When the Corporate Insolvency and Governance Act 2020 (CIGA) introduced the restructuring plan in England, comparisons with plans of reorganization under chapter 11 of the United States Bankruptcy Code (U.S. Bankruptcy Code)...more
In this edition of Restructuring Watch, we reflect on the first court decision on the moratorium procedure, some recent schemes and restructuring plans, the lifting of the remaining pandemic-related restrictions for...more
Welcome to the first edition of Restructuring Watch from the Akin Gump financial restructuring team in London. These editions will provide short and accessible updates on key legal developments in the European restructuring...more
In a noteworthy decision handed down on 17 December 2021 (“Decision”), the High Court of Hong Kong recognised the Mainland China bankruptcy administrator (“Administrator”) of Peking University Founder Group Limited (PKU) and...more
In the groundbreaking recent decision in Re Samson Paper Company Limited (in Creditors’ Voluntary Liquidation) [2021] HKCFI 2151 (“Samson”), the Hong Kong Companies Court (the “Hong Kong court”) has for the first time issued...more
On May 14, 2021, the Department of Justice of the government of the Hong Kong Special Administrative Region announced that the Secretary for Justice of Hong Kong and the Vice-president of the Supreme People’s Court (the...more
In this episode, Akin Gump financial restructuring partners Lois Deasey and Liz Osborne offer an overview of creditors' fees related to English law schemes of arrangement.
Among the topics covered:
- The class and...more
The Corporate Insolvency and Governance Act (the “Act”) received Royal Assent on 25 June 2020 and is now in force. As anticipated in our client alert of 26 May 2020, the Act represents the most extensive changes in the...more
The economic landscape has changed immeasurably as a result of the COVID-19 pandemic. Access to cheap credit has disappeared, and many companies have raced to draw down on existing facilities in an effort to access as much...more
6/12/2020
/ Borrowers ,
Business Disruption ,
Coronavirus/COVID-19 ,
Corporate Restructuring ,
Debt Restructuring ,
Economic Downturn ,
Insolvency ,
Investors ,
Legislative Agendas ,
Lenders ,
Liquidity ,
Relief Measures ,
UK
The Corporate Insolvency and Governance Bill (the “Bill”) was laid before Parliament on 20 May 2020 and represents the most extensive changes in the insolvency landscape since the Enterprise Act came into force in 2003. Many...more