On 12 June 2025, the Council of the EU announced that member states have agreed on a general approach to a directive aimed at bringing national insolvency standards closer together. This draft directive is designed to make the EU more attractive to foreign and cross-border investors by reducing the legal uncertainties and complexities associated with differing national insolvency laws.
Introduction
On 20 May 2025, Mr Justice Marcus Smith handed down his eagerly-awaited judgment sanctioning the two inter-conditional restructuring plans (the Plans) proposed by members of the Petrofac Group. The judgment raises issues described as “going to the heart of the Part 26A regime” and is significant as the first case to consider the application of the Court of Appeal’s ruling in Thames Water.
The judgment addresses three particularly interesting points:
On 8 April 2025, Mr Justice Marcus Smith delivered judgment granting Petrofac Limited and Petrofac International (UAE) LLC (the Plan Companies) permission to convene creditor meetings in respect of two inter-conditional restructuring Plans (the Plans). The fulsome judgment, following hearings on 28 February and 20 March, contains a number of interesting points:
The Sino-Ocean restructuring plan is the first to be sanctioned in 2025 – but it starts the year off with a very interesting bang. In a relatively short (and commendably clear) judgment, the Court addresses head on:
New rules in the UK allow Companies House to share non-public information with insolvency officeholders and the Official Receiver.
While in many cases there may be limited non-public information available from Companies House that will be useful to insolvency officeholders, this is another tool available to deploy in appropriate cases. It is specifically envisaged to assist officeholders pursuing claims for fraudulent and wrongful trading, transactions at an undervalue and preferences.
On 13 December 2024, EU member states agreed on a ‘partial’ general approach to the harmonisation of insolvency law.
2022年8月31日、ケイマン諸島のリストラクチャリング・オフィサー制度が施行されました[1]。この制度は、ケイマン諸島における支払不能状態会社の再建に関して、更に柔軟な再建方法を導入するものです。これは、リストラクチャリング請願の提出日から自動支払猶予期間が開始するというという特色もあります。
リストラクチャリング・オフィサー制度導入前において[2]、法定支払猶予の効果を有する再建方法は、ケイマン諸島における裁判所監督形式である再建手続において「ライトタッチ」（訳注：一時的な関与のみの想定）ベースの暫定清算人が選任される場合に限定されていました[3]。リストラクチャリング・オフィサー制度は、その手続面を見直し、さらにその利用に際して障害となるものを取り除いています。これには、(a)暫定清算人選任前に会社清算請願を提出しなければならない点（これは社会的信用を毀損する結果もたらします。）[4]、および、(b)暫定清算人が選任されるまでの間は支払猶予が認められない点[5]が含まれます。
2022年8月31日より前、ケイマン裁判所は、会社法（Companies Act）第104条(3)に基づく会社清算請願が提出された場合、以下の両要件を満たすときに、ライトタッチの暫定清算人を選任することができました。
The Abu Dhabi Global Market (the “ADGM”) courts have recently handed down their decision in NMC Healthcare Limited & Others v Shetty & Others ([2024] ADGMCFI 0007). The decision deals with several important principles in relation to fraudulent/wrongful trading liabilities under ADGM law. Given the ADGM re-domiciliation (or continuation) regime, enabling companies incorporated elsewhere to be redomiciled to ADGM with relative ease, the decision is likely to be of interest beyond the borders of the ADGM.
The UK National Security and Investment Act came into force on 4 January 2022, significantly extending the UK Government’s power to investigate and intervene in transactions which pose, or could pose, threats to the UK’s national security.
On 17 April 2024 the UK Jurisdiction Taskforce (theUKJT), chaired by Sir Geoffrey Vos published its Legal Statement on Digital Assets and English Insolvency Law.