A variety of steps have been taken to accommodate managers working during the lockdown. As at 20 April 2020, these measures are as follows:

1. More flexibility for the governance of funds

The increased flexibility for the governance of funds during lockdown orders enacted under the emergency legislation of 20 March 2020 can be found here.

In a highly anticipated decision issued last Thursday (on December 19, 2019), the United States Court of Appeals for the Third Circuit held in In re Millennium Lab Holdings II, LLC that a bankruptcy court may constitutionally confirm a chapter 11 plan of reorganization that contains nonconsensual third-party releases. The court considered whether, pursuant to the United States Supreme Court’s decision in Stern v. Marshall, 564 U.S. 462 (2011), Article III of the United States Constitution prohibits a bankruptcy court from granting such releases.