Key Takeaways
The use of the UK restructuring plan (
Plan ) introduced last summer has been gathering pace with a handful of recent judgments seeing it used to implement cross-border restructurings instead of UK schemes of arrangement (
Schemes ).
In a significant recent judgment in respect of a Plan proposed by Gategroup
1, the High Court decided that Plans are insolvency proceedings falling outside the scope of the Lugano Convention.
2
Classifying Plans as insolvency proceedings is likely to complicate their use in Europe, and it is clear that, based on this decision, the Lugano Convention will not provide a post-Brexit route for Plans to be recognised in Europe.
A
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The year to 30 November 2020 has been one of considerable challenge, dominated by the outbreak of COVID-19, which has had an unparalleled impact on the economy and our society. Our thoughts are with all those who have been affected by the crisis.
Despite the wide-reaching disruption caused by the pandemic, it is encouraging to report that your Company has generated a modest uplift in NAV total return at the year end to 144.44p per share. This reflects a significant recovery following the revaluation of the portfolio that was announced on 26 March 2020, when a small number of specific provisions were taken against those companies that were most immediately impacted by the economic disruption caused by the pandemic. Notwithstanding the market conditions, this has been a year of progress during which £10.5 million has been invested across a range of carefully selected new private and AIM quoted companies, alongside the provision of follow-on funding to support the continuing g
Commercial landlords in Northern Ireland must consider their approach to the increasing level of arrears given further extensions to restrictions on remedies.
The options open to landlords in Northern Ireland differ to those in England and Wales or in Scotland. These are addressed in our separate guides.
Restrictions on forfeiture for arrears in Northern Ireland have been extended to 30 June 2021 for all commercial leases under section 83 of the Coronavirus Act 2020. Restrictions on statutory demands and winding-up tenants have been similarly extended to 30 June 2021 under the Corporate Insolvency and Governance Act (CIGA) 2020.
This means that from 27 April 2020 to 30 June 2021, a landlord creditor cannot present a winding-up petition, unless it has reasonable grounds to believe that either coronavirus has not had a financial effect on the tenant company, or that the company was unable to pay its debts regardless of the financial effect of coronavirus. There is a ban on statuto
Pandemic forces retailers to use CVAs, landlords cry foul Pandemic forces retailers to use CVAs, landlords cry foul Successive lockdowns have hammered retailers, with some turning to CVAs when landlords refuse to budge
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Despite the Office of National Statistics (ONS) reporting the UK economy shrank by 9.9 percent in 2020, insolvencies remain low, according to the latest quarterly report from the Insolvency Service.
The report found there was a 16 percent drop in the number of administrations and a 55 percent decrease in compulsory liquidations in 2020. Government support in the form of furlough, rate holidays and a moratorium on statutory demands have helped to keep many businesses afloat.