This client alert summarises the recent announcement by the UK government concerning reforms to UK insolvency law to help struggling businesses, being:
Key Takeaways |
As COVID-19 continues to cause widespread economic disruption, the UK government has announced lending measures to support struggling businesses. This alert summarises:
- the measures available;
- key legal considerations for directors hoping to take advantage of new debt; and
- practical steps directors can take to protect themselves from personal liability.
This alert is relevant to directors of disrupted, stressed, and distressed companies who are considering additional borrowing.
What has the government announced?
Case: Lehman Brothers International (Europe) (in administration) [2018] EWHC 1980 (Ch), Hildyard J (27 July 2018)
The oil and gas industry in the United States is highly dependent upon an intricate set of agreements that allow oil and gas to be gathered from privately owned land. Historically, the dedication language in oil and gas gathering agreements — through which the rights to the oil or gas in specified land are dedicated — was viewed as being a covenant that ran with the land. That view was put to the test during the wave of oil and gas exploration company bankruptcies that began in 2014.
Summary
Case:Pantiles Investments Ltd & Anor v Winckler [2019] EWHC 1298 (Ch)(23 May 2019)
The High Court decision in Burnden Holdings clarifies the law on retrospective attacks on the declaration of dividends.
SUMMARY
Summary
On February 25, 2019, the United States Court of Appeals for the Second Circuit issued a decision holding that a trustee is not barred by either the presumption against extraterritoriality or by international comity principles from recovering property from a foreign subsequent transferee that received the property from a foreign initial transferee.
SUMMARY
The Court of Appeal of England and Wales (“CA”) made a significant ruling on two matters affecting the powers and duties of directors of English companies.