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Nov 5, 2024 | 
natlawreview.com | Vanessa Stuart
The powers of investigation afforded to office-holders under s. 236 of the Insolvency Act 1986 are there to enable the court to help an office-holder discover the true facts concerning the affairs of a company, its trading and dealings, to allow the office-holder to complete their function.
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Sep 16, 2024 | 
lexology.com | John Alderton |Russ Hill |Monika Lorenzo-Perez |Charlotte Møller |Devinder Singh |Jon Chesman | +10 more
Categorisation of a charge as fixed or floating will have a significant impact on how assets are dealt with on insolvency and creditor outcomes. Typical fixed charge assets include land, property, shares, plant and machinery, intellectual property such as copyrights, patents and trademarks and goodwill.
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Sep 16, 2024 | 
lexology.com | John Alderton |Devinder Singh |Charlotte Møller |Monika Lorenzo-Perez |Russ Hill |Vanessa Stuart
The below sets out key considerations when dealing with an extension of an administration at the end of the first-year anniversary. If you intend to extend the administration by consent, then you will need to consider whether any/all of the secured creditors have been paid in full since the start of the administration. The approach you take to obtaining consent is likely to differ depending on whether you have paid or unpaid secured creditors.
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Mar 18, 2024 | 
lexology.com | John Alderton |Russ Hill |Monika Lorenzo-Perez |Charlotte Møller |Devinder Singh |Vanessa Stuart
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 are in the process of being corrected. Is this good news? Yes, but with some reservations.
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Mar 12, 2024 | 
lexology.com | John Alderton |Charlotte Møller |Russell Hill |Devinder Singh |Monika Lorenzo-Perez |Vanessa Stuart
In recent months, there have been a few changes regarding MVLs, which we set out below as a helpful reminder to practitioners. Statements of SolvencyCopies OnlyS89 of the Insolvency Act 1986 sets out the requirements for a statutory declaration of solvency where it is proposed that a company is wound up on a solvent basis. Previously, it was a requirement of s89 that the original statement had to be delivered to the registrar of companies.
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Mar 11, 2024 | 
lexology.com | John Alderton |Charlotte Møller |Russ Hill |Devinder Singh |Monika Lorenzo-Perez |Vanessa Stuart
This quick guide sets out an overview of an administration, explaining the procedure, objectives, and effect on third parties. It is designed to give an overview, and is not intended to and does not constitute legal advice. If you wish to discuss anything in this guide in more detail, please contact one of the key contacts at the end of this guide.
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Mar 5, 2024 | 
lexology.com | John Alderton |Russ Hill |Monika Lorenzo-Perez |Charlotte Møller |Devinder Singh |Vanessa Stuart
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 is now widely reported in the news, it appears that there have been at least 800 erroneous filings. There is no discernible pattern to the filings.
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Nov 30, 2023 | 
lexology.com | John Alderton |Monika Lorenzo-Perez |Devinder Singh |Russell Hill |Charlotte Møller |Vanessa Stuart
With increased public awareness that a notice of intention to appoint administrators (NOI) has been filed, we are finding that third parties – usually the company’s creditors, suppliers and employees – are disrupting the administration process in a way that can cause significant risk to a company’s ability to continue trading, the overall value of its business and its ability to be rescued as a going concern.
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Nov 27, 2023 | 
lexology.com | John Alderton |Monika Lorenzo-Perez |Roy Grist |Charlotte Møller |Devinder Singh |Paula Laird | +1 more
Monitoring Winding up PetitionsWhile not an everyday occurrence, a company being issued with a winding up petition is an eventuality that all providers of finance, whether on a secured or unsecured basis, will prepare for.
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Oct 19, 2023 | 
lexology.com | John Alderton |Russell Hill |Charlotte Møller |Vanessa Stuart
Beware of Demand LettersAn immediate concern for any company is a threat to present a winding up petition made in an email or letter – regardless of the size of debt, whether the debt is disputed or the company has a counterclaim. The consequences of ignoring such a threat can have an immediate and adverse impact on a business. Failure to respond can be used as evidence that the company is unable to pay and that can be used as evidence to support presentation of a winding up petition.
