The Court of Appeal has handed down judgment in the Petrofac restructuring plan, overturning the sanctioning of the plans by the High Court. This is only the third time a restructuring plan has been considered by the Court of Appeal,
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Marshalling Debt: Court considers the Obligations of a Secured Lender (UK)
In the recent judgment of Brooke Homes (Bicester) Ltd v Portfolio Property Partners Ltd (and others)[1], the High Court provided further clarity on how sale proceeds should be accounted for as between the first-ranking mortgagee and a second-ranking
Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)
The Insolvency Service have held a long-established view that creditors are classed as such at the point of entry into an insolvency process. This view was brought into question and challenged in the cases of Pindar and Toogood where in
Revisions to SIP 14 – Responsibilities to Preferential Creditors (including Classification of Charges) (UK)
LPA Receivers – who is really responsible for their actions? (UK)
In the recent appeal of Yerbury v Azets[1], the Court reiterated that an employer of an LPA receiver cannot be held vicariously liable for the actions of a receiver during a receivership and helpfully clarified the parameters of the receiver’s
How important is it to document directors’ decisions and keep contemporaneous evidence? (UK)
The recent High Court case of Stacks Living Limited & Ors v Shergill & Ors (“Stacks Decision”) has further highlighted the importance of taking advice and documenting decisions following the much-publicised decision of Wright v Chappell (the “BHS Case”).
Should Miller be Set Aside? Observations from a Recent U.S. Supreme Court Decision Regarding a Trustee’s Power to Set Aside Fraudulent Transfers
The U.S. Supreme Court recently decided United States v. Miller, which resolved a circuit split over whether a trustee could avoid federal tax payments under section 544(b) of the United States Bankruptcy Code.[1] In this case, a
Sanctions Reporting Requirements for Insolvency Practitioners – Now in Effect! (UK)
On 14 November 2024, the UK government announced several changes to its existing sanctions regulations via the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024. As of 14 May 2025, by expanding the definition of “relevant firms” subject to
What’s That? WhatsApp creates legally binding contract (UK)
As insolvency practitioners (IPs) it is not unusual to have to consider the terms of a particular contract, whether that is enforcing the terms of that for the insolvent entity or considering the rights of the third party as against
Practice Statement: Restructuring Plans and Schemes – What Does this Mean for the Future? (UK)
We have seen an increasing number of contested restructuring plans (RPs) over the last quarter. With a notable shift of RPs into the litigation arena, and some gentle push back from the judiciary about timetabling and use of court time