The temporary restrictions on the winding up of companies were lifted on 31 March 2022. This means the legal regime governing insolvency has returned to its pre-pandemic approach.
The pre-31 March position
The English High Court has rejected a creditor's application to bring a moratorium to an end following the monitors' decision not to terminate the moratorium.
Background
A monitor must terminate the moratorium if they 'think' that the company is unable to pay any pre-moratorium debts for which the company does not have a 'payment holiday'. Surprisingly, debts arising under an agreement involving 'financial services' are excluded from the payment holiday.
Decision
On 21 December 2021, the UK government launched the future of insolvency regulation consultation, proposing significant changes to insolvency regulation which it says 'has not kept pace with developments in the insolvency market.'
Analizamos las principales novedades introducidas en el Proyecto de Ley de reforma del texto refundido de la Ley Concursal, recientemente publicado en el Boletín de las Cortes. Ofrecemos, además, un documento comparativo en el que mostramos todos los cambios que incorpora el texto respecto del anteproyecto inicial publicado el pasado mes de agosto.
On 15 November 2021, the English Court released its reasoned judgment for the sanction of Amicus Finance Plc's (Amicus) restructuring plan.
Background
Amicus, a short term property lender, entered administration in 2018. The administrators proposed a restructuring plan to compromise creditors' claims, exit the administration and ultimately restore the company as a going concern. The company faced imminent liquidation if the plan was not approved. Secured creditor, Crowdstacker, an online peer-to-peer lending platform, opposed the plan.
The High Court recently decided that a prosecution could be brought against an administrator under the Trade Union and Labour Relations (Consolidation) Act (TULRCA) in R (on the application of Palmer) v Northern Derbyshire Magistrates' Court [2021] EWHC 3013.
El pre-pack concursal se está implementando en España de manera paulatina a través de diversos protocolos y resoluciones judiciales. Ofrecemos un mapa desde el que se podrá acceder a las novedades que vayan surgiendo en este terreno.
Se amplía la moratoria concursal hasta el 30 de junio de 2022
El 24 de noviembre se publicó en el Boletín Oficial del Estado (BOE) el Real Decreto-ley 27/2021, de 23 de noviembre, por el que se prorrogan determinadas medidas económicas para apoyar la recuperación. Dicha norma recoge, entre otros aspectos, la extensión, hasta 2022, de la aplicación de ciertas medidas favorables a las empresas, en materia concursal, societaria, administrativa y de avales y ayudas públicas.
Selección de las principales resoluciones sobre reestructuraciones e insolvencias.
Homologada la refinanciación del Grupo Naviera Armas
Auto del Juzgado de lo Mercantil núm. 1 de Las Palmas de Gran Canaria de 27 de octubre de 2021
The High Court recently dismissed a landlord creditor's application to overturn a company voluntary arrangement (CVA) initiated by coffee shop chain Caffé Nero. Here, we recap the key facts of the case and summarise the highlights of the High Court's ruling.
The facts
In November 2020, Caffé Nero – hit hard by the COVID-19 pandemic – proposed a CVA to creditors to compromise rent arrears (at 30p in the £1) and reduce future rents for the company's premises.