In the midst of the COVID-19 pandemic and the far reaching and drastic measures implemented in numerous countries around the world, we are receiving an increasing number of insolvency and restructuring enquiries from our clients.
As previously reported, the UK Government has announced that it will urgently bring forward proposed reforms to the corporate insolvency regime, to give "breathing space" to companies in financial difficulty as a result of Covid-19. The proposed reforms, based on a consultation in 2018, include new restructuring and temporary moratorium procedures.
This briefing looks at the measures being taken by the Singapore government to support businesses and meet the challenges posed by Covid-19, with the introduction of the Covid-19 (Temporary Measures) Act 2020 (the Act)1, and the Registrar's Circular No, 4 of 2020: Updates on Measures Relating to Covid-192, focussing on:
In what is good news for many organisations struggling with the economic challenges posed by Covid-19, the UK's Business Secretary announced over the weekend that the government will push forward with various reforms to the English insolvency laws; in effect fast tracking reforms that were under discussion back in 2018.
In what is believed to be the first case to deal with the question, any doubt as to whether the entirety of the duties owed by directors continue post administration or creditors’ voluntary liquidation (CVL) has been firmly laid to rest by the Insolvency and Companies Court’s (ICC) decision of ICC Judge Barber in Hunt (as Liquidator of Systems Building Services Group Limited) v Mitchie and Others [2020]1.
Saam Golshani and Alexis Hojabr, White & Case LLP
This is an extract from the first edition of GRR's The Art of the Pre-Pack. The whole publication is available here.
Christopher Harlowe and Christopher Levers, Mourant
This is an extract from the first edition of GRR's The Art of the Pre-Pack. The whole publication is available here.
The Cayman Islands has established itself as the jurisdiction of choice for financially sophisticated businesses such as hedge funds, private equity funds, special purpose vehicles and trusts that use offshore vehicles.
David Baxter and Brian O’Malley, A&L Goodbody
This is an extract from the first edition of GRR's The Art of the Pre-Pack. The whole publication is available here.
Introduction
Pre-packs in Ireland probably are not as common as they should be. In theory, a pre-pack is broadly available in each of our insolvency procedures: liquidation, examinership and receivership.
Dominic Emmett and Hannah Cooper, Gilbert + Tobin
This is an extract from the first edition of GRR's The Art of the Pre-Pack. The whole publication is available here.
Dennis F Dunne, Dennis C O'Donnell and Nelly Almeida, Milbank LLP
This is an extract from the first edition of GRR's The Art of the Pre-Pack. The whole publication is available here.
Introduction