Super Bridge Facility Freshfields Bruckhaus Deringer is advising Schieder Möbel, Europe's largest furniture maker, on a Super Priority Bridge Facility, enables group to withdraw insolvency applications filed at the regional court in Detmold, Germany 27.04.07 Freshfields Bruckhaus Deringer, Capital Markets
DTI to Investigate TVR Sale DTI is inquire into circumstance under which previous owner, Nikolai Smolenski, was allowed to buy back insolvent sports car business TVR 03.04.07 Times, Automotives
Impact of Sub-Prime Hits the UK Barclays has issued a default notice to New Century Financial for $900m owed financing sub-prime mortgages Telegraph Nearly 60% of new mortgages in the UK are sub-prime, low-grade borrowers and buy-to-let, now accounts for a third of total market Telegraph Massachusetts Secretary of State William F. Galvin had ordered UBS and Bear Stearns to turn over documents on subprime lenders, including New Century 15.03.07 NY Times, Banking Law, Financial Services, Property Law
Private Equity Deals Over-Leveraged Deloitte has warned that there will be a string of company collapses as private equity deals unravel next year, borrowing for buy-outs is at unsustainable levels Guardian Commons Treasury committee to hold public hearings in private equity, asset stripping, lack of accountability 07.03.07 Times, Capital Markets, Private Equity
Probe Into Unwin Payments KPMG, administrator of insolvent off-licence chain Unwin, is investigating payments made by directors to private equity fund, Devereux Montague, in weeks prior to collapse 20.02.07 Telegraph, Private Equity
Benjy's Insolvent, Again Sandwich chain has closed 17 shops and laid off 400 staff, missed rent payments as turnaround plan runs into ground, second time eight months the firm has gone into administration 06.02.07 Telegraph
New Rules for IVAs Insolvency Service has begun consultation to simplify Individual Voluntary Arrangements (IVAs), include approval of an IVA by a simple majority vote, creditors not being able to change the debtors proposals and creditors having to file their claims within 90 days 09.05.07 Insolvency Service Press Release, Individual Voluntary Arrangements
Relief From Unfair Prejudice Where an investor in a joint venture company has invested not only by subscribing for shares but also by advancing loan capital, the investor may be granted relief from unfairly prejudicial conduct even though such relief will benefit the investor only as a loan creditor and not as a member 07.05.07 Law Now, Company Law
JCT and Construction Act In Melville Dundas v Wimpey, first Construction Act case to reach the House of Lords, considers whether the JCT provisions which suspend a contractor's entitlement to payment in the event of insolvency fall foul of the Act 26.04.07 Law Now, Construction Law
Extension of Pension Assistance Govt has announced details of a funding review with the aim of giving further help to people who lost money when their pension schemes wound up under-funded, to be led by Andrew Young, Directing Actuary of the Government Actuary's Department, review will be advised by panel of leading experts 24.04.07 DWP Press Release, Financial Services, Pension Protection Fund, Pensions
Review of FAS Asset Management DWP secretary John Hutton yesterday announced a review of pension scheme assets held by insolvent employers, review will examine best use of assets in pension schemes winding up under-funded with insolvent sponsor, determine if these funds could be used to assist affected members 29.03.07 DWP Press Release, Pension Protection Fund, Pension Regulator, Pensions
Draft Tribunal, Courts and Enforcement Bill Draft Tribunals, Courts and Enforcement Bill published today, provides statutory framework for tribunals, widens range of people eligible to become judges, unifies law on civil debt recovery, certification for civil enforcement agents, relief for debtors, reform of compulsory purchase orders 26.07.06 Department for Constitutional Affairs, Courts, Debt Collection
CVA in Powerhouse Case A recent challenge by landlords to the terms of Company Voluntary Arrangements (CVA) has been making headlines in the property press, it serves as a useful reminder to consider your position if you are given notice of a CVA 25.06.06 Law Now, Commercial Property, Voluntary Arrangements
Company Liquidation The courts recently ruled that a statutory notice to convert from administration to liquidation was still effective even though the term of office of the administrator had ceased when the notice was registered 26.03.06 Law Now
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Bankruptcy in Divorce Judge Pelling in the High Ct has ordered Strudges Farm to be made available to creditors of David Pearl Haines, already granted to ex-wife Wendy in divorce settlement, opens way for creditors to pursue divorce assets where bankruptcy imminent 11.05.07 Times, Divorce, Family Law
Insolvency Betrays Pensioners Govt had encouraged workers to save through occupational pension schemes, assured that they would be paid in cases of insolvency, application for judicial review of govt decision to reject compensation, affects 125k private sector workers 08.02.07 Daily Mail, Pension Protection Fund, Pensions
Setback for Coys Liquidators Creditors of collapsed classic car auctioneer have been denied application to combine case with that of DTI, seeking to disqualify directors Douglas Jamieson and Christopher Routledge 05.12.06 Telegraph
Mass Insolvency of 844 Companies Grant Thornton is handling largest ever insolvency case, hundreds of companies set up as vehicles for individuals to work in UK, tax misappropriated to 'fund jet-set lifestyle', three key directors to be held liable for £30m 26.10.06 Guardian, Agency Worker, Employment Law
Freezing Orders in Winding Up In HM Customs petition for winding-up of C&E Enterprises for VAT liability, held that the court has jurisdiction to grant freezing orders against third parties pending a winding-up petition, orders should be obtained by provisional liquidators and not petitioning creditors 02.10.06 Law Now, UK Tax, VAT
BCCI Farce Justice Tomlinson excoriates Deloitte and counsel in judgment on BCCI insolvency, case was a 'farce', 'sustained rudeness' of Gordon Pollock QC was 'inappropriate and distracting' 13.04.06 Telegraph, BCCI Case
Pension Bankruptcy Pension trustees at Armstrong Group, an otherwise healthy business, reject management plan for pension deficit to access superior funds available after bankruptcy through Financial Assistance Scheme 15.03.06 Telegraph, Pension Protection Fund, Pensions
