C&M Restructuring Matters

Latest from C&M Restructuring Matters

A Georgia bankruptcy court on April 17 issued a significant ruling that breaks new ground concerning how future claimants’ representatives in asbestos bankruptcies (“FCRs”) are chosen.  In In re The Fairbanks Co., Case No. 18-41768-PWB (Bankr. N.D. Ga. April 17, 2019), the bankruptcy court held that (i) any party in interest may nominate an FCR candidate for the court’s consideration, (ii) the court must apply an “independent inquiry” into a proposed FCR’s qualifications, without giving…
On 10 April 2019, the government launched an Independent Review into the Quality and Effectiveness of Audit. This comes at a time when the Business Select Committee has called for the Big 4 accountancy firms to be split up and also reports in the news that following the failures of Carillion, Patisserie Valerie, Interserve and others, shareholders are going to give very close scrutiny to the performance of auditors and not merely rubber-stamp their re-appointment…
There are many issues that can hinder the collection of book debts and insolvency (of either the creditor or the debtor) is usually the catalyst for most them. Following an insolvency, those attempting to collect book debts are often faced with a number of reasons as to why a debtor can’t or won’t pay, including the set-off / contra arrangements, product warranty concerns, defective or non-delivery of goods or services and last, but not least,…
The number of times Mrs May’s Brexit deal is being put to the vote in the House of Commons may remind some of the film “Groundhog Day”.  At least in that film there was a happy ending – can the same be said when Brexit is finally done and dusted? In the World Bank’s “Doing Business 2017“ Report, the UK was listed as the 7th best country in which to start a business. Will that…
In the recent case of BTI 2014 LLC v Sequana SA & others, the Court of Appeal considered (1) whether section 423 of the Insolvency Act 1986 could apply to the payment of a dividend and (2) when a director’s duty to consider the interests of creditors arises. The Court held that a dividend is capable of being a transaction at an undervalue within the meaning of section 423(1) of the Insolvency Act 1986 and commented…