John Houghton, Ian Jack and Matthew Finnie of Greenberg Traurig ponder what will happen to longstanding restructuring tools with the introduction...
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John Houghton, IanJack and MatthewFinnie of GreenbergTraurig ponder what will happen to longstanding restructuring tools with the introduction of the new Restructuring Plan, arguing that CVAs will likely continue to remain favourites when it comes to the compromising of commercial rents but Schemes of Arrangements are likely to be less frequently used except for in situations where the intention is to restructure a single or limited number of classes of stakeholders and there is broad support in those classes to do that in Corporate Restructuring in the UK – the Old or the New?
Eleni Rawson, KatharinaCrinson and RogerSchofield of Freshfields note that many are questioning whether the rent arbitration scheme that is now in play would have been of greater use two years ago, citing a recent study by the British Property Federation that indicates only 23% of rent owed since March 2020 remains unresolved in Spring cleaning the commercial landlord/tenant relationship: winding-up restrictions, the Commercial Rent (Coronavirus) Act 2022 and CVAs.
Simon Newman of 1 Chancery Lane reviews a recent Court of Appeal decision that will be welcomed by customers of electronic money institutions (EMIs) that have suffered losses in the course of an EMI’s insolvency but will be disappointing for other unsecured creditors of EMIs who may consider the insolvent estate in which they had a pari-passu interest to have been diminished, or for the Office Holder whose fees will not be payable out of funds held in the asset pool in The Electronic Money Regulations 2011 and the Insolvency Act 1986: Statutory Trusts, the Asset Pool, and the waterfall provisionThe Insolvency Service shares that the misuse of the various COVID-19 government financial support schemes, and the Bounce Back Loan scheme in particular, currently make up a high proportion of the misconduct being targeted for investigation and outline a new process that they will be implementing to better target misconduct, centred around new standard enquiry letters that will be issued to the office-holder as part of the initial review of the case in Dear Insolvency Practitioner Issue 143.
Global Restructuring Review has released its 40 under 40 list for 2022. Included on the list are UK insolvency professionals Aymen Mahmoud of McDermott Will & Emery, George Mills of EY, HelenSkeates of A&M, Jenny Davidson of Weil Gotshal & Manges, Lindsay Hingston of Freshfields, ThomasJemmett of Kirkland & Ellis and ZipJila of Warwick Capital Partners. Read more.
Victoria Procter has joined the restructuring team of WombleBondDickinson as a legal director, working in the firm's Leeds office. Victoria joins the team after spending over 12 years at Eversheds, where she specialised in all non-contentious aspects of restructuring work for banks, accountants, corporate clients and other stakeholders on all aspects of distressed lending, restructuring and corporate insolvency. Read more.
Ryan Grant has joined InterpathAdvisory as a Managing Director. Ryan was previously a Restructuring Partner at BDO. Read more.
Interpath has also announced the appointment of five new directors (Rob Allard, Natasha Harbinson, Alex Watkins, Sam Birchall and Nick Burberry) and the promotion of 51 staff across its business, from associate through to associate director. Read more.
Sophia Bompas has been promoted to partner at Edwin Coe. Sophia's broad insolvency practice sees her acting for clients across a range of industries and sectors, including insolvency practitioners, creditors, debtors, banks, directors of financially distressed companies, as well as individuals in financial difficulty. Read more.
Harrison Clark Rickerbys has announced two promotions within its Restructuring & Insolvency team. HayleyPhelps, based in Worcester, has been promoted to partner and DeanneHamilton, based in Cheltenham, has been promoted to senior associate. Read more.
Addleshaw Goddard has invited 20 lawyers to join its partnership, including SarahFoster of the firm's restructuring group in Manchester. Read more.
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