Investors in the Australian market are more sophisticated than ever and – unsurprisingly – so too are the restructuring transactions being promoted by these investors. One such transaction is the credit bid. While not a...more
A creditors' scheme of arrangement ("Scheme") can be a powerful restructuring tool implemented to achieve a variety of outcomes for a business, ranging from deleveraging or a debt-to-equity conversion to a merger and/or issue...more
The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a...more
This guide offers an overview of legal aspects of bankruptcy, insolvency and rehabilitation in the requisite jurisdictions. It is meant as an introduction to these market places and does not offer specific legal advice. This...more
Davies’ Canadian Mergers & Acquisitions guide draws on our substantial cross-border M&A experience to offer guidance on both the legal framework and practical aspects of Canadian mergers and acquisitions, including critical...more
In a radical departure from settled case law, the English High Court has eroded the protections of English law creditors guaranteed by the Rule in Gibbs....more
The High Court’s decision in relation to an ISDA Master Agreement will likely guide interpretation of other English law-governed financing documentation. Prior to entering into administration, Lehman Brothers...more
Third-Party Releases are common in English law schemes of arrangement and restructuring plans, and US courts have so far indulged that approach in granting recognition. If Prospero’s plea to the audience at the...more
A company in financial distress has three main rehabilitation and debt arrangement channels. Each of these channels entails advantages and disadvantages. Applying to the court for relief during the rehabilitation of a company...more
Primary Market Bulletin No. 44 reminds issuers of the: ..use of multimedia content (including audio and video) in regulatory news announcements; ..FCA’s position on the requirement for a prospectus when shares are...more
Following the implementation of the recent amendments to the Companies Act to remove the head count test for shareholder schemes of arrangement, Conyers has assisted two Hong Kong listed companies (China Vast Industrial Urban...more
In Re Unity Group Holdings International Ltd [2022] HKCFI 3419, the Hong Kong court has for the first time sanctioned a scheme of arrangement that releases debts of third-party obligors that were guaranteed by the scheme...more
The Part 26A restructuring plan has introduced significant cross-class cramdown powers that may impact the defined benefit pension arrangements in the UK. As the UK looks set to enter a new restructuring cycle, the...more
The scheme offers a credible implementation alternative, but no “one size fits all” solution exists for German credits. German credits in sectors such as real estate, automotive, and energy face a worsening macro...more
Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone. A recent first instance decision in Hong Kong has highlighted an important...more
In Short - The Situation: The Australian Securities and Investments Commission ("ASIC") recently released its update on corporate finance regulatory activities for the third quarter of 2022....more
How do you improve the image of company voluntary arrangements? Start by reforming the voting rules. A recent research paper commissioned by the Insolvency Service concluded that property owners were “broadly” treated...more
Nostrum Oil & Gas PLC’s scheme of arrangement under Part 26 of the Companies Act 2006 (the “Scheme”) was sanctioned on 26 August 2022, with the “scheme effective date” occurring on 31 August 2022. While the terms of the...more
Restructuring debt obligations under Singapore law can be an attractive option for companies seeking debtor-led reorganisations, as the country aims to be a centre for debt restructuring in Asia. There are options for...more
In January 2022, the Financial Conduct Authority (“FCA”) launched a consultation on its approach to compromises for regulated firms and issued its final guidance on 5 July 2022....more
Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone. A recent first instance decision in Hong Kong has relied upon the so-called rule in Gibbs...more
The forecast for the English scheme and plan looks set fair despite concerns around Brexit turbulence. The restructuring market’s appetite for Part 26 schemes of arrangement and Part 26A restructuring plans shows no...more
The Hong Kong court has recently delivered a key judgment that could affect the validity of privatizations effected by court sanctioned schemes of arrangement or reductions of capital. The decision may affect the wording of...more
In Bestway Global Holdings Inc. (FSD 208 of 2021 – unreported), Doyle J gave a comprehensive and helpful review of the principles to be applied by the Court when considering whether to sanction a scheme of arrangement and...more