Business is the lifeblood of our economy. It creates jobs, increases productivity, and generates growth. Restructuring and insolvency is an essential part of that system and is vital for ensuring that the UK maintains its reputation as one of the best places in the world to do business. Our restructuring and insolvency lawyers offer quick, commercial advice to support you through what is, for most people, an unfamiliar situation.
The insolvency and restructuring profession has a positive impact across business and society by aiming to rescue business and jobs and creating confidence to trade by encourage lending and disrupting fraud. As part of that, we aim to improve outcomes by enabling money to be returned to creditors and helping indebted individuals get back on their feet.
Insolvency can have a direct and indirect impact across a wide range of business and society. Browne Jacobson is a national law firm with international reach and strong connections to help deliver a solution that meets your needs.
Advising a haulier who exercised a lien for millions of pounds owed in outstanding fees from a high-profile retailer in administration resulting in substantial recovery for the haulier.
Advising a Guernsey-based investment vehicle in connection with the reorganisation of the UK group in which it had invested and its options to enforce its security over the shares in the solvent part of that group.
We are the only UK law firm representing the Trustee of Bernard L Madoff Investment Securities LLC in connection with his English proceedings to recover billions of dollars from Madoff’s feeder funds. We are also acting for the Trustee across borders on a wider series of claims in the BVI, Bermuda, Gibraltar, the Cayman Islands and New York.
Acting for an NHS trust on the insolvency and successful restructure of a subsidiary company where the subsidiary was losing money and there were questions over its corporate governance. The business was saved following a hive up to the Trust.
A strong team with an excellent mindset.
Very experienced, knowledgeable and approachable.
The team at Browne Jacobson have been amazing throughout the whole process. Each individual I have dealt with in the team has always been on hand whenever I have needed them to discuss my case. It was a very stressful time and financially Browne Jacobson ensured that wasn’t an area for me to worry about.
Wide-ranging practice advising on high-value contentious and non-contentious insolvency situations. Clients include prominent insolvency practitioners and corporate debtors. Adept at matters in the retail and manufacturing sectors. Additional experience working on cross-border insolvencies. Well equipped to handle enforcement, investigations and recoveries.
In a judgment handed down yesterday the Supreme Court has affirmed that a so called “creditor duty” exists for directors such that in some circumstances company directors are required to act in accordance with, or to consider the interests of creditors. Those circumstances potentially arise when a company is insolvent or where there is a “probability” of an insolvency. We explore below the “trigger” for such a test to apply and its implications.
The Supreme Court has unanimously dismissed the BTI v Sequana appeal and reviewed the existence, content and engagement of the so-called ‘creditor duty’; being the point at which the interest of creditors is said to intrude upon the decision-making of directors of companies in financial distress.
In an unreported case (Re Active Wear Limited (in Administration)), the High Court has ruled that an out-of-court administration appointment, instigated by a sole director of a company with unmodified model articles, was valid notwithstanding the earlier decision of Deputy Judge Farnhill (also in the High Court) in the case Hashmi v Lorimer-Wing (also known as Re Fore Fitness Investments Holdings Ltd)  EWHC 191 (Ch) (02 February 2022).
We welcome you back after the festive break to our first Private Sector Development Club of the year. Join us on-demand for four high level presentations with a chance for you to ask questions to our experts.
A number of interesting developments have emerged from what was quite a run-of-the-mill insolvency application brought by a litigation funder assignee.
When CIGA came into force over a year ago it turned the insolvency world on its head. It introduced never-before-seen measures to help companies deal with the immediate impact of the coronavirus pandemic and to provide new corporate restructuring tools to try to help companies survive and prosper.
When the EU and UK introduced more rigorous financial regulation in the 2010s, they addressed potential risk at banks before turning to insurance. Rule changes following Brexit may occur in the opposite order as the UK is mulling ways to relax the prudential framework for insurers established by the Solvency II Directive.
The new Part A1 moratorium was introduced partly in response to the Covid-19 pandemic and its impact on businesses. The moratorium is not intended to be used to simply delay the inevitable insolvency of a company, but rather to allow breathing space for that company to restructure and/or achieve an effective rescue.
The Government is consulting on plans to modernise the country’s audit and corporate governance regime, building on the recommendations of three recent independent reviews with the goal of restoring business confidence by implementing reforms to improve the quality of corporate reporting.
From 26 March 2021 the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021 will come into force with the effect of extending several of the temporary measures brought in by the Corporate Insolvency and Governance Act 2020 (CIGA).
This note provides a general overview of administration and what options are open to local authorities.
A creditor who has a genuine interest in the outcome of a case would be wise to find the time to register on the insolvency practitioners online portal.
From 1 December 2020, HMRC will once again benefit from preferred creditor status in the event of an insolvency. This means that, regardless of the date of any pre-existing security, HMRC will rank ahead of the general body of unsecured creditors and floating charge holders in respect of certain taxes (including VAT, PAYE and employee’s NIC but not Corporation Tax).
Two recent judgments demonstrate the risk that directors (of insolvent companies) face of being personally liable if appropriate records and procedures are not followed and if it cannot be shown that certain payments were in the interests of the company.
On 20 May 2020, the UK government published the long-awaited Corporate Insolvency and Governance Bill (the Bill) to implement the temporary measures announced by the Business Secretary on 28 March 2020 and the long planned measures contained in the government’s consultation in August 2018.
Find out more about the confusion around the Government’s support measures for business tenants and what to do if you have a break right during lock down.
On Saturday, 28 March 2020, Business Secretary, Alok Sharma MP, announced changes to the insolvency regime as part of the governments overriding objective.