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The Shape Of Insolvencies To Come: Scrutinising The Corporate Insolvency And Governance Bill 2020

On 20 May 2020, in response to the coronavirus pandemic, the UK government published the text of the Corporate Insolvency and Governance Bill 2020 (the “Bill”), a 238-page document which sets out some of the most sweeping...more

Coronavirus Job Retention Scheme

Insolvency intersected with the UK government’s response to the coronavirus pandemic in an application to the High Court by the administrators of restaurant chain Carluccio’s. Considering the government’s Coronavirus Job...more

COVID-19 (Coronavirus): UK Government Responds With Introduction Of Chapter 11 Lite And Suspension Of Wrongful Trading Laws

This client alert summarises the recent announcement by the UK government concerning reforms to UK insolvency law to help struggling businesses, being: •US-style restructuring tools to allow companies to continue trading as...more

COVID-19 (Coronavirus): UK Government Lending Programs And Considerations For Directors

As COVID-19 continues to cause widespread economic disruption, the UK government has announced lending measures to support struggling businesses. This alert summarises: •the measures available; •key legal considerations for...more

U.S. vs European TLB – What Are The Key Differences For European Direct Lenders, And What Do (Or Should) Such Lenders Care About?

In recent years the European direct lending market has grown dramatically. That expansion can be attributed to a number of factors, including (i) a sizeable jump in the number of private equity firms with direct lending...more

Crossing New Frontiers: European Direct Lenders And Their Foray Into The US TLB Market

In recent years the European direct lending market has grown dramatically. Such expansion can be attributed to a number of factors, including (i) a sizeable jump in the number of private equity firms with direct lending...more

The Truth about Dishonesty in Fraudulent Trading under English Law

Case: Pantiles Investments Ltd & Anor v Winckler [2019] EWHC 1298 (Ch) (23 May 2019) - A recent decision of the English High Court (the “Court”) has found a director guilty of fraudulent trading under s. 213 Insolvency Act...more

English Court Provides Guidance on Director Liability for Dividends - The High Court decision in Burnden Holdings clarifies the...

A recent decision of the High Court of Justice in England & Wales in Re Burnden Holdings (UK) Limited (in liquidation) [2019] EWHC 1566 (Ch) (“Burnden Holdings”) provides a thorough review of English dividends law, including...more

Return of Crown Preference at the Expense of Floating Chargeholders

Much controversy followed the British government’s announcement in 2018 that it intended to reintroduce a statutory priority for certain tax debts of companies subject to the UK insolvency regime. Following consultation by...more

Defrauding Creditors Through Dividends, and the Shift of Directors’ Duties

The Court of Appeal of England and Wales (“CA”) made a significant ruling on two matters affecting the powers and duties of directors of English companies....more

New UNCITRAL Model Law to Facilitate Cross-Border Restructuring and Insolvency

UNCITRAL has adopted and published a second model law to promote universalism of restructuring and insolvency. This new model law is now readily available for domestic implementation across the world. The earlier model law...more

11/15/2018  /  Insolvency , UK , UNCITRAL

How the UK Government's “No Deal Brexit” Planning Impacts Cross-Border Restructuring and Insolvency in the UK

English law restructuring and insolvency tools are used to implement financial restructurings and the external administration of foreign companies. The attractiveness of the English tools and legal system is highlighted by...more

English Law Routes Exhausted for Banco Esporito Santo Creditors: English Law Challenges to EU Bank Restructurings Firmly Closed...

Summary – Decision of U.K. Supreme Court - The U.K. Supreme Court has closed off a challenge to the restructuring of Banco Esporito Santo (BES) under English law. Through an emergency liquidity facility creditors had...more

Cross-Border Clash for the Brazilian Dutch Telco in the U.S. Courts

Distressed and special situations investors should take note of the U.S. Bankruptcy Court’s recent decision in Oi’s Chapter 15 case. We present our takeaways for investors. The U.S. Bankruptcy Court refused to recognise...more

Brexit Briefing: English Law Funding For European Banks In Focus As BES Creditors Left Behind… Again

The Court of Appeal has upheld the validity of Banco de Portugal’s exercise of its resolution powers, overturning last year’s decision of the High Court - The Facts - Readers familiar with this case will recall that...more

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