The London Crowell & Moring restructuring team (led by partners Cathryn Williams and Paul Muscutt) recently successfully acted in a highly contested application to appoint administrators to the holding companies of the Carlauren Care Home group. For further information, see link below:
https://www.crowell.com/NewsEvents/PressReleasesAnnouncements/Carlauren-Care-Homes-Group-Placed-into-Administration/pdf
http://bit.ly/35KTpji
Forbes has created its inaugural “America’s Top Corporate Law Firms” list and worked with the market research firm Statistica to conduct an online survey of lawyers both at law firms and GCs between April 1 and May 17, 2019.
Self-recommendations were not considered and law firms that received the most recommendations were included on the list. When a firm received a high number of recommendations than average for a particular legal practice area, it was given a “most recommended for” designation.
Crowell & Moring has been recommended in the practice area of BANKRUPTCY.
In the latest edition of Economia, Crowell & Moring Restructuring partner Paul Muscutt comments on the reintroduction of crown preference and the impact that may have on lending.
The article can be found here.
The London ABL and Restructuring team at Crowell & Moring feature in this month’s Business Magazine, following their arrival earlier in 2019 from the London office of Squire Patton Boggs.
The article comments on the growth of the London team, its approach to market and how the new team differentiates itself from the rest of the legal market
In the following article published by Lexis Nexis/LNB News on 19 June, Cathryn Williams, restructuring partner at the London office of Crowell & Moring, comments on the introduction of “breathing space” for those individuals facing debts issues in the UK. Continue Reading Breathing space for individuals facing debt issues
By Anne Li, Mark Lichtenstein, Ilana Lubin, Preetha Chakrabarti, and Michelle Chipetine.
On Monday, May 20, 2019 the Supreme Court settled a decades-long circuit split regarding a licensee’s ongoing trademark usage rights following the rejection of a trademark license agreement under the U.S. bankruptcy code. In an 8 to 1 decision, the Court found that “rejection breaches a contract but does not rescind it. And that means all the rights that would ordinarily survive a contract breach, including those conveyed here, remain in place.”
British Steel has entered compulsory liquidation today with EY being appointed as special managers. Is British Steel the first real victim of Brexit? First, as a result of the delay in the UK’s divorce deal, the EU delayed granting carbon credits to British Steel necessitating a £120m loan from the government to stave off significant penalties in relation to its emissions targets. The directors now cite “Brexit-related issues” as the reasons for the failure of the business, with the on-going uncertainty over future tariffs and trading terms resulting in the company’s order book from Europe falling off a cliff. Continue Reading Steel yourselves – troubles ahead?
In an article recently published in Business Money, Crowell & Moring partner Paul Muscutt comments on the issues surrounding the potential reintroduction of crown preference:
http://www.business-money.com/assets/Crowell_Moring_April19.pdf
A disguised remuneration scheme (DRS) is a tax avoidance scheme, many of which involve artificial remuneration arrangements between an employer and employee. The schemes commonly provide for an employee to be partially remunerated through the company payroll system but with the majority of their remuneration taking the form of a loan. The loan is often funded via a third party (typically an off-shore trust) but, where the loans are never intended to be repaid, HMRC treat the monies advanced as taxable income.
Continue Reading Disguised Remuneration Schemes and the Loan Charge
A Georgia bankruptcy court on April 17 issued a significant ruling that breaks new ground concerning how future claimants’ representatives in asbestos bankruptcies (“FCRs”) are chosen. In In re The Fairbanks Co., Case No. 18-41768-PWB (Bankr. N.D. Ga. April 17, 2019), the bankruptcy court held that (i) any party in interest may nominate an FCR candidate for the court’s consideration, (ii) the court must apply an “independent inquiry” into a proposed FCR’s qualifications, without giving deference to the debtor’s nomination, and (iii) “the proper standard for consideration of a future claims representative is akin to that of a guardian ad litem such that the individual must not only be disinterested and qualified, but also objective, independent, and loyally committed to protecting the interests of future claimants.” Continue Reading Georgia Court Adopts New Procedures and Standards for Appointing Future Claimants’ Representatives in Asbestos Bankruptcies