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R3 recently announced their analysis of the impact of
insolvencies in the retail sector since 2011 on jobs.
It is regrettable that there has been an insolvent outcome to
some of the retail sector transactions that we have been involved
in this year. We have often helped our clients to pursue
solvent solutions, which might have preserved a far greater number
of jobs, but have been frustrated by stakeholders' inability
achieve a consensus. The complex capital structures adopted
at the height of the credit boom regularly leave it open for
stakeholders to seek to take advantage of flaws in legal
documentation during negotiations, which can take time to resolve
-- time which a cash-starved business in the retail sector may not
have. In those worst-case scenarios, as the R3 analysis seems
to show, an insolvency process can provide the next best
alternative under which to seek to preserve value and jobs.
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The Court of Appeal has confirmed that a term could not be implied into a conditional fee agreement between a liquidator and solicitors, and that the solicitors would only be paid out of recoveries made.
The Court of Appeal has confirmed that a term could not be implied into a conditional fee agreement between a liquidator and solicitors, and that the solicitors would only be paid out of recoveries made.
Walker International Holdings Ltd v Republique Populaire du Congo and Others [2005] EWHC 2813 High Court, Queen's Bench Division (Commercial Court) (Morison J)
You could be forgiven for thinking that the Bills of Sale Acts of 1878 and 1882 would have been repealed by now, or could never apply to you, over 130 years after they were drafted.
It is true that there are statements of high judicial authority which can be cited to support the notion that a contractual claim can survive the payment in full of a proof based on that claim.
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