News

Landlords’ Challenge to Company Voluntary Arrangement Rejected...

Lazari Properties 2 Limited and others v New Look Retailers Limited, Butters and another [2021] EWHC 1209 (Ch) The High Court has rejected challenges by landlords of the terms of the Company Voluntary Arrangement (“CVA”) approved in respect of the trading company which operates the New Look high street stores. The CVA The directors of […]

The End of the Bounce Back Loan Scheme – What Next?...

The Bounce Back Loan Scheme (“BBLS”) closed to new applications and top-up applications on 31 March 2021. It offered six-year loans, with a payment holiday for the first 12 months in most cases. Usually, the loans have been lent without the normal viability checks and the Government itself estimates that nearly two thirds of the […]

Business Protection – Coronavirus...

The ongoing coronavirus emergency is already causing substantial financial problems to businesses throughout Great Britain. Commentators suggest that the country’s economic output will fall by 15% and the collapse will be sudden. We are facing the worst recession in living memory, far more severe than the credit crisis of 2008, the 1992 ERM crisis and […]

GERMAN BOMB SITE RECOVERED BY LIQUIDATORS...

Stuart Turner and Steven Cunliffe acted for Liquidators in recovering and realising a long-forgotten plot of land in Dresden, Germany. The site, which was originally occupied by a large house was purchased by an English company in 1929 but languished undiscovered following the Second World War bombings and throughout the communist occupation. The land was […]

Europe’s Largest Aircraft Maintenance Centre Rescued from Liquidation...

 Alison Beard and Martin Lord acted for Diamond Hangar Limited (“Diamond”) in obtaining the rescission of a winding up Order at a hearing before His Honour Judge Worster on 17 January 2019. Diamond operates a 250,000 square foot hangar at Stanstead leased from Stanstead Airport Limited, a subsidiary of Manchester Airport Group PLC (“MAG”). The […]

Vexatious Liquidators Who Didn’t Understand Journals Penalised In Costs...

Alison Beard and Stuart Turner acted for Graisley Investments Limited (“Graisley”) and its directors in defending proceedings brought by the Liquidators of Guardian Care Homes (West) Limited (In Creditors’ Voluntary Liquidation) (“the Company”), Kevin Hellard and Amanda Wade of Grant Thornton. The Company was placed into voluntary liquidation on 27 April 2010 but Mr Hellard […]

Local Authorities and Liability Orders...

Many people are unaware that local authorities enforce liabilities for council tax and non-domestic business rates via an application to the local Magistrates’ Court for a Liability Order. These Orders are granted by Magistrates exercising their civil jurisdiction and are then enforceable in the same was as a County Court Judgment in the civil Courts […]

A History of Insolvency – part two...

Ancient Greece According to the Constitution of the Athenians by Aristotle which describes the constitution of ancient Athens over a number of centuries, debtors who were unable to pay were required to surrender their land to their creditors and to become slaves to cultivate the surrendered land for their creditors’ benefit, although only a sixth […]

A History of Insolvency – part one...

Ancient Societies and Early Roman Law Whilst no definition of the word “society” depends solely on the existence of trade between individuals, it is difficult to perceive of any society capable of flourishing without the development of commerce of one sort or another. Trade, if it is to be efficient and successful, leads to credit, […]