Liability management exercises, sometimes dubbed ‘creditor-on-creditor violence’, are now a defining feature of the global restructuring market. Their growing use has been matched by an increase in related litigation, and has brought with it what is for many restructuring professionals a whole new world of disclosure.

How does disclosure work in four key jurisdictions - England & Wales, New York, the Netherlands, and Luxembourg?

In the recent decision Sian Participation v Halimeda (Sian), the Judicial Committee of the Privy Council (the Privy Council) held on a BVI appeal that a winding-up petition should not be stayed or dismissed merely because the underlying debt is subject to a generally-worded arbitration agreement.

As widely blogged about, on 26 June 2020 the Corporate Insolvency and Governance Act 2020 (the Act) came into force, introducing both far-reaching wholescale reforms to the UK’s restructuring toolbox as well as temporary measures dealing with COVID-19 impacts on companies. The two most significant temporary measures for companies facing financial difficulties as a result of the COVID 19 pandemic were: