Restructuring & Insolvency

Restructuring and Insolvency

TUPE and Liquidation Sales

The firm acted for the subsidiary of an AIM-listed entity in relation to its purchase of the business and assets from the liquidators of a Northern Irish company. In addition to advising on and negotiating the terms of the sale agreement, we also advised on the application of the relevant Transfer of Undertakings (Protection of Employment) Regulations in the context of a sale which was to be completed following appointment of the liquidators but prior to any subsequent ratification by the creditors of the selling company.

Restructuring and Insolvency

Successful High Court Trust Application

Our specialists have experience advising the administrators of a home entertainment distribution company in respect of their successful High Court application for declarations as to the existence of a “twilight” trust over funds set aside by the directors immediately prior to appointment (in order to meet liabilities that might otherwise be owed to various supplier creditors as a result of the sale of their stock in the run up to the insolvency appointment).

The case was determined following a three day trial which involved the cross-examination of five witnesses and submissions on behalf of the administrators as well as representatives of the intended beneficiary creditors and the unsecured creditors.

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