A NOTEPAD ON COMPANY AND FINANCIAL LAW, NEWS AND REGULATION
The Insolvency Service published in April 2013 a guide for directors “of any company involved in compulsory liquidation (winding up by the court) in England and Wales”. The guide also “talks about the disqualification of company directors and criminal offences in relation to a company [and] also summarises the other insolvency procedures that can apply to companies and explains some common insolvency terms”.
The guide (URN: 13/769) can be downloaded here.
Dairy Crest has used £60 million of maturing cheese.
Kodak has sold two business to its UK scheme, enabling it to exit Chapter 11 in the US.
See also: Uniq: listed company sold by its own pension scheme
The Insolvency Service yesterday announced an independent review of pre-packs. From the announcement:
“The Government has announced an independent review into pre-pack administration during a Parliamentary debate on pre-packs. A timescale will be announced at the time the review is launched in late spring.
“The Government has listened carefully to the concerns of creditors about pre-packs and that is why we already have measures in place to increase transparency and prevent abuse. Strengthened measures are being introduce to improve the quality of information insolvency practitioners are required to provide on pre-pack deals and we are using targeted monitoring of outcomes to assess whether there is evidence of abuse.
“Used appropriately, pre-packs can be a highly effective process to ensure the best deal for creditors by better enabling the rescue of businesses, preserving value and safeguarding jobs. The independent review announced by the Minister will enable further evidence to be assembled on how pre-packs are working in practice and whether further steps are needed.”"
The announcement also contains a set of Q&As explaining what a pre-pack is.
In its annual results yesterday, Resolution Limited (the Guernsey-incorporated, London-listed “financial services restructuring company”) announced that it is ending the arrangements by which it outsources its management to an external company, Resolution Operations LLP:
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“A Transactional Genealogy of Scandal: from Michael Milken to Enron to Goldman Sachs”* (downloadable here) looks at how the “integration of SPEs into regulatory systems requires a ground-up rethinking of traditional legal models of the firm”.
From the abstract:
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Clinton Cards plc this morning had dealings in its shares suspended on the London Stock Exchange following an overnight coup by American Greetings Corporation – a move which may see AGC acquire some of the Clintons business via a pre-pack administration.
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“Among potential partners for the merger-and-bankruptcy plan being floated, Dewey has made overtures to New York-based Shearman & Sterling LLP; Greenberg Traurig LLP, which has roots in Miami; and Pittsburgh-based Reed Smith LP, these people said.
A Greenberg Traurig spokeswoman said: “We have a great deal of respect for Dewey LeBoeuf and their quality lawyers. It would be inappropriate for us to comment on market rumors.” At Shearman & Sterling, a spokesman said the firm “isn’t in discussions with Dewey & LeBoeuf concerning a merger.”"
Wall Street Journal report. And followed by a similar report in the New York Times.
Report emphasises that the solution to Uniq’s defined benefit scheme deficit will not be appropriate in most cases
Music and film companies given potential upside if HMV survives
HMV, the financially-troubled London-listed entertainment retailer, announced last week that it intends to grant “warrants representing 2.5% of its equity” to its key music and film suppliers. The terms of these warrants were not disclosed, but the warrants will presumably be exercisable at the same price, or a discount to, HMV’s share price at the date of grant.
Healthcare Locums relisted after investigation into suspected accounting irregularities; shares down 90%
Innovative approach to chronic defined benefit pension deficit sees AIM-listed Uniq sold by its 90.2% shareholder, Angel Street, to Greencore in agreed takeover
Third of three posts on legal aspects of this innovative scheme of arrangement
Second of three posts on legal aspects of this innovative scheme of arrangement
First of three posts on legal aspects of this innovative scheme of arrangement
Government proposals will mean that creditors will receive notice of proposed sales to a connected party
UPDATE 27 January 2012: The Government announced in a written answer in Parliament yesterday that it will not be going ahead with these proposals.
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Terra Firma loses EMI as Citibank enforces rights
