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Articles by Mark E. Prior
Burntwood Printer Invests a Further £100k in Environmental Benefits
As part of their long standing commitment to protect the environment, Burntwood based self-adhesive label producer Mercian Labels have implemented many green benefits over recent years; but with their focus on continuous improvement, they are always on the lookout for more ways to improve their triple bottom line.
Lombard v Skyjets: Key Takeaways for Lenders and Restructuring Professionals
The recent English High Court decision of Lombard North Central Plc v European Skyjets Ltd [2022] EWHC 728 (QB) provides some important guidance for lenders and restructuring professionals when communicating with distressed borrowers. Actions will speak louder than words – whether in the form of a “no waiver” provision in a contract or an express reservation of rights – when a court is considering a lender’s response to a borrower’s default on its financing arrangements.
Smile Telecoms Holdings Limited Company Restructuring in England
Wednesday, April 27, 2022 Smile Telecoms Holdings Limited (“Smile”), a Mauritian company, has recently had its second restructuring plan sanctioned by the High Court in England. The case contains some important markers for those involved in restructuring plans, particularly those plans which involve international elements or which seek to prevent out-of-the-money creditors from voting on the plan.
(UK) New Look Appeal Settled – What Does This Mean For CVAs?
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
(UK) New Look Appeal Settled - What Does This Mean For CVAs?
Last year we saw two pivotal judgments handed down, Regis and New Look. These both concerned challenges brought by landlords, as to the manner in which landlord claims were treated in Regis’ and New Looks’, company voluntary arrangements (CVA).
Failure to file a HC1 form (even if inadvertent) could result in an administrator facing criminal prosecution
Employment law and insolvency law can sometimes have a strained relationship, particularly when laws safeguarding employee rights find themselves in conflict with an insolvency practitioner’s duty to act in the interests of all the creditors (as opposed to any one group). But the case of Palmer vs Northern Derbyshire Magistrates’ Court should be heeded by insolvency practitioners since it confirms they can be criminally liable for not notifying the secretary of state about proposed redundancies.
Failure to File a HC1 Form (even if Inadvertent) Could Result in An Administrator Facing Criminal Prosecution
Monday, January 10, 2022 Employment law and insolvency law can sometimes have a strained relationship, particularly when laws safeguarding employee rights find themselves in conflict with an insolvency practitioner’s duty to act in the interests of all the creditors (as opposed to any one group).
Active sonar performance modelling for Doppler-sensitive pulses
Article Metrics Views 0 Citations Crossref 0 Web of Science ISI 0 Altmetric Please Note: The number of views represents the full text views from December 2016 to date. Article views prior to December 2016 are not included.
Nero CVA challenge – part one: The pre-emptive strike (out)
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Nero CVA challenge - part one: The pre-emptive strike (out)
CVA challenges have been in the spotlight recently and the story continues with Nero Holdings Ltd v Young in which the court considered an application to strike out a CVA challenge claim. Although there is nothing ground-breaking in the court’s reasoning to dismiss the strike out/summary judgment application, its detailed reasoning will offer some helpful guidance and assistance to those involved in these applications.
Virgin Active Restructuring Plan approved in a disappointing week for landlords
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Virgin Active Restructuring Plan approved in a disappointing week for landlords
The pandemic and various lockdowns have been tough on the landlord community. The last few days have not made that any easier. First, the New Look decision dismissed the challenge mounted by a number of landlords (see our blog here ). Then on 12 May 2021 the landlord community was dealt another blow by the outcome of the restructuring plan (“RP”) in Virgin Active.
The Proposed New Restructuring Plan: What is it and How Will it Work? (UK)
Thursday, June 4, 2020 A new form of restructuring plan (RP) which can be entered into with all creditors.
What do the insolvency statistics say about the impact on UK businesses post-lockdown?
You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
What do the insolvency statistics say about the impact on UK businesses post-lockdown?
The Insolvency Service has released statistics on the level of insolvencies in April 2020. This allows us to take a look at the immediate effect of insolvencies post-lockdown compared with those before. Statistics Overall, in terms of company insolvency, the average daily number of insolvencies registered at Companies House prior to the March 23 lockdown was 66.
