New series of webcasts on the Corporate Insolvency and Governance Act 2020

The new Corporate Insolvency and Governance Act 2020, which came into effect on 26 June 2020, could have a significant impact on companies in distress and their creditors, particularly landlords, suppliers, financial services providers and pension schemes. Our Restructuring, Turnaround and Insolvency team have produced a series of short, informative and user-friendly webcasts focusing on … Read more

Disclosure pilot scheme extended to the end of 2021

A disclosure pilot scheme has been underway in the Business and Property Courts since the beginning of 2019, governed by CPR Practice Direction (PD) 51U. The scheme was originally intended to run for two years but, at the June meeting of the Civil Procedure Rule Committee (CPRC), it was agreed that it should be extended … Read more

Supreme Court confirms existence and scope of “reflective loss” rule

The Supreme Court’s judgment in Sevilleja v Marex Financial Ltd [2020] UKSC 31 has been eagerly anticipated by financial institutions and brings much needed clarity in respect of the so-called “reflective loss” principle, first established in Prudential Assurance Co Ltd v Newman Industries Ltd (No 2) [1982] Ch 204. By a majority of 4-3, the … Read more

Article published – Wasted breath? Insolvency reforms in response to Covid-19

The Corporate Insolvency and Governance Act 2020 introduces sweeping insolvency reforms in response to the business impacts of Covid-19, designed “to give companies breathing space and keep trading while they explore options for rescue”. Our UK Restructuring, Turnaround and Insolvency team have published an article in International Corporate Rescue which considers the key elements of … Read more

Lloyds/HBOS litigation: judgment on costs and permission to appeal

The High Court has handed down judgment on costs issues and an application for permission to appeal, following on from the court’s rejection last year of the claims brought against Lloyds in a shareholder class action relating to its acquisition of HBOS in 2008: Sharp & Ors v Blank & Ors [2020] EWHC 1870 (Ch). … Read more