Watson Farley & Williams has developed the Global Aviation Restructuring Index (“GARI“), an online tool providing a comparative index of 50 restructuring processes in 25+ key aviation jurisdictions. GARI also assigns ‘debtor and creditor friendliness’ scores to each restructuring procedure, allowing for easy comparison across different procedures in the same or multiple jurisdictions. Please to access GARI.
Payment Orders were originally introduced in the CPC as a fast track route for creditors holding a financial instrument, such as a letter of credit or cheque, to obtain judgment against their debtor for what is a simple and indisputable debt. Payment Orders were rarely issued by the onshore UAE courts. In 2018, Cabinet Resolution No 57 of 2018 (the “2018 Cabinet Resolution”) significantly expanded the scope of application of Payment Orders by extending them to all admitted debts rather than simply those arising out of financial instruments only.
The case of Triple Point Technology Inc (Triple Point) v PTT Public Company Ltd (PTT) [2021] UKSC 29 has prompted considerable discussion in the construction industry.
Introduction
The UK Supreme Court has today handed down a significant and highly anticipated decision on the interpretation of liquidated damages clauses.
On 12 May 2021 the FCA issued finalised guidance for insolvency practitioners who are tasked with managing insolvencies of regulated firms.
Aiming to help insolvency practitioners understand how to deal with firms in line with FCA requirements, the guidance covers the process from end-to-end including expectations in the pre-insolvency stage and specific procedures relating to insolvencies and restructuring. The aim of the guidance is to assist with the minimising of the impact of a failure of a regulated firm
- The judgment in Bresco Electrical Services Limited (in liquidation) v Michael J Lonsdale (Electrical) Limited recognised that insolvent parties have an unfettered right to adjudicate.
- In so doing the judgment opened the door for Insolvency Practitioners to use adjudication, or the threat of adjudication, to resolve disputes arising under construction contracts.
PRIOR TO BRESCO
The current legislation, particularly the Coronavirus (Scotland) Act 2020; Coronavirus (No 2) (Scotland) Act 2020 and the Corporate Insolvency and Governance Act 2020, contain measures to protect debtors affected by Covid-19.
These measures restrict the options available to landlords and creditors and have been extended to remain in force until 30 September 2021, although some measures will cease on 30 June pending subject to any further extension which may be granted.
Commercial Leases
Irritancy
The second webinar in our series brought together WFW Real Estate Partner , George Nicholas, Global Head of Hotels at Savills, Felicity Black-Roberts, VP Acquisitions and Development – Europe and North Africa at Hyatt and Yannis Ermilios, Managing Director – Portfolio Management at Colony Capital. The panel debated the potential for M&A in the hotel sector, as it lined up to be the fastest-recovering of the real estate segments.
BITE SIZE KNOW HOW FROM THE ENGLISH COURTS
The Commercial Disputes Weekly will be taking a short break, returning on 6 April.
We appreciate that our clients, partners and friends are currently facing unprecedented challenges as a result of the spread of the COVID-19 virus. Click here for a message from our Managing Partners, and here for all of our latest updates and articles on the subject. If you have any questions or require support, please do not hesitate to speak to your usual contact at WFW.
Essential points to consider if your company is looking at ways to improve balance sheet strength, whether strategically, opportunistically, or to help repair the damage done by the pandemic.
60 SECOND BASICS
WHAT IS IT