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Akin Gump Strauss Hauer & Feld LLP
The first restructuring plan cramming down HMRC as a secondary preferential creditor has been sanctioned.
Jersey
Collas Crill
In the last of a three-part series on Jersey and Guernsey law in the New Law Journal, Senior Associate Karen Stachura provides an overview of restructuring procedures available in the Channel Islands...
Walkers
In September 2020, only months into what we now know was to become a two-year Global Pandemic, we looked at what Covid-19 might mean for businesses and their creditors.
UK
Mayer Brown
Amy Jacks and James Morris discuss how to protect construction businesses from insolvencies.
Morrison & Foerster LLP
On July 7, 2022, the UK Insolvency Service, an executive agency of government responsible for a variety of roles in administering the UK insolvency regime, published a consultation...
Gatehouse Chambers
Dispute Resolution analysis: The High Court has granted an application to wind up a company incorporated in Luxembourg in a decision which sheds light on the application of cross-border insolvency principles...
Herrington Carmichael
When a company goes into a formal insolvency procedure, employees are understandably concerned about their job security and the company's ability to pay their salaries.
Gatehouse Chambers
Restructuring and Insolvency analysis: The respondents to a claim brought by the joint liquidators of BHS Group companies have successfully struck out parts of claims brought under sections 212 and 214 of the Insolvency Act 1986 ...
Herrington Carmichael
When a company is insolvent, the directors of a company are under a duty to protect the interests of the company's creditors.
Withers LLP
Holders of the bonds issued by Tuspark Forward Ltd ("TusPark") are organising a bondholder group to represent their interest in an expected restructuring of US$400 million 7.95% guaranteed bonds due 2024 ...
Mayer Brown
It is always critical, in order to preserve value or protect your position, to take swift action in an insolvency scenario. Over the last couple of years – with Brexit, the COVID-19 pandemic and, more recently...
Morrison & Foerster LLP
On 1 August 2022, the English High Court granted the administrators of Petropavlovsk PLC (the "Company") permission to enter into a sale of its Russian assets to Russian entity UMMC-Invest...
IR Global
Our recommendations to clients have not materially changed despite the current economic environment. We continue to recommend that businesses in financial distress be proactive and seek legal advice...
Morrison & Foerster LLP
On 19 July 2022, the UK government's Department for Business, Energy & Industrial Strategy released Market Guidance Notes on the NSI Act (which took effect on 4 January 2022). The NSI Act...
Herbert Smith Freehills
Historically, the Hong Kong courts have generally recognised foreign insolvency proceedings commenced in the jurisdiction in which the company is incorporated.
1 Chancery Lane
Two cases caught our eye this week, both relating to issues around service outside the jurisdiction, which as you would expect has been something of a talking point in the courts since Exit Day.
Worldwide
Herbert Smith Freehills
On 6 June 2022, Mr Justice Harris sanctioned a Hong Kong scheme of arrangement for Rare Earth Magnesium Technology Group (the Company)...
Ogier
Reports last week of the significant increase in corporate insolvencies and voluntary liquidations in England and Wales for Q2 demonstrate the combined impact of government COVID-19 support being withdrawn, soaring energy and fuel costs, ...
Katten Muchin Rosenman LLP
The UK government's proposals1 to only partially implement UNCITRAL's Model Law on Recognition and Enforcement of Insolvency-Related Judgments will not affect the "Rule in Gibbs."
Morrison & Foerster LLP
Is the rule in Gibbs justifiable in the context of modern international insolvency laws or is England clinging to an outdated rule simply to keep restructurings here?...
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