Introduction The consultation on the new powers introduced by the Enterprise and Regulatory Reform Act 2013 to help ensure the continuity of certain essential IT supplies to insolvent business closed today, 8 October. Section 233 of the Insolvency Act 1986 (the “Act”), currently allows for an administrator to receive continued utility supplies by agreeing to … Continue Reading
As readers may be aware, general changes to the ability to recover litigation funding under certain mechanisms came into general effect in 2013 pursuant to the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (‘LAPSO’). However, the insolvency profession has benefited from an extended period before the relevant changes will take effect on insolvency … Continue Reading
“Ipso facto”: The concept that clauses allowing for the termination of contracts purely for the insolvency of the contractual counterpart should be invalid, has long been an established principle of the Chapter 11 regime in the US. However, in another example of trend suggesting that this approach may also be increasingly adopted in European jurisdictions … Continue Reading
If you’re reading this, you understand the necessity of keeping up-to-date on global restructuring trends and developments. Reed Smith’s global restructuring group is known worldwide as one of the premier practices focusing on complex financial restructurings, workouts, bankruptcies, insolvencies and other matters involving financially distressed transactions. We represent clients in the United States, the United … Continue Reading
Major changes were inserted into French insolvency law earlier this year which came into effect July 1. Some of these changes were subject to further decrees that were to be adopted. One of the changes, namely the restriction of the faculty for creditors to offload all of their restructuring related advisory fees on the debtor … Continue Reading
On the 29th June 2014, the new Practice Direction on Insolvency Proceedings (‘2014 Practice Direction’) came into force. Below, we list some of the main changes made. The 2014 Practice Direction replaces previous versions of the Practice Direction on Insolvency Proceedings, save for Practice Direction 49B (relating to winding up petitions brought by contributories). In … Continue Reading