Is Petitioning a Company to Wind it up Still a Viable Option in the UK?
Thursday, April 16, 2020 The landscape relating to winding-up petitions has changed due to the COVID-19 pandemic. Hundreds of petitions have been adjourned already, and the new Temporary Insolvency Practice Direction has now adjourned all hearings due to take place before 21 April across the country. It also sets out new procedures and timings for the listing and re-listing of petitions, with many hearings in London and the regions moving to hearings by video-conference for the foreseeable future.
Is petitioning a company to wind it up still a viable option in the UK?
The landscape relating to winding-up petitions has changed due to the COVID-19 pandemic. Hundreds of petitions have been adjourned already, and the new Temporary Insolvency Practice Direction has now adjourned all hearings due to take place before 21 April across the country. It also sets out new procedures and timings for the listing and re-listing of petitions, with many hearings in London and the regions moving to hearings by video-conference for the foreseeable future.
Mothballing a business: what issues should a business consider if forced to shut down?
Further to our blog Mothballing businesses: survival through the lockdown and beyond we have prepared a more detailed note considering issues we anticipate for those businesses needing to shut down – see here.
Mothballing businesses: survival through the lockdown and beyond
As we see more businesses having to close doors or adapt to a new set of rules, we set out a summary of some of the issues we anticipate for those needing to shut down but preserve their businesses at least until the lockdown is over.
Chapelgate- a Costly Blow for Commercial Funders?
Thursday, March 5, 2020 The Court of Appeal in Chapelgate Credit Opportunity Master Fund Ltd v Money and others [2020] EWCA Civ 246 confirmed last month that the Arkin rule (which provides for a cap of the funding costs payable by a non-party) is not binding. In this blog we consider what impact that might have on insolvency claims and those that fund them. What is the Arkin rule?
Chapelgate- a costly blow for commercial funders?
The Court of Appeal in Chapelgate Credit Opportunity Master Fund Ltd v Money and others [2020] EWCA Civ 246 confirmed last month that the Arkin rule (which provides for a cap of the funding costs payable by a non-party) is not binding. In this blog we consider what impact that might have on insolvency claims and those that fund them. What is the Arkin rule? In Arkin v Borchard Lines Ltd and others [2005] EWCA Civ 655, a commercial funder paid £1.3 million to fund expert evidence for the claimant.
Thomas Cook – The Financial Impact of Failure Beyond the Holidaymakers
Wednesday, October 2, 2019 Since the news of Thomas Cook’s demise a lot of focus has been on its travel customers. But beyond repatriating stranded holiday makers, the impact of large scale insolvencies such as Thomas Cook, Carillion and British Steel can be far reaching. Those relying on the likes of Thomas Cook for business may also face financial distress as the impact of its insolvency ripples down the supply chain.
Thomas Cook - the financial impact of failure beyond the holidaymakers | Lexology
Since the news of Thomas Cook’s demise a lot of focus has been on its travel customers. But beyond repatriating stranded holiday makers, the impact of large scale insolvencies such as Thomas Cook, Carillion and British Steel can be far reaching. Those relying on the likes of Thomas Cook for business may also face financial distress as the impact of its insolvency ripples down the supply chain.
Green Finance: Is Your Business Ready? Future Challenge or Opportunity?
Tuesday, July 23, 2019 We recently commented on the Government’s Clean Air Strategy raising awareness of the potential impact on a wide range of businesses if they failed to plan ahead to ensure compliance. Hot on the heels of this follows the Government’s Green Finance Strategy, launched on 2 July 2019.
Clean Air: Is Your Business Ready?
Tuesday, July 2, 2019 There in an increasing focus on emissions and pollution through various regulations and initiatives. You may have seen coverage of, or taken part in activities for “Clean Air Day” on 20 June 2019, a campaign to grow awareness about air pollution. Clean Air legislation has of course been around for a number of decades, with statutory provision initially aimed at issues like smog, burning of fossil fuels, and dark smoke.
