After the first two Volumes on Commencement of Insolvency Proceedings (2012) and the Treatment of Contracts in Insolvency (2013), Ranking and Priority of Creditors is the third Volume of the Oxford University Press’ International and Comparative Insolvency Law Series.

A growing number of public companies have recently added directors who are designees of activist hedge funds or other financial investors, often following a proxy contest or as a result of the settlement of a threatened or pending contest. These companies are now facing difficult questions about the flow of confidential information to and through these “constituency” directors, complicated by the perception or reality that these designees may be acting on behalf of or favoring the interests of their sponsors.

The renewable energy storage industry may still be in its infancy, but it holds immense potential – some estimates suggest that this will be a US$50 billion global industry by 2020. Across our global network, our energy lawyers are seeing more and more interest in energy storage projects with an increasingly diverse range of participants. Recent developments suggest that although e-storage costs will have to drop substantially to enable large scale implementation around the world, various technologies and applications are already economically viable and operational in various jurisdictions.

Welcome to issue 11 of Global Insight, bringing you breaking legal developments in restructuring law across borders and in jurisdictions around the world. This issue features: GUEST ARTICLE ■ Chinese companies and offshore debt AMERICAS ■ Bankruptcy sales for distressed hospitals: four questions to ask before you begin ASIA PACIFIC ■ Mirabela Nickel restructuring – an Australian first ■ China Credit – relaxation of restrictions on cross-border security ■ Cross-border insolvencies – recognition of foreign liquidators in Hong Kong CONTINENTAL EUROPE ■ New insolvency law in Romania – a step

Progress under the G20 and OECD Action 13 in regards to the Action Plan to tackle base erosion and profit shifting (‘BEPS’) continues at pace.

by DLA Piper - Jonathan Leitch, Partner With APCOA Parking, the English High Court sets out the latest line of authority in the increasing use of schemes of arrangement by foreign companies. Read more

by DLA Piper - Rick Chesley, Partner Interest rates that remain near zero and debt maturities that have been pushed out to 2017 and 2018 have helped drive chapter 11 filings to historic lows. Has this difficult environment put corporate restructuring on life support? Read more

by DLA Piper - Rick Chesley, Partner On March 14 2014 the Delaware Chancery Court found RBC Capital Advisors (RBC) liable for aiding and abetting the breach of fiduciary duty of the board of directors of Rural/Metro, stemming from the sale of the company to Warburg Pincus. Read more

by DLA Piper - Jasna Zwitter-Tehovnik, Partner and Joze Vranicar, Associate During the 1990s and up to the beginning of the recent financial crisis, the economies of Central and Eastern European countries experienced rapid growth. The privatisation of state-owned industries and the general opening-up of the market attracted foreign investment. Austrian banks invested heavily in the area and as a result, now hold a significant number of non-performing loans, secured on assets located within the CEE.

by DLA Piper - Michelle Ni Ghaboid, Senior Associate In the Q1 2014 edition of Global Insight, we discussed the progress already made in respect of the Proposed Amendments to the EC Insolvency Regulation as of April 2014. The European Parliament and the Council of the European Union have now considered the Commission’s proposed amendments. Read more