Despite the sector's current strong performance, many survey respondents believe the industry needs even more capital and liquidity. In addition, most expect restructurings and insolvencies to increase in 2020
The robust funding environment and expectations of increased investment reflect the aviation industry's strong aggregate performance. In large parts of the sector, both liquidity and capital remain unconstrained, not least in an era of historically low financing costs.
On 3 June 2016, the Hong Kong Government gazetted the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (“Amendment Ordinance”). The date of commencement of the Amendment Ordinance will be appointed by the Secretary for Financial Services and the Treasury by notice published in the Gazette.
Background
During its 44th congress in Toronto, on September 17, 2014, the International Association for the Protection of Intellectual Property (AIPPI) adopted a resolution on "IP Licensing and Insolvency". The resolution regarding "Question Q241" can be accessed via AIPPI's website using the following link:https://www.aippi.org/download/commitees/241/RS241English.pdf.
The Resolution
A crisis far beyond anything experienced in recent memory
The way in which regulators, investors, banks and governments respond to the current sovereign debt challenges will echo for many years. Decisions made today will, for better or worse, continue to have consequences far beyond our current time horizon. Getting it right will not be easy.
At the COP26 climate summit in November 2021, over forty countries committed to phase out use of coal-fired power.
On 30 March 2022, the English court sanctioned the most recent restructuring plan proposed by Smile Telecoms Holdings Limited (Smile).
Over the last 12 months, global markets have been amazingly resilient, indeed even buoyant, aided in large part by governments around Europe and the world providing seemingly unlimited funding and extensive financial stabilisation measures, such as quantitative easing.
This, coupled with protective legislation for companies to prevent insolvency filings and to ensure continued trading – for example, moratoriums, relaxations on insolvency filing obligations and restrictions on creditor actions – has given businesses significant breathing space and prevented widespread failures.
The truism that every crisis brings about opportunities also applies to mergers and acquisitions (M&A). Companies that encounter difficulties as a result of the COVID-19 pandemic, or even have to file for insolvency, will have to seek equity investors or joint venture partners, or otherwise sell parts or, in worst cases, all of their business operations. This provides ample opportunities for corporate buyers to enter a new market or expand their existing business or portfolio – for an attractively low price.
Following the global implementation of stay-at-home orders in response to the novel coronavirus, businesses suffered unprecedented declines in demand. As the United States struggles to reign in the contagion, a number of household names – from Chuck E. Cheese to J.C. Penney – have filed for bankruptcy. Logically, distressed M&A transactions should rise as corporations struggle under historic levels of debt, but who is poised to take advantage of a boom in distressed M&A, what are the new realities of distressed M&A and how will these transactions proceed?
What is the preventive restructuring framework and what are its key features?
Where there is a likelihood of insolvency (but importantly where the debtor is not yet insolvent as defined by national law), Member States must provide debtors with access to a preventive restructuring framework that enables them to restructure, with a view to preventing insolvency and ensuring their viability.