Insolvency refresher and counterparty insolvency – Part 2

United Kingdom

This article was produced by Olswang LLP, which joined with CMS on 1 May 2017.

Across two webinars, recorded by Olswang LLP on 18 October 2016 and 12 October 2016, Partner Julian Turner, Senior Associate Emma Bardetti and Associate Caroline Dodman offer a refresher on insolvency and counterparty insolvency.

The second session considers:
  • Liquidation, including looking at how a liquidation commences, issues to consider and what the main features of the process are and how it affects exiting contracts;
  • The main features of other insolvency procedures that you may come across, including Company Voluntary Arrangements, Schemes of Arrangement and Fixed Charge Receivers, and how these procedures can affect existing contracts;
  • The risks of dealing with companies in financial difficulties including transactions at an undervalue and preferences; and
  • Directors duties in the context of a company in financial difficulties, including wrongful trading.