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Searching Content indexed under Accounting and Audit by Mayer Brown ordered by Published Date Descending.
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1
Payments For Creditors To Vote For Proposals Held Not To Be Bribes
A facilitation payment to encourage creditors to vote through the restructuring proposals of creditors’ debts has been held by the High Court not to be an illegal bribe.
UK
11 Jun 2012
2
When is a Defective Appointment Too Defective to be Cured?
The Court has heard another case dealing with a defective appointment of administrators under paragraph 22 of Schedule B1 Insolvency Act 1986 ("Schedule B1").
UK
17 May 2012
3
Rent as an Administration Expense - Sorted Once and For All?
The High Court has provided clarification on the issue of payment of rent during a tenant company’s administration.
UK
10 Apr 2012
4
Pensions Regulator Issues Another FSD
The Pensions Regulator has issued a financial support direction ("FSD") to ITV plc ("ITV") and four of its subsidiaries in connection with the Boxclever Group Pension Scheme (the "Scheme").
UK
2 Feb 2012
5
Omega Navigation Provides Further Test Of A Foreign Debtor’s Access To The Protection Of The US Bankruptcy Courts
In the course of the next few weeks, Omega Navigation Enterprises, Inc. and its affiliates (collectively, "Omega"), an international shipping enterprise, will find out if motions by certain of their lenders to, among other things, dismiss Omega’s chapter 11 bankruptcy proceedings have been granted by the U.S. Bankruptcy Court for the Southern District of Texas.1 If not, then Omega may be permitted to continue its attempt to reorganize its business under chapter 11 of the Bankruptcy Code.
UK
28 Dec 2011
6
Court of Appeal Confirms Financial Support Directions Issued in Insolvency have Super Priority
The Court of Appeal has confirmed that the costs of complying with Financial Support Directions ("FSDs") proposed to be issued to certain Nortel and Lehman companies by the Pensions Regulator ("TPR") qualify as "super priority" administration expenses, payable in priority to unsecured creditors, floating charge holders and the administrators' own fees.
UK
18 Oct 2011
7
Anti-deprivation: a Question of Substance not Form
In the much anticipated decision of "Belmont Park Investments PTY Limited v BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc" [2011] UKSC 38 the Supreme Court has unanimously dismissed the appeal of Lehman Brothers Special Financing Inc ("LBSF") and in so doing provided clarification as to the scope and application of the anti-deprivation rule (the "Rule").
UK
 
4 Aug 2011
8
Pensions Regulator Settles Bonas Case
The Pensions Regulator (TPR) has confirmed that it has issued its first contribution notice (CN) in respect of the Bonas Machine Company Limited's group pension scheme (Bonas), after reaching a settlement with Bonas' parent, Michel Van de Weile NV (MVW).
UK
17 Jun 2011
9
A Tweak Here, a Tweak There: Important Changes to the Financial Collateral Arrangements Regulations
Changes to the Financial Collateral Arrangements (No. 2) Regulations 2003 (the "Regulations"), designed to enhance the efficacy of the taking and enforcement of financial collateral, came into effect on Wednesday (6 April 2011).
UK
 
11 Apr 2011
10
English High Court Assists Australian Court To Effect Clawback From Lloyd's Syndicate
On 15 March 2011, the High Court of Justice (the "English Court") used its statutory powers under s.426 of the Insolvency Act 1986 (the "Act") to order a Lloyd's syndicate to pay the amount due under a judgment of the Supreme Court of New South Wales in Australia (the "Australian Court") relating to unfair preference payments.
UK
 
8 Apr 2011
11
Balance Sheet Insolvency Test Clarified
The Court of Appeal has allowed companies around the country to breathe a solvent sigh of relief, as it has held that the so-called "balance sheet" test of insolvency in s123(2) Insolvency Act 1996 is intended to apply where a company has reached a "point of no return" rather than being used as a "mechanistic, even artificial, reason for permitting a creditor to present a petition to wind up a company".
UK
 
8 Mar 2011
12
Selling Insolvent Businesses: TUPE Does Apply To Pre-Packs
In an important judgment delivered last week by the Employment Appeals Tribunals, it has been decided that TUPE does apply to administrations, including pre-pack administrations.
UK
25 Feb 2011
13
Upper Tribunal Criticises Size of the £5 Million Contribution Notice in the Bonas Case
In June of last year The Pensions Regulator (TPR) issued, for the first time, a contribution notice of just over £5 million, ordering a Belgian company, Michel Van De Wiele, (VDW) to make good a gap in the pension scheme (Scheme) of its UK subsidiary, Bonas UK Limited (Bonas), which it claimed had been placed into administration to avoid maintaining the Scheme.
UK
27 Jan 2011
14
High Court Pensions Ruling Favours Pensions Regulator
The High Court has this morning decided that the costs of complying with Financial Support Directions ("FSDs") issued to certain Nortel and Lehman companies by the Pensions Regulator ("TPR") earlier this year qualify as "super priority" administration expenses, payable in priority to unsecured creditors, floating charge holder and the administrator's own costs.
UK
14 Dec 2010
15
European Directories – Collective Sigh of Relief for Senior Creditors
The scope of the powers afforded to the security agent by the so called "release provisions" found in many intercreditor agreements employed in LBO deals has come under scrutiny recently.
UK
 
25 Oct 2010
16
In Pursuit of Universality in Cross-Border Insolvency
The Court of Appeal has ruled that foreign judgments in insolvency proceedings may be enforced by the English courts at common law, and that the ordinary principles which may prevent the enforcement of foreign judgments do not apply to insolvency judgments where the action from which the foreign judgment arises is integral to the collective nature of the insolvency proceedings.
UK
12 Aug 2010
17
First Contribution Notice issued by The Pensions Regulator in the Context of a Pre-Pack Administration
The Pensions Regulator ("TPR") has for the first time issued a contribution notice of £5 million, ordering a Belgian company, Michel Van De Wiele, ("VDW") to make good a gap in the pension scheme of its UK subsidiary, Bonas UK Limited ("Bonas"), which it claimed had been placed into administration to avoid maintaining the fund. The contribution notice was issued on 29 June 2010.
UK
6 Jul 2010
18
Bar Dates Set In Lehman Brothers International (Europe) Administration
Two key bar dates have now been set in the administration of Lehman Brothers International (Europe) ("LBIE"). The English High Court has made an order setting a bar date of 19 March 2010 for clients of LBIE to make claims in relation to trust assets held by LBIE.
UK
 
22 Dec 2009
19
Lehman Brothers International (Europe) (in administration) - joint administrators release progress report
The joint administrators of Lehman Brothers International (Europe) (“LBIE”) have released their second statutory six month progress report for the period 15 March 2008 to 14 September 2009 (the “Report”).
UK
4 Nov 2009
20
Valuation in a multi-tiered debt structure
In a recent case, the High Court concluded that it was right to sanction schemes of arrangement which formed part of a wider debt restructuring that excluded out-of-the-money junior creditors. In doing so, it valued the distressed companies on a going concern basis.
UK
28 Aug 2009
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