Prav Reddy

Oct 9, 2023 | natlawreview.com | Prav Reddy |Mark Johnson |Eric Troutman |Ankit Shrivastava

Executive SummaryIn a radical departure from settled case law, the English High Court has eroded the protections of English law creditors guaranteed by the Rule in Gibbs1 . In Silverpail Dairy (Ireland) Unlimited Company v. McCarthy [2023] EWHC 895 (Ch), the English High Court applied Irish law to English governed law debt claims, including unpaid amounts owing to HM Revenue and Customs (HMRC), so as to bind English law creditors to an Irish law scheme of arrangement.

Sep 27, 2023 | natlawreview.com | Prav Reddy |Mark Johnson |George Whipple |David A. Hickerson

Executive SummaryInvestors in LMA-based intercreditor agreements1 (ICA) should be reassured by the commercial approach recently taken by the High Court in construing the "Distressed Disposal" provisions (DD Provisions). Galapagos Bidco S.A.R.L. v Dr Frank Kebekus and others [2023] EWHC 1931 (Ch) (Galapagos) is the first judicial determination of DD Provisions in over a decade2. The decision is welcome for confirming that they do precisely what they say on the proverbial tin.

Jun 23, 2023 | mondaq.com | Prav Reddy

London partners Prav Reddy and Sonya Van de Graaff, Insolvency and Restructuring, authored an article for Financial Regulation International on the England and Wales High Court's recent judgment regarding the application by Sova Capital Ltd to enter a "credit bid" transaction, which is not legislated for in the UK, representing "the first unsecured credit bid to be approved by an English court." The joint special administrators applied to the court for directions to enter into two...

Jun 13, 2023 | financialregulationintl.com | Prav Reddy

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Mar 27, 2023 | natlawreview.com | Prav Reddy

This application was brought in the wake of sanctions imposed by the United Kingdom, United States and European Union in response to the Russian invasion of Ukraine and involved a complex assessment of potential breaches. Although common and enshrined in statute in the United States, "credit bid" transactions are not legislated for in the United Kingdom, and this case represented the first unsecured credit bid to be approved by an English court.