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A Stellar Result for the Sellers of Comet Group Plc – UK Court of Appeal...
The Court of Appeal has unanimously overturned an unlawful preference ruling from the High Court, finding instead that the repayment of inter-company debt did not amount to a preference because, at...
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The Enforcement of Non-Consensual Restructuring Plans in Spain on the...
The implementation, just over a year ago, of Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on Preventive Restructuring Frameworks, has meant a real Copernican...
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Decision of the German Court Causes Waves For Investors but is Welcomed by...
In September 2023, the insolvency administrator of the insolvent Wirecard AG began reclaiming dividend distributions for 2017 and 2018 from shareholders. This is following a judgment of the Federal...
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Are UK Administrators Criminally Liable For Failing to File a HR1?
The answer to that question and with a huge sigh of relief is thankfully not, following the Supreme Court finding that an administrator of a company appointed under the Insolvency Act 1986 (“IA 1986”)...
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(UK) HMRC and Restructuring Plans: The Next Chapter
A thorny question facing a company when considering a Restructuring Plan is how to deal with HMRC particularly following HMRC’s opposition to recent plans. Creditors now have some assistance in these...
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(UK) Streamlining Out of Hours Qualifying Floating Charge Holder Appointments
Making an out of hours qualifying floating charge holder (“QFCH”) appointment can be problematic due to the procedural requirements set out in Rule 3.20 of the Insolvency (England and Wales) Rules...
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(UK) ‘Substitution First, Standing Later’– The Risk of Supporting Creditors
The case of Liberty Commodities Ltd v Citibank NA London & Ors [2023] EWHC 2020 (Ch) provides a helpful reminder of the principles that the court will adopt when dealing with a winding up petition...
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(UK) Moratoriums – a New Stay on Winding Up Petitions?
In a recent decision that will add some welcomed clarity to the imposition of Part A1 moratoriums over companies which have been presented with a winding-up petition, the High Court has reflected on...
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Tips For Subchapter V Creditors (US)
The overwhelming majority of my practice has involved larger, complex Chapter 11 cases and out-of-court restructurings, representing debtors, Chapter 11 trustees, committees, or creditors. However,...
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Routes to Reorganisation: A Comparative Study of the Insolvency Procedures...
Our recent insight provides a comparative summary of the insolvency procedures that are available in the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), England and Wales, and the US....
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(US) Who Owns the Crypto: Bankruptcy Court Rules That Customers Do Not Own...
Who owns cryptocurrency held by a cryptocurrency exchange? Do the cryptocurrency assets belong to the customers who deposited the crypto with the exchange, or do the cryptocurrency assets belong to...
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(US) Delaware Bankruptcy Court Strikes Down Global Rockport Settlement
A consensual resolution among all stakeholders is an important goal of any bankruptcy proceeding. But how can parties reach a consensual deal if financing is drying up quickly and the prospect of...
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(UK) Director Administration Appointments: Does the Company Really Need a...
With increased public awareness that a notice of intention to appoint administrators (NOI) has been filed, we are finding that third parties – usually the company’s creditors, suppliers and employees...
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Prepared Liquidation – Pre-Pack Sales Under Polish Bankruptcy Law
Amid the current market uncertainties, distressed asset sales are likely to rise. International investors are looking for efficient solutions, preferably ones that reflect solutions in their home...
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Administration Extensions: Key Considerations for UK Practitioners
In Lehman Brothers (PTG) Ltd (In Administration), the court considered whether to grant an order extending the administration of Lehman Brothers (PTG) Ltd (the “Company”) for a further two years and...
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What Can We Expect in 2024 in UK Restructuring?
There are a few things that we can be almost certain of in 2024, and others are things to add to the watchlist, but with a potential change in government on the cards, there are likely to be a few...
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Part 26A Restructuring Plans – Sanction Hearing Timetabling Considerations
The judgment handed down in the matter of CB&I UK Ltd suggests that the English Courts will not expedite or truncate sanction hearing timetables to accommodate requests from companies which have...
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Czech Republic’s New Act on Preventive Restructuring: Game-Changer in...
On 23 September 2023, the new Act on Preventive Restructuring (284/2003 Coll.) entered into effect in the Czech Republic (the “Czech Preventive Restructuring Act”), incorporating the EU Directive...
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Restructuring Plans given a Shake-up after the Adler Plan is Overturned (UK)
The Court of Appeal has, today, overturned the High Court’s decision to sanction the Part 26A restructuring plan put forward by the Adler Group (the “Plan”). Following the Plan’s sanction by Judge...
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Will Changes to the German Insolvency Code Spark More Insolvencies?
As we reported in a previous blog the German legislator in November 2022 introduced the Law on the Temporary Adaption of Restructuring and Insolvency Law Provisions to Mitigate the Consequences of the...
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