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APR
25

Brexit’s Impact on Restructuring and Insolvency Transactions

Insolvency and restructuring law is dominated by EU Regulations, and the whole process is intrinsically bound together by various international treaties, allowing for collaboration between member states to ensure an efficient and workable solution where companies are requiring these operations. There is still a great deal of uncertainty surrounding the outcome of the UK exiting the EU, and this means companies need to prepare themselves for a broad range of possibilities. One of the possibilities that companies need to prepare for is a no-deal Brexit where the UK leaves without a withdrawal agreement in place. The impact on companies will be far-reaching in all areas including in relation to restructuring and insolvency transactions. Here we consider some of the issues that could arise.

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  61 Hits
61 Hits
MAR
29

SHAREHOLDERS -V- DIRECTORS (THE BATTLE RAGES ON)

By Hamilton Li, Paralegal, Lewis Nedas Law - email: hli@lewisnedas.co.uk

Many people easily become confused when considering the duties of the shareholders and directors of a company which can be found within the articles of association (AAs) or the Companies Act 2006 (CA2006). 

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  235 Hits
235 Hits
JAN
24

“WE’RE ONLY WINDING YOU UP” – A guide to winding up petitions, by Hamilton Li

Lewis Nedas Law’s Commercial and Litigation Department have recently posted an article on insolvency litigation in regards to company voluntary arrangement and creditors’ voluntary liquidation. Due to the current status of the economy and uncertainties from the execution of Brexit, we want to share our knowledge on compulsory liquidation with you; particularly on winding-up petitions.

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  224 Hits
224 Hits
JUL
20

What happens in Insolvency Litigation?

The current global economy's instability means that individuals and organisations have to be aware of insolvency procedures in relation to either their own business or the people that they deal with (including customers, clients and suppliers). Insolvency occurs when a business is no longer able to pay its creditors any debts when they are due. In this situation, the creditors will try to recover what is owed to them by starting court action. This can result in the company being wound up (ending all business affairs) and having its assets liquidated (sold off) to cover its debts. An insolvency practitioner is generally appointed to oversee the whole process. The purpose of insolvency proceedings is to produce the best possible outcome for the creditors that have amounts owing to them. However, there are also some measures that can be taken to protect the directors and shareholders of an insolvent company.

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  316 Hits
316 Hits
MAR
27

How can Minority Shareholders Take Action?

Every shareholder has basic rights bestowed on them by the Companies Act 2006. But minority shareholders have limited control over the management of the company or how it distributes its profits. This does not mean, though, that they are completely powerless. A minority shareholder can take various actions to protect their interests, including through the courts. A major way to enhance the rights of minority shareholders is via the articles or shareholder agreements. To offer the most protection this should be done before the shares are acquired.

Enhancing Basic Shareholder Rights

The Companies Act 2006 details the basic rights of a shareholder, which are dependent on the percentage size of the shareholding, ranging between 5%, 10%, 25%, 50%, 75% and 90%. Minority shareholders’ rights can be offered increased protection by adapting the standard articles or shareholders' agreement, which have limited minority shareholder rights.

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  1447 Hits
1447 Hits

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