Insolvency

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IS UNAFFECTED BY DISSOLUTION When the current UK Government support for businesses affected by COVID 19 is eventually withdrawn, the consensus amongst insolvency practitioners is that there is likely to be a deluge of corporate insolvencies.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 - [...]

A failure to prove de facto directorship A de facto director is someone who acts as a director but is not formally appointed as such and is not registered as a director at Companies House. A shadow director is also not formally appointed or registered, but is someone in accordance with whose directions the directors [...]