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Employee Benefit Trusts (“EBTs”) are arrangements that provide financial benefits to employees and their families. (Please click below for the full bulletin) Insolvency Bulletin - Volume 2 Issue 5 (March 2021)

THE CROSS-CLASS CRAM DOWN IN ACTION In Re DeepOcean 1 Limited and Ors [2020] EWHC 3549 (Ch) the Court gave an order for the convening of creditors’ meetings to consider linked restructuring plans for three companies (“the Plan Companies”), which form part of the DeepOcean Group. (Please click below for the full bulletin) Insolvency Bulletin [...]

ASSIGNMENT OF CLAIMS TO THIRD PARTIES IS UNAFFECTED BY DISSOLUTION When the current UK Government support for businesses affected by COVID 19 is eventually withdrawn, the consensus amongst insolvency practitioners is that there is likely to be a deluge of corporate insolvencies. (Please click below for the full bulletin) Insolvency Bulletin - Volume 2 Issue [...]

Temporary protection for directors from wrongful trading claims reinstated. In our October bulletin we reported that under CIGA 2020 (Extension of the Relevant Period) Regulations 202, temporary protection for directors from a claim for wrongful trading had not been extended by the Government beyond 30 September 2020. (Please click below for the full bulletin) Insolvency [...]

Lack of records is no defence for unexplained payments On 29 October 2020, Deputy Insolvency and Companies Court Judge Frith gave judgement in Hunt (As the liquidator of Wow Internet Limited) and Anor v Majid [2020] EWHC 2890 (Ch). (Please click below for the full bulletin) Insolvency Bulletin - Volume 2 Issue 1 (November 2020) [...]

Extension of CIGA 2020 Regulations On 24th September 202, faced with the onset of a second wave of COVID-19, the Government laid before Parliament the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2020. These new regulations came into force on 29 September 2020. (Please click below for the full [...]

A reminder of the need to ensure correct service of documents The courts tend to follow a strict line to ensure that correct procedures are complied with in respect of service of documents. Two recent cases emphasis that approach. (Please click below for the full bulletin) Insolvency Bulletin - Volume 1 Issue11(Sept 2020)

New Practice Direction - Insolvency Proceedings On 3 July 2020, a new Insolvency Practice Direction relating to the Corporate Insolvency and Governance Act came into force (CIGAPD). In this bulletin we consider some of the directions provided by the CIGAPD in relation to winding-up petitions. (Please click below for the full bulletin) Insolvency Bulletin - [...]

The Corporate Insolvency and Governance Bill is supported by the courts in recent decisions on winding up petitions Two interesting applications, both involving winding-up petitions, have been heard this month. The judicial rulings, in both cases, supported the provisions of the Corporate and Insolvency Governance Bill (“the CIGB”). As detailed in our May bulletin the [...]

What is Corporate Insolvency? A company is insolvent if it is unable to pay its debts as they fall due (cash-flow insolvency),  or has liabilities which exceed its assets (balance–sheet insolvency). The Corporate Insolvency and Governance Bill 2020 These are challenging times for businesses and directors. Amidst the Coronavirus pandemic, there are immense financial pressures [...]