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New facility letters: who has priority?

New facility letters: who has priority? November 13 2014 | LEXOLOGY When trying to enforce security over property, it is important for a lender to consider the order in which the proceeds of sale will be distributed – a matter decided by the priority of any charges that exist. The general rule is that whichever… Continue Reading

Game over? Administration expenses again

Game over? Administration expenses again November 12 2014 | LEXOLOGY It has been over six months since our blog post on administration expenses, in particular, the treatment of rent.  In our previous post we updated you that the Court of Appeal had adopted a common sense approach, so where administrators use leasehold property, they must… Continue Reading

Court upholds English contract termination clause that is invalid under foreign insolvency law

Court upholds English contract termination clause that is invalid under foreign insolvency law November 12 2014 | LEXOLOGY Fibria Celulose S/A v. Pan Ocean [2014] EWHC 2124 (Ch) In a significant case regarding the application of the Cross Border Insolvency Regulations 2006 (“Regulations”), the English High Court decided it would not intervene to prevent termination… Continue Reading

Abergavenny businessman of Martins Jewellers declared bankrupt

Abergavenny businessman of Martins Jewellers declared bankrupt 14 November 2014 | by Katharine Skellon | BANKRUPTCY AN ABERGAVENNY businessman has been declared bankrupt and is said to owe several millions to various creditors. Alex John Martin, of Tredillion Park, Llantilio Pertholey, ran Martins Jewellers for 25 years. The jewellery store, on Cibi Walk,….” http://www.southwalesargus.co.uk/NEWS/11601625.Abergavenny_businessman_of_Martins_Jewellers_declared_bankrupt/?ref=rss

Huge sums owed to Phones 4U customers and staff

Huge sums owed to Phones 4U customers and staff By David Casey | 14 Nov 2014 | INSIDER MEDIA LIMITED Thousands of workers owed money following the collapse of Phones 4U may have to wait up to a year to receive unpaid salaries, Insider can reveal. And administrators from PwC….” http://www.insidermedia.com/insider/national/127809-phones-4u-huge-sums-owed-creditors-and-staff?utm_source=newport_gwent_newsletter&utm_medium=business_article&utm_campaign=newport_gwent_news_tracker

Rileys’ creditors out of pocket as buyer search goes on

Rileys’ creditors out of pocket as buyer search goes on 11 Nov 2014 | BY DAVID CASEY | INSIDER MEDIA LIMITED Administrators are continuing their search to find a buyer for sports bar and snooker hall chain Rileys although unsecured creditors are being braced for a £5m shortfall, Insider can reveal. Insolvency specialists….” http://www.insidermedia.com/insider/national/127492-rileys-creditors-out-pocket-buyer-search-goes?utm_source=newport_gwent_newsletter&utm_medium=deals_article&utm_campaign=newport_gwent_news_tracker

Ashley loans extra £1m to Rangers

Ashley loans extra £1m to Rangers By Matthew Ord | 12 NOVEMBER 2014 | INSIDER MEDIA LIMITED Mike Ashley’s MASH Holdings has increased a £2m credit facility given to Rangers Football Club by a further £1m. The money will be made available for drawdown on 26 November 2014. The extra £1m comes after the club… Continue Reading

Dorset manufacturer set to cease trading

Dorset manufacturer set to cease trading 12 Nov 2014 | INSIDER MEDIA LIMITED A component manufacturer in Dorset, which had been in operation for more than 80 years, will cease trading after its owner decided to retire. Priory Engineering Company Christchurch Ltd, which supplied a range of industries including….” http://www.insidermedia.com/insider/south-west/127650-?utm_source=southwest_newsletter&utm_medium=manufacturing_article&utm_campaign=southwest_news_tracker

FSCS declares 17 firms in default

FSCS declares 17 firms in default 12 Nov 2014 | INSIDER MEDIA LIMITED Seventeen financial firms around the UK have been declared in default by the Financial Services Compensation Scheme (FSCS). A declaration of default means….” http://www.insidermedia.com/insider/national/127568-fscs-declares-17-firms-default?utm_source=southwest_newsletter&utm_medium=business_article&utm_campaign=southwest_news_tracker

Pay day lenders: What you need to know

Pay day lenders: What you need to know Simon Read | 12 NOVEMBER 2014 | THE INDEPENDENT The City Watchdog confirmed that a cap on payday lender charges will come into effect from January 2015. Instead of hitting people with huge penalty fees on top of high interest, lenders will only be….” http://www.independent.co.uk/news/business/comment/pay-day-lenders-what-you-need-to-know-9854159.html