Norton Rose Fulbright's Global Restructuring Group Releases The Q2 2024 Issue Of International Restructuring Newswire

On 14th July, the John Lewis Partnership announced that it would be cutting up to 1,000 jobs across its John Lewis and Waitrose stores in a bid to streamline management structures.

Companies House register, targeting unregulated firms that create false UK business presences for overseas clients. The latest enforcement reflects wider reforms under the Economic Crime and Corporate Transparency Act to improve transparency, strengthen anti-money laundering controls and protect the integrity of UK company registration.

The High Court has determined that administrators can enter into litigation funding arrangements allowing funders to be repaid from litigation proceeds ahead of moratorium debts with "super priority" status, provided this aligns with the administration's purpose and the administrators' duties. This ruling addresses a critical question about the interplay between protected moratorium creditors and the practical realities of funding litigation in insolvency proceedings.

Restructuring & Insolvency Comparative Guide for the jurisdiction of UK, check out our comparative guides section to compare across multiple countries

The English High Court has stayed proceedings challenging Hunkemöller's liability management exercise pending judgment in related New York litigation. This decision examines the limitations of multi-jurisdictional litigation strategies in cross-border restructurings and the enforceability of exclusive jurisdiction clauses for beneficial noteholders. The ruling provides critical guidance on the sequencing of claims across different jurisdictions when challenging complex liability management exercises.

The Supreme Court's landmark decision in Drelle fundamentally reshapes how foreign judgment debts can be used in English insolvency proceedings, allowing creditors to present bankruptcy petitions without first obtaining recognition or registration. This ruling removes a significant procedural buffer for debtors and creates new strategic opportunities for foreign office-holders pursuing directors and recipients across jurisdictions...

This comprehensive newsletter examines recent developments in UK restructuring and insolvency law, covering critical issues from Building Safety Act liability extending beyond high-rise buildings to landmark...

The English High Court's decision in Re Esken Ltd confirms that Guernsey-incorporated companies with their centre of main interests in England can seamlessly transition from administration...

The Court of Appeal's decision in Glint Pay Ltd v Baker examines whether secured lenders can appoint administrators when their primary motive is a hostile takeover rather than debt recovery. This case explores the boundaries of legitimate enforcement action, particularly when a company remains solvent before acceleration, and considers whether an appointment made for a solely improper purpose can be challenged and set aside.

Judgment in First Independent Factors & Finance Limited v Ian Josef Mountford was given by HHJ Lewison on 23 April 2008.