Tag Archives: Leeds

There’s Gold in Them Thar Employee Benefit Trusts … Fool’s Gold

EBTs – The Good Employee Benefit Trusts (“EBTs”) have become prevalent in recent years. They were originally devised as a form of discretionary trust to benefit employees and in most cases continue to be operated as a legitimate part of employee incentive plans, such as to house shares for distribution to employees. EBTs – The … Continue Reading

English Scheme of Arrangement approved for Luxembourg-registered company

The English High Court has sanctioned a scheme of arrangement for Algeco Scotsman PIK SA, a Luxembourg-incorporated company, after the creditors consented to the New York governing law and jurisdiction clause being altered in favour of the jurisdiction of the English courts. The issues discussed were: the fair representation of a class of creditors; cross-jurisdictional schemes; and early tender fees offered … Continue Reading

UEFA’s Financial Fair Play Regulations: Neymar, Mbappe and PSG’s transfer policy – “Financial Doping” or Market Forces?

Paris Saint Germain’s summer transfer activity came to an end in (Seine)sational style! The facts speak for themselves: The two largest football transfer fees in history – £366M combined spending on Neymar da Silva Santos Junior and Kylian Mbappe; Combined wages of a reported £700k/week (both on 5 year contracts). The signings of Neymar and … Continue Reading

Schemes of Arrangement: Share-splitting unsuccessful in blocking a takeover scheme

In a corporate world where the capital structures of companies are becoming increasingly complex, schemes of arrangements under the Companies Act 2006 have established themselves as the restructuring procedure of choice for many distressed companies. This popularity is evidenced by the fact that schemes of arrangement have been increasingly used by overseas companies wishing to restructure their … Continue Reading

EU Insolvency Regulation is recast at last

Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings comes into effect on 26 June 2017 for insolvency proceedings that are opened on or after that date. The Recast Regulation replaces the EC Regulation (1346/2000) on insolvency proceedings and has direct effect in the UK until … Continue Reading

Don’t You Know There’s An Election On?

You might have noticed that the UK is heading to the polls on 8 June. Elections of course create a great deal of uncertainty. One of the few things we can be certain of is that whichever party (or coalition of parties) succeeds, the new UK government faces significant challenges going forward, not least of … Continue Reading

Unfinished Business: Insolvency Rules 2016 and changes still to come

The Insolvency Rules (England and Wales) 2016 (“IR2016”) came into force on 6 April 2016 applying to most corporate and personal insolvency regimes in England and Wales. However, there is still unfinished business for the Government and further regulation is expected to be introduced later this year to ensure the changes apply uniformly in all areas.… Continue Reading

The Retail Squeeze- the story of 2017 so far

With Christmas a distant memory, Easter and the first quarter of 2017 behind us and summer and a General Election just around the corner, how are UK retailers shaping up? You will be aware that 2016 saw many well-known retailers fall upon hard times, not least BHS amidst great controversy, Austin Reed the office-wear retailer and Brantano … Continue Reading

Take “Special” care: Not all Insolvency Rules change on 6 April

The wait is almost over! As reported in our recent blog Rules of Engagement for Creditors, the Insolvency Rules (England and Wales) 2016 (“IR2016”) are about to arrive heralding procedural reforms effective (subject to transitional provisions) on 6th April 2017. Whilst most people’s attention will be on the changes introduced by IR2016, it should be … Continue Reading

Stormy Waters for Hanjin Shipping re-examined

Laura Crawford and Jon Chesman wrote an article in November 2016 commenting on Hanjin Shipping Co’s filing for bankruptcy protection in the Seoul Central District Court and applications for temporary protection in the US. See Stormy Waters for the Shipping Industry Jon Chesman has been quoted in a further article about Hanjin Shipping Co written by Tom … Continue Reading

Bradford Bulls arise from the ashes?

Following the liquidation of Bradford Bulls earlier this month, the Rugby Football League have agreed a deal for a new rugby league team based in Bradford to commence life in the Kingstone Press Championship for the start of the 2017 season on 5th February 2017. After a brief bidding process for the rights to incorporate … Continue Reading

Christmas on Credit

With the UK festive season now merrily in swing, credit cards maxed out on Black Friday and Cyber Monday bargains and Christmas shopping well under way, will the lure of the Christmas spirit be enough to tip some people over the edge into unmanageable debt? For many the holiday season is a time to adopt … Continue Reading

Chancellor of English High Court looks to a post-Brexit future

In an address last week to the Insolvency Lawyers Association, Sir Geoffrey Vos, the new Chancellor of the High Court, looked at the future for Insolvency and Business Litigation in London, especially after Brexit. Whilst acknowledging that Brexit presents a challenge, he said it is one which should not defeat the English Courts. The main issue … Continue Reading

Brexit by numbers

What are the implications for the European restructuring profession of the continued uncertainty over the UK’s withdrawal from the EU? The High Court gave its judgment in the Article 50 judicial review proceedings on 3 November 2016. The Court decided the UK Government does not have the power under the Crown’s prerogative to give notice pursuant to … Continue Reading

Stormy Waters for the Shipping Industry?

The shipping industry was recently in the headlines when on 31 August 2016 Hanjin Shipping Co filed for bankruptcy protection in the Seoul Central District Court. Hanjin was South Korea’s biggest container carrier and the seventh largest in the world. Upon obtaining bankruptcy protection, 66 of its ships containing an estimated $14.5bn of cargo were left … Continue Reading

Billions of ABFAb Finance

The Asset Based Finance Association (ABFA) has reported that the amount of invoice finance secured by UK businesses has risen by over a quarter in the last five years and that the total amount of UK lending secured through invoice financing has hit a record and passed the £20 billion mark this year for the first … Continue Reading

Gibraltar Court Recognises Chapter 11 Bankruptcy as a Foreign Main Proceeding

Peabody Energy Corporation is one of the biggest energy companies in the world. Its main business is coal mining and it conducts extensive operations in the United States and in Australia. Peabody had been hit by declining coal prices both for thermal coal and also for metallurgical coal used for steel making, especially due to the declining demand from … Continue Reading

English Court decides who can be a foreign representative under Cross-Border Insolvency Regulations 2006

The English Court has recently considered who can be  recognised as  “foreign representatives” under the Cross-Border Insolvency Regulations 2006 (CBIR) in the case of Re 19 Entertainment Limited, about a US company in Chapter 11. The Re 19 Entertainment judgment appears to be the first English case where directors of a company in Chapter 11 … Continue Reading

The “3 Rs” of Education: Reading, Writing and… Restructuring?

Significant changes have taken effect and are expected to continue within the education sector, the result of which may lead to an increase in restructuring activity and additional pressure on funding streams. In the Further Education (“FE”) sector, the Government has introduced “Area Reviews”, whereby FE institutions within a particular geographical area are encouraged to merge … Continue Reading
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