This article summarises the findings of the High Court in Re gategroup Guarantee Limited [2021] EWHC 304 (Ch) (Re gategroup Guarantee Limited) and provides a view of its effects on the cross-border application of the Restructuring Plan (defined below) and the use of co-obligor structures in restructurings. IN DEPTH The Restructuring Plan The UK restructuring…
Last May, struggling global luggage company Antler fell into voluntary administration, just three months after it was bought out by fashion veteran Michael Lewis, chairman of Foschini Group. But by July, the business brand, e-commerce and assets were sold to the ATR Group and now, its ready to turn over a new leaf. We chat…
AIG has won a claim dispute after a warehouse owner failed to reveal that he owned half the business renting his property, or make it known that it had been placed under administration prior to the policy commencing. The landlord bought an AIG business insurance policy via his broker for the large warehouse in January…
THE AUSTRALIAN operations of Greensill Capital officially ceased at 5pm on Monday, raising questions about impacts to Australian agricultural companies which accessed supply chain finance through firm. It is understood Greensill Australia employed about 40 staff, based mainly in Sydney, who were advised of their retrenchments with immediate affect yesterday. Parent company Greensill Capital filed…
By Wayne Robinson | 17 March 2021 Adelaide-based outfit Max Print Group is in voluntary administration, the five-year-old business now in the hands of the Dissolve Group. Gone: Max Printer Its ownership changed hands nine months ago, with Ting Kong taking over from Goawei and Gaohui Shi in June last year. The company operated from…
Tuesday, March 16, 2021 This article summarises the findings of the High Court inRe gategroup Guarantee Limited [2021] EWHC 304 (Ch) (Re gategroup Guarantee Limited)and provides a view of its effects on the cross-border application of the Restructuring Plan (defined below) and the use of co-obligor structures in restructurings. IN DEPTH The Restructuring Plan The…
Member Article Businesses have been given much needed breathing space during the Covid-19 pandemic with the governments extension of insolvency measures until 2022. Mitchell Charlesworth corporate recovery partner, Jeremy Oddie, and associate, Julie Webster, discuss the announcement. The government announced that it is extending the powers it has under the Corporate Governance and Insolvency Act…
According to an EY letter dated December 29, the scope of work included contingency planning analysis that would estimate a range of what return financial creditors may get from the sale of Arriums assets. It was my understanding it was a tool to be used in negotiations with lenders, Mr Bakewell told the court. To…
The Australian operations of Greensill Capital officially ceased at 5pm yesterday, raising questions about impacts to Australian agricultural companies which accessed supply chain finance through firm. It is understood Greensill Australia employed about 40 staff, based mainly in Sydney, who were advised of their retrenchments with immediate affect yesterday. Parent company Greensill Capital filed for…
Its been a whirlwind year for Australian swimwear brand Jets. In May last year, when its former parent group PAS went into voluntary administration, its future was up in the air. But within three months, rival brand Seafolly acquired it and by the end of year, Jets had relaunched online. Here we chat with Jets…