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Article 15/12/2022
Professions and Financial Lines Brief: latest decisions December 2022
A roundup of the latest court decisions and regulations touching on the following issues: the reflective loss principle, solicitor policy coverage, a director’s duty to uphold the interest of a creditor and implied retainers (or the absence thereof) between solicitors and clients.
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Article 13/12/2022
Bermuda: Provisional liquidation as a restructuring tool
Many of 2022’s restructuring cases illustrate important trends and developments regarding Bermuda’s “light touch” provisional liquidation (or “provisional liquidation for restructuring purposes” as it is also known), a technique used many times over the last 20 years after having been first utilised by the Bermuda Supreme Court in 1999.
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Article 02/12/2022
Supreme Court confirms directors’ extended duty to protect creditors
On 5 October 2022, the UK Supreme Court confirmed that directors sometimes owe an extended duty to uphold the interests of a company’s creditors when solvency is in doubt.
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Article 22/09/2022
Cost of living crisis
In July 2022, the annual rate of UK inflation (10.1%) was the highest it has been since 1982, affecting the affordability of goods and services. The high rates of inflation are predominantly due to supply chain disruptions and consumer demand, and the substantial increases in energy prices.
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Article 29/06/2022
Bermuda: Restructuring & Insolvency 2022
This article first appeared in The ICLG to: Restructuring and Insolvency Laws & Regulations, which covers common issues in restructuring and insolvency, including issues that arise when a company is in financial difficulties, restructuring options, insolvency procedures, tax, employees and cross-border is.
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Article 21/04/2022
Bermuda Court exercises discretion by declining to appoint nominees of first creditors' meeting
The decision of the Supreme Court of Bermuda in Re Ping An Securities Group (Holdings) Limited is a useful reminder of the facts that the jurisdiction to appoint liquidators following first meetings is discretionary and that creditor autonomy in the matter of appointments is not unlimited.
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Article 13/04/2022
The increase to the cost of living and the impact on debt recovery
The increase in the cost of living and the significant rise in inflation has the potential to have an adverse impact on debt recovery. However, taking proactive steps to tackle bad debt (as a creditor) and to resolve unpaid debt issues (as a debtor) can facilitate a swift resolution to solving problems without court intervention. In this article, we look at the impact of mounting debts from both a debtor and creditor perspective.
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Article 28/09/2021
Coronavirus Job Retention Scheme – the end of the furlough scheme in the UK
With the Coronavirus Job Retention Scheme coming to an end on 30 September 2021, responsibility for staff salary costs will rest solely with employers once more and the UK Government will no longer make financial contributions towards the pay of employees on furlough.
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Article 24/09/2021
Commercial recoveries and enforcement: how the change in UK enforcement rules may affect you and your business this autumn
The relaxation in restrictions that currently prevent companies from being wound up by creditors for non-payment of a debt (in certain circumstances), under emergency COVID-19 legislation, comes to an end on 30 September 2021.
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Article 10/09/2021
Disqualification and D&O Liability cases
We investigate and analyse whether there is a link between Disqualification cases and Directors and Officers Liability cases. The link is relevant for management- and board members and the insurance companies, who provide Directors and officers Liability insurances.