Following our previous alert, in which we highlighted an issue with entries relating to registered security maintained at Companies House being incorrectly updated to indicate that they had in fact been discharged without the awareness of the relevant company or security holder, it appears that some (potentially all) unauthorised filings have been – or
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Members Voluntary Liquidations (MVL) – Update
In recent months, there have been a few changes regarding MVLs which we have set out in this insight as a helpful reminder to practitioners.
Our insight considers the changes to filing statements of solvency, comments on the practice of remote swearing those statements and highlights the change in policy regarding clearance letters from HMRC.
Quick Guide to Administration (UK)
For those unfamilar with the various insolvency processes it is not always easy to differentiate between them.
In our latest insight we have produced a quick guide to administration that explains the procedure, benefits and effect of administration on third parties, including employees, suppliers and landlords. Our quick guide also explains the administrator’s role and…
Additional Caution Required for Insolvency Practitioners Relying on Companies House Filings (UK)
Over the past week, reports have emerged about filings that have been made at Companies House marking a charge as satisfied, without the company’s or relevant lender’s knowledge.
There were rumours last week, which were simply that, because Companies House had not publicly announced any issue, but, as we have seen over the weekend and…
Mallinckrodt Trust Asserts Novel Argument in Response to Safe Harbor Defense (US)
A common defense to a fraudulent transfer claim in bankruptcy concerning a securities transaction is the “safe harbor” defense under section 546(e) of the Bankruptcy Code. In a unique twist, a post-confirmation trust in Delaware recently argued that the safe harbor defense should not be available if the underlying transaction was illegal under the law…
Aggregate’s UK Restructuring Plan Sanction Hearing: Adler in Action
On 7th February 2024, Mr Justice Richards heard closing submissions in the English High Court for a contested sanction hearing for Aggregate Group’s Part 26A restructuring plan. This hearing presented one of the first opportunities to analyse how the Adler decision will affect restructuring plans going forward.
Aggregate are a German real estate group whose…
Sri Lanka’s Restructuring Plan Is Here to Stay (US)
In March 2022, the International Monetary Fund (the “IMF”) assessed Sri Lanka’s public debt to be unsustainable after the country entered the pandemic with thin reserve buffers, high debt levels, and no fiscal space. The IMF’s determination prompted Sri Lanka to begin restructuring its debt the following month. As part of that process, Sri Lanka…
(UK) Timing, disclosure and fairness: lessons from the Adler judgment
On 23 January 2024, the Court of Appeal handed down its much anticipated judgment[1] on the appeal of the Adler restructuring plan pursuant to Part 26A of the Companies Act 2006 (“RP”), which was sanctioned by the High Court on 12 April 2023[2], with judgment setting out the reasoning for that decision…
Will Changes to the German Insolvency Code Spark More Insolvencies?
As we reported in a previous blog the German legislator in November 2022 introduced the Law on the Temporary Adaption of Restructuring and Insolvency Law Provisions to Mitigate the Consequences of the Crisis (SanInsKG). This addressed the difficulty of companies assessing their solvency during the crisis at that time, in particular as a result of…
Restructuring Plans given a Shake-up after the Adler Plan is Overturned (UK)
The Court of Appeal has, today, overturned the High Court’s decision to sanction the Part 26A restructuring plan put forward by the Adler Group (the “Plan”).
Following the Plan’s sanction by Judge Leech in the High Court in April 2023, dissenting creditors lodged an appeal, which was heard before the Court of Appeal in late…