Re-packing UK pre-packs: 5 key effects on creditors and other stakeholders

Welcome to our latest edition of Collateral. In this edition, we are talking insolvency and focusing on some recent legislative changes which are expected to have a significant impact on pre-pack administrations in the UK. Click here to read the previous article. Let’s explore 5 key effects of the Regulations on creditors and other stakeholders and our observations on some of the key reforms. Unlike a standard…

The restoration of Crown Preference – the implications

Happy New Year and welcome to our January 2021 article on the restoration of Crown Preference. Click here to read the previous article on these matters. For almost 20 years, taxes collected by UK corporates for payment to HMRC have ranked as ordinary unsecured debts on an insolvency. But, back in 2018, along with various…

The new Corporate Insolvency and Governance Act 2020: 10 of your questions answered

There has been much focus in the corporate and insolvency world on the Corporate Insolvency and Governance Act (the “Act”) which made its way through the UK legislative process at breakneck speed and entered into force on 26 June 2020. The Act introduces both permanent, ground-breaking reforms to corporate insolvency law, including the introduction of…

“Knock, knock” – how to approach negotiations with your lender: 5 top tips

Our previous article covered aspects of a company’s third-party credit facilities that could cause concern in light of the hardships caused by COVID-19. In this piece we provide practical tips on how a borrower might approach discussions with third party lenders to refinance or adjust the terms of its facilities 1. Engage early and decisively…

Fund finance facilities: 8 top tips to get the right deal

This time, last year, we reported on the swelling use of subscription credit lines by managers of private equity funds. There is no sign of the trend abating. According to recent estimates, the global fund finance market is around $500 billion, whilst the UK market is in the region of £150 billion. Although the terms…

The intercreditor agreement – protecting mezzanine value in sticky situations

While a company is solvent and able to meet its payment obligations to its creditors, the show goes on and the terms of the intercreditor agreement regulating the priority of creditors are unlikely to be tested. Unfortunately, if the situation deteriorates, many mezzanine lenders realise too late that they paid insufficient attention to the terms…

LIBOR + four more trends that could move the needle

Interest rates remain low, the global economy continues to grow and liquidity is abundant which means the show goes on in the lending market. But while deal flow remains positive, it is important that lenders and borrowers alike carefully monitor their loan documentation to ensure it keeps pace with legal and regulatory developments and other…

Restructuring restructuring: Reforms to the UK restructuring and corporate governance regime

The government has announced that it will legislate to update the UK restructuring system and corporate governance regime relevant to companies in distress with the aim of ensuring that the UK’s insolvency system retains its preeminent status. The government has announced that it will legislate to update the UK restructuring system and corporate governance regime…

Previewing the year ahead

In this article, we discuss some of the recent developments in the restructuring and turnaround world and do some horizon scanning to try and predict which direction European credit might be headed for the remainder of 2019. Setting the scene Despite some prophets of doom and ongoing stock market jitters, 2018 did not signal the…

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