Fulltext Search
United Kingdom: Pensions - Corporate Governance and Insolvency Act 2020 comes into force

In brief

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Baker McKenzie, Corporate governance, Coronavirus, UK House of Commons
UK Government Announces Insolvency Law Reforms to Assist Companies Dealing with COVID-19-Related Insolvency Issues

Not for the first time in the current pandemic crisis, the UK government has found itself playing catch up with other countries. Over the weekend the UK followed the lead of governments in Germany and Australia by announcing plans to introduce a temporary relaxation of the existing wrongful trading regime for company directors. It has also taken the opportunity to revive the previous government's plans to add to the existing UK insolvency law "toolkit" by introducing a new debtor-friendly restructuring law.

Wrongful trading

United Kingdom, Company & Commercial, Insolvency & Restructuring, Public, Baker McKenzie, Brexit, Coronavirus
Marblegate: what does it mean for European restructurings?

In a highly-anticipated decision on a long-running bondholder dispute, the US Court of Appeals for the Second Circuit issued its judgment last week in Marblegate Asset Management LLC v Education Management Corp. It concluded that “Section 316(b) [of the US Trust Indenture Act 1939] prohibits only non-consensual amendments to an indenture’s core payment terms”, i.e. the amount of principal and interest owed and the maturity date.

European Union, USA, Capital Markets, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Consideration, Second Circuit