Category: Uncategorized
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Schedule 10 – CIGA 2020
By Valerie Faria, March 2022 Temporary protections were put in place under the Corporate Insolvency and Governance Act 2020 (“CIGA”) at the commencement of the coronavirus pandemic to provide enterprises, that were impacted, room to manoeuvre from the risk of winding up action. Nevertheless, the restrictions will not be lifted…
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What is a Company Voluntary Arrangement?
By Nicola David. A Company Voluntary Arrangement (“CVA”) is a contract made between the company and its creditors under the provision of the Insolvency Act 1986 to resolve the company’s debts. It allows a company to come up with an arrangement with its creditors to resolve some, if not all,…
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CIGA 2020 – A Shift to a Debtor-in-Possession Style of Insolvency Law
Insolvency legislation endeavours to manage a range of competing interests within society, making it a political and economic battleground, and the procedure aims to maximise the returns to creditors. However, recent reforms have favoured corporate rescue over creditor sympathy. The coronavirus pandemic created an unsympathetic economic environment for companies and…
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Further Court Insight into the “Coronavirus Test”
Introduction[1] 1. On 16 August 2021, the High Court handed down a judgment in the case of IN Re A Company and in the matter of the Insolvency Act 1986, which looked at the application of the Coronavirus test, giving insight as to when the test may be met. Case Summary 2. The petitioner in this case sought the winding up of “C Limited”. The petition…
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Temporary Insolvency Practice Direction extended until 30 September 2021!
At the end of June, Lord Wolfson approved the extension of the Temporary Insolvency Practice Direction, which replaced the previous TIPD. The bottom line to takeaway is that the procedures that have been followed for insolvency proceedings or for the provisions in relation to administration appointments and statutory declarations throughout…
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Pre-pack Administration – New Regulations
By Koomooda V Virasami, City, University of London What is a Pre-Pack? A pre-pack administration is when a business is sold by an administrator to a management or third-party purchaser either immediately upon or within a few days of their appointment. Upon the administrator’s appointment, the business is sold to existing…
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A ‘Just and Equitable’ Petition in the Winding-Up Court
By Pawel Guzik LLM BVS Student & CO.IN Volunteer 2020/21 at City Law School “Acts which, in law, are a valid exercise of powers conferred by the articles may nevertheless by entirely outside what can fairly be regarded as having been in the contemplation of the parties when they became…
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“CO.IN in the time of Covid-19”
Edward Mordaunt, University of Oxford (Former BPTC Student & CO.IN Volunteer 2019/20 at City Law School) & Callum Reid-Hutchings, University of Cambridge (Former BPTC Student & CO.IN Volunteer 2019/20 at City Law School) 23 November 2020 Much has been written on the temporary and permanent changes to company insolvency introduced…
company insolvency pro bono scheme 