On 27 July 2022, the European Union (Preventative Restructuring) Regulations (the Regulations) were introduced which gave effect to EU Directive 2019/1023 on restructuring and insolvency[1] (the Directive). The Directive’s principal objective is to ensure that all member states have comparable and effective frameworks in place for early warning and prevention of corporate insolvency.

What remedies should lenders, borrowers and opportunistic credit investors prescribe in light of current market practice and documentation?

This article examines some of the current issues arising in leverage finance agreements on defaults and the expansion of express remedy terms that can impact on debt transfers.

Key Points

Houst Limited's (the Company) restructuring plan (under Part 26A of the Companies Act 2006) (RP) was recently sanctioned at the High Court on 22 July 2022.

KEY TAKEAWAYS

Introduction
Corporate debt discharge
Jurisdictional challenges
Asset tracing
Comment

Introduction

We consider the implications for office-holder claimants of the recent case ofKelmanson v Gallagher & De Weyer [2022] EWHC 395 (Ch).

The case raises interesting points of practice for insolvency practitioners: a director consciously trying to evade or 'game' the statute won't work to prevent office holder recovery, but a sincerely held but mistaken belief on the director's part as to what was being done doing could.

KEY POINTS:

Introduction
Key legal issues
Comment

Introduction

Introduction
Practical implications
Comment

Introduction

MR DOLLAR BILL LTD V PERSONS UNKNOWN AND OTHERS [2021] EWHC 2718 (Ch)

Federal Decree Law No (16) of 2021 (Factoring Law) was issued on 29 August 2021 and came into effect on 7 December 2021. The Factoring Law, whilst laying a legislative framework for a rapidly expanding trade finance industry in the United Arab Emirates (UAE), also provided much needed clarity from, and an update to, Federal Law No (4) of 2020 (Moveables Law) and Federal Law No (1) 1987 (Civil Code).

New entrants to the trade finance market

What is likely to be proposed?
What is the likely impact of these proposals?

Following the finance minister's speech proposing the Union Budget 2022, Parliament is likely to consider further amendments to the Insolvency and Bankruptcy Code 2016 (IBC) in 2022.