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Expenses in administration: rates

Squire Sanders
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United Kingdom
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July 18 2007

In March 2007 the High Court ruled that that non-domestic rates are payable as an expense of the administration as a “necessary disbursement” under Rule 2.67(1)(f) Insolvency Rules 1986 (IR), in priority to payment of the administrator’s remuneration

Directors of ‘phoenix’ companies new insolvency rule 4.228

Squire Sanders
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United Kingdom
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July 18 2007

At the end of 2006 a decision of the Court of Appeal in Churchill v First Independent Factors and Finance Limited (Churchill) caused consternation among those involved in the management of insolvent companies who are also involved in the management of the company that acquires the whole or a substantial part of the insolvent business

Landlords (with guarantees) unfairly prejudiced by company voluntary arrangements: Re PRG Powerhouse Limited

Squire Sanders
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United Kingdom
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May 4 2007

In a decision that will have important repercussions for creditors with the benefit of guarantees, the High Court this week has held that a company in financial difficulties may not propose a voluntary arrangement which is unfairly prejudicial on its terms to certain creditors

Prescribed part and security holders

Squire Sanders
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United Kingdom
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July 25 2008

One of the significant changes to distributions in insolvency made by the Enterprise Act 2002 was the abolition of the preferential status of debts owed to the Crown and the introduction of a provision for the creation of a ‘ring-fenced fund’ (also known as the “prescribed part”, an amount currently capped at £600,000) from the proceeds of floating charges created after 15 September 2003 to be applied in distribution to unsecured creditors

Administration expenses: rates

Squire Sanders
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United Kingdom
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March 2 2007

On 2 March 2007 the High Court handed down the first decision on whether non-domestic rates are payable by an administrator as an expense, and in priority to his remuneration, under Rule 2.67 Insolvency Rules 1986 ("IR"

Tribunals Courts and Enforcement Act 2007

Squire Sanders
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United Kingdom
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December 21 2007

This Act received Royal Assent in July 2007 but no date for implementation has been published yet

IMO Car Wash: a washout for junior creditors?

Squire Sanders
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United Kingdom
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August 26 2009

The English High Court has recently delivered judgment in the IMO Car Wash case (In the matter of Bluebrook Ltd and others 2009 EWHC 2114 (Ch)), in which the High Court considered whether to sanction three related schemes of arrangement for restructuring indebtedness proposed by the IMO Car Wash group to the senior lenders of the relevant group companies

Adminstration expenses in a pre-pack administration: re Johnson Machine Tool Company Limited and another 2010 EWHC 582 (Ch)

Squire Sanders
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United Kingdom
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April 9 2010

Pre-packs continue to occupy centre stage, and administrators might be forgiven for feeling somewhat under the spotlight

UK administrator expenses - administrator's liability for rent

Squire Sanders
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United Kingdom
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April 9 2010

The recent English court decision in Goldacre (Offices) Limited v Nortel Networks UK Limited (in administration) 2009 EWCH 3389 (Ch) may be controversial and raises thorny practical issues, especially in relation to the restructurings of retail businesses

Landlords rejoice as court overturns “unfair” CVA

Squire Sanders
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United Kingdom
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August 4 2010

The past eighteen months have seen a marked increase in the use of the Company Voluntary Arrangement ("CVA") by retailers to reduce their lease liabilities and win the release of onerous parent company guarantees, with several high street names going through the process