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When dealing with a debtor or a tenant that has fallen behind with its payment obligations, one of the most cost effective ways of a creditor/landlord reducing its exposure against that entity will be to take advantage of a “self-help” remedy, such as taking possession of the entity’s assets and selling them in repayment of the sums owed. However, when the entity is the subject of insolvency proceedings, the availability of the various self-help remedies…
You may have noticed from the emails flooding into your inbox (even in this post-GDPR world) that this Friday 23 November is “Black Friday”. The event, originating in the US, takes place the day after Thanksgiving and is now synonymous with heavy discounting by retailers, especially those online. Less than a decade ago, this would have been an utterly unremarkable shopping day in the UK. The UK’s shoppers understood that, whilst the retailers were fiercely…
Summary The High Court has issued a judgment dismissing the entirety of the Claimants’ claim in a long-running dispute commenced by a pair of property developers against a Judicial Factor to the estate of a Scottish businessman (the “Deceased”). Squire Patton Boggs represented the successful Defendant, who was awarded the majority of his costs on the indemnity basis. The judgment emphasises the importance of litigants ensuring that there are no obvious evidential holes in their…
In an article that first appeared on LexisNexis on 26 February 2018, Jon Chesman examines a High Court decision which found the applicant liquidator of a company had made out her case that a transfer of stock from the company to the first respondent, a former director of the company, amounted to a preference and a transaction at an undervalue, so relief ought to be granted under the Insolvency Act 1986 (IA 1986). Breese (liquidator…
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 all negotiating Britain’s exit from the European Union whilst establishing a strong footing on the world stage. The question is,…
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 Rhys Davies for Global Restructuring Review. A link to this article is included below, by courtesy of GRR Rough Waters:
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 stranded at sea.  Ports around the world refused entry to Hanjin’s ships, on the basis that they feared that Hanjin…
At the closing of the summer transfer window on 31 August, it was announced that the Premier League had splurged a record-breaking £1.165 billion on player transfers. To put that in context, that is roughly equivalent to the GDP of the Central African Republic but was spent by 20 English clubs in a two month period. It is widely believed that this 35% increase in spending (up from £859m in 2015) is due to the new…
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 with one another in order to consolidate the number of FE providers in that area. The stated aim is to…