commons on 10 October 2024 and is expected to bring in a number of reforms, from banning...
Joint, several, and joint and several liabilityContractWhere a contract is made by two or more parties it may contain a promise or obligation made by...
Scope of the ISDA Master Agreement—Section 6 (Early Termination)ISDA documentsThe 1992 and 2002 ISDA Master Agreements (the Master Agreements) are...
Comfort lettersComfort letters are encountered in finance transactions relatively often. They take different forms and it is important from both the...
Bonds and notesThe terms ‘bonds’ and ‘notes’ are used interchangeably (and there is no legal difference between the terms), though notes tend to be...
The Pensions Regulator’s moral hazard powers—what should company directors look out for?STOP PRESS: On 25 July 2024 the Pensions Regulator (TPR)...
Precedent H—costs budgetPrecedent H is a court form and a costs budget must be in the form of Precedent H annexed to CPR PD 3D unless the court orders...
Reservation of rights letter: breach of bilateral facility agreement[To be printed on the headed paper of the lender][insert date]To:[insert name and...
Deed of surrender (tenant in administration)Date [insert date of surrender]Parties1[insert name of Landlord] [of [insert address] OR incorporated in...
Creditor funding deedParties1[Name of company in administration or liquidation] (In [Administration OR Liquidation]) ('the Company) of [Company’s...
Style party designation and execution clauses—property—Scotland1Individual1.1Individual or sole trader party designation clause[insert full name of...
Role, powers, functions and duties of a liquidatorThe role and function of a liquidatorA liquidator is the officer appointed when a company goes into...
What is a statutory declaration of solvency, and what happens if a false declaration of solvency is madeCoronavirus (COVID-19)This content is affected...
Bonds and notesThe terms ‘bonds’ and ‘notes’ are used interchangeably (and there is no legal difference between the terms), though notes tend to be...
Obtaining Official Copies from HM Land RegistryThis Practice Note provides guidance in obtaining official copies of the entries on the title of a...
Dissolution of a company following compulsory liquidation or creditors' voluntary liquidationDissolution marks the end of a company’s life. It...
Bankruptcy searchesBankruptcy searches at the Land Charges DepartmentWhen a bankruptcy petition is presented by a creditor, the court shall as soon as...
Dissolution and bona vacantia—dealing with the Treasury SolicitorBona vacantia means ‘goods without an owner’ and is a relevant consideration where...
Cashflow and balance sheet tests for insolvencyIntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and...
Key elements of a standstill agreementWhen restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of...
Scotland: protected trust deedsTrust deeds have, for many years, been utilised by debtors as a means of reaching a compromise with their creditors as...
What is considered onerous property or contracts?DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee...
RecapitalisationsThe term 'recapitalisation' refers to a company changing the proportions of its debt and equity, something which can be achieved in a...
Role, powers, functions and duties of an administratorThe role, powers and duties of an appointed administrator are set out in the Insolvency Act 1986...
The effect of a bankruptcy order on an individual voluntary arrangement (IVA), its assets, and the creditorsThe gap in the insolvency legislationIt is...
The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016The primary...
Schemes of arrangement—process and statutory frameworkSchemes of arrangement—definition and basis in statuteA scheme of arrangement is a...
An alternative to an insolvent liquidation, whether a creditors' voluntary winding up or a compulsory winding up, whereby a company enters into a binding arrangement with its creditors to compromise its debts.
A term used in (a) the EC Regulation on Insolvency/the Recast Regulation and (b) UNCITRAL Model Law regarding secondary proceedings.
Voluntary process to wind up a company which can only be used where the company is solvent.