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The UK’s Corporate Insolvency and Governance Bill - implications for firms in the commodity markets

The UK Department for Business, Energy and Industrial Strategy introduced the Corporate Insolvency and Governance Bill (the Bill)1 into Parliament on 20 May 2020. The Bill is due to proceed through Parliament on an accelerated timetable and is expected to come into force without changes towards the end of June 2020.

United Kingdom, Capital Markets, Company & Commercial, Derivatives, Insolvency & Restructuring, Reed Smith LLP, Corporate governance, Coronavirus, MiFID
European restructuring watch alert premier oil schemes - Scottish sanction judgment

On Wednesday 29 April the Outer House of the Court of Session in Edinburgh issued an opinion sanctioning two schemes of arrangement proposed by Premier Oil Plc and Premier Oil UK Limited (together, Premier Oil) (the Schemes). The Court addressed multiple grounds of challenge and did so without hearing live evidence, despite disputes of fact between the parties.

European Union, United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Dealing with stressed counterparties: Section 2(a)(iii) of the ISDA Master Agreement and the “Out of the Money” position

In the light of increased volatility across many markets and disruptions to economic activity, parties to transactions that are subject to ISDA Master Agreements1 will need to think about what strategies they would adopt if an Event of Default occurs with respect to their counterparties.

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USA, Derivatives, Insolvency & Restructuring, Litigation, Reed Smith LLP