News & Analysis as of

UK Executives Acquitted of Charges in Respect of Alleged Redundancy Consultation Breaches

As reported in a previous Onpoint three former directors of the collapsed parcel delivery firm City Link have been prosecuted relating to their failure to notify the Secretary of State of the redundancies which resulted from...more

Collective redundancies – can directors of financially distressed companies breathe a sigh of relief?

In October we issued an article on the criminal charges that had been brought against the former directors of City Link Limited (in administration) for their failure to notify the Secretary of State of proposals for...more

Quadrant Structured Prods. Co. v. Vertin, C.A. No. 6990-VCL (Del. Ch. Oct. 20, 2015) (Laster, V.C.)

In this post-trial decision, the Court of Chancery held that a company’s repurchase of senior notes from an insider approximately six months after returning to solvency did not violate the express or implied terms of the...more

New Delaware Chapter 15 Filing – Essar Steel Algoma Inc. USA

The foreign representative of Essar Steel Algoma Inc. USA, Cannelton Iron Ore Company, Essar Steel Algoma (Alberta) ULC, Essar Steel Algoma Inc. and Essar Tech Algoma Inc. has filed chapter 15 petitions for those entities...more

Cross Border Financing Report 2015, UK

Section 1 – Bank licences - 1.1 What licences or approvals do lenders need to have if lending to a borrower in this jurisdiction if a) the lender is a bank or b) the lender is a not a bank? No licences or approvals...more

Cross Border Financing Report 2015, Hong Kong

Section 1 – Bank licences - 1.1 What licences or approvals do lenders need to have if lending to a borrower in this jurisdiction if a) the lender is a bank or b) the lender is not a bank? Under the Money Lenders...more

The fiducie-sûreté: the most effective French security interest?

The fiducie has been the subject of increased interest by lenders over the past few years in France. Even though there is no significant case law supporting this, some academics have gone so far as to refer to this mechanism...more

Recent Credit Agreement Restricts Ability of CLOs to Pledge Loans and Ability of Lenders to Sell Participations on the LSTA Form

A broadly-syndicated U.S.-law credit agreement which closed recently includes language limiting the ability of lenders to grant pledges or sell participation interests in their loans. The language appears to be intended to...more

Bankruptcy of Motorways in Spain - New options for investment due to recent legal development

Motorway´s insolvency in Spain - Nine motorway companies that were financed by local and international banks during the mid-2000s entered into Insolvency proceedings. Recently two of these motorways: Aeropistas M-12...more

The Cape Town Convention in the UK: Effective 1 November 2015

Following accession to the Cape Town Convention1 by the UK on 27 July 2015, the International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015 (the “Regulations”) will enter into force on 1 November...more

FMLC reports on clearing uncertainty in MiFIR

FMLC has published a paper on uncertainty arising in the context of indirect clearing of exchange traded derivatives under the Markets in Financial Instruments Regulation (MiFIR). There was no RTS for indirect clearing...more

A New OHADA Uniform Act on Insolvency and Restructuring in Africa

A new Uniform Act Organizing Collective Proceedings for Wiping Off Debts dated 10 September 2015 (the “Uniform Act”) has been published in the OHADA Official Gazette on 25 September 2015 and will enter into force on 24...more

Spanish Insolvency Law Amended with a Welcome Reform to Article 90.1.6º

The change provides clarity regarding the pledges over credit rights, restoring pledges as effective and efficient security interests. The Spanish legislator has finally enacted the long-awaited reform to Article 90.1.6º...more

Court of Appeal finds that ship owner “got what it agreed to pay for”

(1) PST Energy 7 Shipping LLC and (2) Product Shipping & Trading S.A. v. (1) O.W. Bunker Malta Ltd and (2) ING Bank N.V. [2015] EWCA Civ 1058. In a decision which has wide reaching implications for ship owners, the Court...more

Reduction of NBU “anti-crisis” measures

New Resolution No. 718 of the Management Board of the National Bank of Ukraine (“NBU”) dated 22 October 2015 (the “Resolution”) enters into force as of 23 October 2015....more

Stuck in the Bunker – OW and Retention of Title

The fallout from the OW Bunker bankruptcy in November last year continues with a number of claims being heard in the English courts. Last month the owners of the vessel “Res Cogitans” appealed to the Court of Appeal against...more

Canadian Bankruptcy Considerations in Factoring Transactions

Factoring transactions, in which a buyer purchases outright or acquires an interest in a seller’s accounts receivable, are becoming increasingly common. Initially, the buyer must determine whether the transaction is to be...more

Policyholder Insider Quarterly

Some Words Are More Equal Than Others: BancInsure vs. FDIC - In George Orwell's "Animal Farm", the governing principle that "all animals are equal" was revised by the pigs, who had ascended into power, to "all animals...more

The Revised EC Regulation on Insolvency Proceedings Seeks to Resolve Practical Concerns

The European Council Regulation No 1346/2000 on insolvency proceedings (the Regulation) was adopted in May 2000 and came into force on 31 May 2002 in order to establish a European framework for cross-border insolvency...more

Directors in the Twilight Zone: Administ(rate) With Caution

The recent criminal charges being brought against the former directors of City Link Limited (in administration) are a timely reminder for insolvency practitioners and directors to be mindful of their employment law...more

Update: Impending major reform of the German insolvency clawback regime

On 29 September 2015, the German government agreed on an official legislative draft for the limitation of the German clawback regime. This draft on the "Act for the Improvement of Contestations pursuant to the German...more

Update on Landlords Rights Against Tenants in Administration

We have written before on the subject of Landlords’ remedies when there is a pre-pack administration where a new company is formed to buy the viable part of the business and is put into occupation by the administrators...more

Resolving Austria’s HETA - Major Milestone for the European Bank Resolution Regime

The first bank resolution under the new European bank resolution regime is currently taking place in Austria: the Austrian Financial Market Authority (FMA), the official government regulator for banks, funds and financial...more

Changes to the insolvency regime

We published a blog update in May informing readers of the staggered implementation of the Small Business, Enterprise and Employment Act 2015 (the “SBEEA”). The SBEEA received Royal Assent on 26 March 2015 and a previous...more

Central States Pension Fund Submits ‘Rescue Plan’ Seeking Approval to Reduce Benefits

On September 25, the Central States Pension Fund (one of the largest multiemployer/union pension funds in the country) submitted to the U.S. Department of Treasury a proposed “rescue plan,” which would allow the fund to...more

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