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Exit consents

Latham & Watkins LLP
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Ireland, United Kingdom
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August 9 2012

In an important judgment handed down on Friday 27 July 2012 (Assénagon Asset Management S.A. and Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited (Anglo Irish)) Justice Briggs, sitting at the High Court, Chancery Division, upheld a challenge to the commonly used restructuring technique of “exit consents” used in English law governed bonds on the basis that this technique was an abuse of power by the majority and “at variance with the purposes for which majorities in a class are given power to bind minorities”

REO (Powerstation) Limited and Others (7th December 2011) JRC 232A: letters of request for administration orders

Ogier
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Ireland, Jersey, United Kingdom
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April 23 2012

An application had been made by Bank of Scotland Plc and the Governor and Company of the Bank of Ireland for a letter of request to be sent by the Royal Court of Jersey to the High Court of England and Wales in respect of four Jersey companies which were ultimate beneficial owners of English real estate

High court rejects McInerney scheme of arrangement

Matheson
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Ireland, United Kingdom
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April 4 2011

In January 2011, the High Court refused to approve an examiner's rescue plan ("Scheme of Arrangement") for construction company McInerney Homes Limited ("McInerney"), on the basis that the Scheme of Arrangement was unfairly prejudicial to the secured creditors consisting of a Banking Syndicate of Anglo Irish Bank Corporation Limited, Bank of Ireland plc and KBC Bank plc (the "Banks"

Belgard Motors Case - priority to preferential creditors regardless of crystallisation of floating charge

Matheson
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Ireland, United Kingdom
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March 30 2011

In an insolvent winding up, preferential creditors are entitled to be paid first from assets subject to a charge which at the time of creation was floating, regardless of whether the floating charge has crystallised at the commencement of the winding up

Court of Appeal rejects mechanistic balance sheet test for insolvency

Mason Hayes & Curran
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Ireland, United Kingdom
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March 30 2011

The English Court of Appeal has held that a company should not be held to be balance sheet insolvent on the sole basis that its liabilities (including contingent and prospective liabilities) exceed its assets

Financial regulator takes stand to save Quinn Group from itself - implications for the UK insured

Matheson
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Ireland, United Kingdom
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July 22 2010

On 15 April 2010, the High Court confirmed the appointment of a full-time administrator to Quinn Insurance, Ireland's second-largest insurance company

Supreme Court: UK Secretary of State entitled to be treated as a preferential creditor in a winding up

LK Shields
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Ireland, United Kingdom
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March 19 2010

LK Shields Solicitors acted for the Secretary of State for the Department of Business Innovation and Skills of the Government of the United Kingdom (the Secretary of State) in a Supreme Court Appeal which raised a succinct technical point in a liquidation

Search results

Exit consents

REO (Powerstation) Limited and Others (7th December 2011) JRC 232A: letters of request for administration orders

High court rejects McInerney scheme of arrangement

Belgard Motors Case - priority to preferential creditors regardless of crystallisation of floating charge

Court of Appeal rejects mechanistic balance sheet test for insolvency

Financial regulator takes stand to save Quinn Group from itself - implications for the UK insured

Supreme Court: UK Secretary of State entitled to be treated as a preferential creditor in a winding up

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