High Court finds administrator breached his duty- to the tune of £750,000
Tuesday, March 19, 2019 It was a painful outcome for the administrator of ARY Digital UK Limited (“ARY”) when he was found in breach of duty and liable to pay £743,750. The case of Brewer and another (as joint liquidators of ARY Digital UK Ltd) v Iqbal [2019] EWHC 182 (Ch) reminds office holders of the importance of understanding what assets they are selling, ensuring that correct marketing processes are employed and obtaining proper valuations.
BHS Decision Provides Clarity for Landlords Dealing with Landlord CVA
BHS agreed a CVA with its creditors in March 2016. As with so many large, high-profile CVAs the key issues for BHS were the rental burdens arising out of their store network- they are known as “landlord CVAs”. The CVA followed a now common format where landlords were placed into different categories according to the viability (or otherwise) of the specific premises , the top category benefitting from the least interference with lower categories taking increasingly substantial reductions in rent.
The price administrators paid for “irrational” removal of receivers.
Administrators are statutorily entitled to require a receiver to vacate office (paragraph 41 Schedule B1 Insolvency Act 1986 (“Schedule B1”)). In Promontoria (Chestnut) Ltd v Craig and another [2017] EWHC 2405 (Ch) they did just that, taking steps to remove existing receivers not long after their appointment, claiming the action to be in the interests of all the creditors. On the facts, that decision was not only unreasonable but costs were also awarded personally against the administrators.
A sobering reminder of the potential pitfalls in doing a “pre-pack” administration
VE Vegas Investors IV LLC (“Vegas”) and others vs Shinners and others [2018] EWHC 186 Ch Vegas encountered financial difficulties and its directors sought insolvency advice from insolvency practitioners at Smith and Williamson (“S&W”) and appointed them to advise on and effect a pre-pack sale of Vegas’s business and assets. S&W experienced difficulties in obtaining financial information and clarity over the extent of the sale assets from Vegas.
A sobering reminder of the potential pitfalls in doing a “pre-pack” administration | Lexology
VE Vegas Investors IV LLC (“Vegas”) and others vs Shinners and others [2018] EWHC 186 Ch Vegas encountered financial difficulties and its directors sought insolvency advice from insolvency practitioners at Smith and Williamson (“S&W”) and appointed them to advise on and effect a pre-pack sale of Vegas’s business and assets. S&W experienced difficulties in obtaining financial information and clarity over the extent of the sale assets from Vegas.
Cross Border Insolvency Regulations 2006: Consideration of the public policy exemption and security for costs against Russian official receiver
In the recent case of Cherkasov & others v Olegovich [2017] EWHC 756 (Ch) the English courts considered the public policy exception set out in Article 6 Cross Border Insolvency Regulations 2006 (CBIR) and whether security for costs could be ordered against the official receiver of a Russian company (who had obtained recognition in England under CIBR) when he applied for an order for the production of evidence by some of the former managers of a Russian company under section 236 of the...
Cross Border Insolvency Regulations 2006- UK recognition of Azerbaijan Restructuring Proceedings
The English courts have recently wrestled with the Cross Border Insolvency Regulations 2006 (“CBIR”) in a case about the lifting of the automatic stay on proceedings against Korean company STX Offshore & Shipbuilding Co Ltd In the present case (Re International Bank of Azerbaijan OJSC) the English High Court found itself dealing with the application of Azerbaijan’s largest bank for an order recognising restructuring proceedings in Azerbaijan as main proceedings under the CBIR and imposing an...
No winding-up petition? No problem in UK
The recent UK Chancery Division judgment in Re Gracio Property Company Limited [2017] B.C.C 15 (“Gracio”) saw the court make an order for a compulsory liquidation without any winding-up petition having been issued.
Trust Administration: UK's Berkeley Applegate and When Administrators Can Get in too Deep (Purple)
In the recent United Kingdom case of Gillan v HEC Enterprises Ltd (in administration) and Ors [2016] EWHC 3179 (Ch), the High Court considered (1) in what circumstances administrators can recover costs and expenses incurred in dealing with trust property and (2) how the administrators’ costs in applying for a Berkeley Applegate order and other litigation were to be dealt with.
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