Powered by Lexis+®
Jurisdiction(s):
United Kingdom

UK restructuring and insolvency update: MVL-to-CVL conversion, Etridge clarified, Petrofac RPs fairness, director disqualifications, ECCTA/LLP identity rules, CBIR disclosure - weekly highlights, 3 July 2025

Published on: 03 July 2025

Published by a LexisNexis Restructuring & Insolvency expert
Legal News
imgtext
Article summary

In this issue:

  • Corporate insolvency process
  • Personal insolvency
  • Document review
  • Restructuring
  • Directors and insolvency
  • Creditor participation
  • Employees and insolvency
  • Partnership insolvency
  • International restructuring and insolvency
  • Daily and weekly news alerts
  • New content
  • New Q&As

Corporate insolvency process

Contested debt and shift from members’ voluntary liquidation to creditors’ voluntary liquidation (Noal SCSp v Novalpina Capital LLP (in members voluntary liquidation))

This ruling makes clear that where a company in members’ voluntary liquidation (MVL) cannot satisfy all liabilities in full, together with interest at the official rate, within the timeframe specified in the directors’ declaration under section 89 of the Insolvency Act 1986 (IA 1986), it must move into creditors’ voluntary liquidation (CVL). There is no solvency assessment available to alter that timeframe. As the entity is already in liquidation, the liquidator lacks any discretion and is required, by IA 1986, s 95, to effect the conversion from MVL to CVL. No alternative test or variation is permitted.

See News Analysis: Disputed debt and conversion of members’ voluntary liquidation to creditors’ voluntary liquidation (Noal SCSp and others v Novalpina Capital LLP (in members voluntary liquidation) and others), authored by Andrew Mace, barrister at Tanfield Chambers...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Popular documents

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Read More Right Arrow

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Read More Right Arrow

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Read More Right Arrow

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

Read More Right Arrow