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Business Recovery & Insolvency - Legal Updates

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May
22
2020

Corporate Insolvency and Governance Bill
#Business Recovery & Insolvency #Corporate

The much anticipated Corporate Insolvency and Governance Bill was published on the evening of 20 May 2020.Running to 238 pages (plus 64 pages of explanatory notes) it builds......

May
11
2020

Your client is insolvent – six practical steps
#Construction #Business Recovery & Insolvency

As contractor, subcontractor or consultant, the nightmare scenario of your client/main contractor entering insolvency might be unavoidable and in a post Covid-19 world the risk is likely to be even higher. This might happen despite thorough pre-contract checks and risk protection measures....

May
11
2020

Crown Preference returns with effect from 1st December 2020
#Corporate #Commercial #Business Recovery & Insolvency

The coronavirus pandemic has, rightly, dominated all press focus of the Government’s budgetary strategy. The Chancellor has introduced a swathe of measures to keep businesses going and the economy as far away from recession as possible. However, also included in the Chancellor’s budget last month was confirmation of the reintroduction of the Crown Preference from 1st December 2020. ...

May
11
2020

COVID-19, insolvency update and Company Voluntary Arrangements
#Commercial #Corporate #Business Recovery & Insolvency

A CVA is a contractual agreement which a company enters into with creditors, under which a company agrees to pay back, over a period of time, a percentage of the money that it owes to its creditors......

May
11
2020

COVID 19 and Business Interruption Insurance
#Commercial #Corporate #Business Recovery & Insolvency

Many businesses, particularly in the hospitality and leisure sector hold business interruption insurance, under which they are insured for the losses and costs arising as a consequence of an event which gives rise to business interruption – claims in the past have typically involved damage to business property....

May
06
2020

UK Government Acts to Protect Retail and Business Tenants
#Dispute Resolution #Business Recovery & Insolvency

On 23 April, the Government announced that it was introducing new measures to protect the UK’s Retail and Business Tenants. ...

Apr
30
2020

Furlough leave during an administration - the things to consider
#Business Recovery & Insolvency

The Coronavirus Job Retention Scheme (“CJRS”) operates to reimburse employers for up to 80% (subject to a cap of £2,500 per month) of an employee’s salary. But what happens to furloughed employees if an employer enters into administration?...

Mar
31
2020

Upcoming changes to the UK’s insolvency regime announced
#Business Recovery & Insolvency #Business Recovery & Insolvency

On 28 March 2020, the UK Government announced that it intends to temporarily change the UK’s insolvency laws in response to COVID-19. More details are to follow in relation to the exact changes,......

Mar
17
2020

Three “Ms” to help avoid the supplier’s nightmare of a key customer who can’t pay
#Business Recovery & Insolvency #Business Recovery & Insolvency

It is anticipated that the Covid 19 outbreak will result in a spike insolvencies in the UK and it goes without saying that this means that a very considerable number of suppliers to companies or sole traders will have been left as unsecured creditors, likely to receive a fraction only (or nothing at all) of what they were owed for goods or services supplied. ...

Feb
01
2019

Liquidation and adjudication – the Court of Appeal revisits M J Lonsdale
#Construction #Business Recovery & Insolvency

Adjudication is a relatively quick and cheap way of determining a construction claim. It is temporarily binding, meaning that with limited exceptions, it will be enforced by the courts unless and until it is overturned in subsequent litigation....

May
08
2018

Enforcing an adjudication award – An open and shut case?
#Dispute Resolution #Business Recovery & Insolvency

There is a long history of the court supporting the enforcement of adjudication awards. Typically, summary judgment will be granted unless a lack of jurisdiction or breach of natural justice can be established. The court will not look behind the findings in the adjudication award itself. ...

Apr
04
2018

Construction Risk Video - Part 2
#Construction #Business Recovery & Insolvency

This video looks at the risks surrounding insolvency in the construction supply chain. ...

Oct
03
2017

Off-Site Goods and Materials: Legal Issues
#Construction #Business Recovery & Insolvency

There is no doubt that off-site manufacture is being embraced by the industry. The key legal issues to address in a contract where off-site manufacture is contemplated are legal ownership of the goods manufactured off-site prior to delivery and risk of damage when those goods are in storage or transit. Whilst paying for the off-site goods or materials may be necessary, it may put the purchaser/employer at risk if the supplier/contractor becomes insolvent and the goods are not then delivered. Also, who will be responsible for damage caused to the goods or materials whilst they are in storage or during transit. Another issue is quality control and monitoring progress during the manufacturing process which should be addressed in the supply contract. These risks need to be addressed when drafting the contract....

Aug
11
2017

Pre-winding up settlement with director set aside
#Business Recovery & Insolvency #Dispute Resolution #Directors Duties

For a short time, Officeserve Technologies Limited (OTL) made a big impact in the ‘lunch at work’ market. Its director and majority shareholder, CAM, oversaw a rapid expansion to an estimated value of £40 million. However, OTL was unable to pay the instalments due on two businesses it had acquired and in October 2016 was served with a winding-up petition. ...

Mar
15
2017

Fiduciary Duties to the Rescue
#Directors' Duties #Business Recovery & Insolvency

Clarkslegal, specialist Dispute Resolution lawyers in London, Reading and throughout the Thames Valley. ...

Dec
02
2016

When are directors liable for their company’s acts?
#Directors' Duties #Dispute Resolution #Business Recovery & Insolvency

Companies have limited liability. Does this mean that their directors can never be liable for the acts of the companies? This was the question before the Court in Victoria Plum Limited -v- Victoria Plumbing Limited & Others. ...

Feb
05
2016

Is the winding up route a viable solution for non-payment in construction disputes? – Wilson and Sharp Investments Ltd v Harbour View Developments Ltd [2015]
#Construction #Business Recovery & Insolvency

Cash flow is the life blood of every construction company. Failure to manage cash flow could lead to the demise of the company, which makes getting paid quickly by clients crucial. ...

May
22
2015

Don’t wind me up!
#Business Recovery & Insolvency #Dispute Resolution

A winding up petition can be a very effective tool to persuade a reluctant debtor to pay an outstanding invoice. Not only is there the prospect of the company being placed into liquidation, a petition can be advertised seven business days after it is served. Advertisement typically results in the company’s bank account being frozen, which will inevitably have a paralysing effect on its business. Once this stage has been reached the company may have passed the point of no return....

Feb
11
2010

The Rise of the Bankruptcy Tourist?
#Business Recovery & Insolvency

English bankruptcy laws are much more lenient than other European countries. Does that mean anyone can choose to make themselves bankrupt here and what can be done to stop this happening?...

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