Key Takeaways

While it did not focus on bankruptcy relief, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act contained provisions relating to small bankruptcy debtors.

Buried in the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which is expected to be passed by Congress and signed by the President today, are revisions to the Bankruptcy Code that are relevant to creditors dealing with distressed debtors. Most notably, the bill will impact the recently-enacted Small Business Reorganization Act of 2019 (the “SBRA”) by increasing the potential pool of qualified debtors.

In Vizcaya Partners Ltd v Picard and another, the Privy Council recently held that anagreement to submit to the jurisdiction of a foreign court can arise through an implied term but there must be actual agreement (or consent). However, simply agreeing that an agreement should be governed by foreign law did not amount to agreement to the corresponding jurisdiction.

In SwissMarineCorporation Ltd v OW Supply & Trading[1], the High Court refused to grant an anti-suit injunction restraining Danish insolvency proceedings. This case provides a useful discussion of the circumstances in which the court are likely to grant an anti-suit injunction, and in particular where there are jurisdiction issues involving elements of both civil and insolvency proceedings.