Mr Justice Zacaroli has handed down his judgment in Hurricane Energy plc [2021] EWHC 1759 (Ch).
Summary
The Court declined to approve the cross-class cram down of Hurricane’s shareholders as part of the Part 26A restructuring plan because the available evidence did not demonstrate that the shareholders were “no worse off” as a result of the restructuring plan. On that basis the restructuring plan failed.
Mr Justice Zacaroli has handed down his judgment in Carroway Guildford (Nominee A) Limited and 18 others and (1) Regis UK Limited, (2) Edward Williams (as Joint Supervisor of Regis UK Ltd) and (3) Christine Mary Laverty (as Joint Supervisor of Regis UK Ltd) [2021] EWHC 1294 (Ch) following his decision in the New Look challenge last week.
Summary
On 27 December 2016, the Board of the Romanian Financial Supervisory Authority (“FSA”) analysed the status of the insurance and reinsurance undertaking LIG Insurance SA, ultimately, commencing bankruptcy procedures against LIG Insurance SA and withdrawing its license to carry on insurance and reinsurance activity (FSA Decision 2347/2016).
According to the FSA, on 31 October 2016 the company had: (i) negative own capital of RON 56.2 million; and (ii) a liquidity ratio of 0.44, resulting in concern over its capacity to cover its due obligations using own funds.
On 27 July 2016, the Board of the Romanian Financial Supervisory Authority (“FSA”) analysed the status of the Romanian insurance undertaking Carpatica Asig SA, considering several audit and assessment reports. The outcome of the FSA analysis was the commencement of the bankruptcy procedures against Carpatica Asig SA.
Synopsis:
CMS today publishes a White Paper examining whether there is a case for a special insolvency regime in the oil and gas industry.
Introduction:
Wide ranging changes to insolvency law will come into force on 1 October 2015 that will have repercussions for insolvency practitioners, directors and D&O insurers alike. One of the more significant - and controversial - changes allows office holders in insolvency proceedings to assign claims deriving from those proceedings to third parties. The implications of this are potentially far reaching and are discussed below.
New powers of assignment
On 26 August 2015, the Board of the Romanian Financial Supervisory Authority (“FSA”) analysed the status of the Romanian insurance undertaking ASTRA SA, considering the report of the special administrator, KPMG Advisory.
According to the FSA, on 30 June 2015, ASTRA SA had: (i) a negative available solvency margin of approximately RON 871 million (approximately EUR 197 million), (ii) a liquidity ratio of 0.03, and (iii) a capital shortage of approximately RON 968 million (approximately EUR 220 million).
On 26 March 2015, the Deregulation Bill and the Small Business, Enterprise and Employment Bill received Royal Assent. These Acts make a number of important changes to the law affecting directors, insolvency law and regulation.
The changes affect (among other things) directors’ liabilities, the powers of administrators and the rights of creditors. While some changes are relevant to all those advising companies and directors, others are of interest principally to insolvency officeholders.
The Insolvency Service has issued a call for evidence inviting comments on the issues with, and improvements that could be made to, the collective redundancy consultation requirements for employers faced with insolvency.
On 16 April 2014, the Official Gazette published Norm 5 of 2014 of the Romanian Financial Supervisory Authority (the“FSA”) as a supplement to several regulations relating to the calculation of the re/insurer’s solvency margin, the minimum solvency margin and the safety fund (“Norm 5/2014”).