With effect from 9 May 2022, a new Order 74C of the Rules of the Superior Courts came into operation. Order 74C facilitates the operation of the Companies (Rescue Process for Small and Micro Companies) Act 2021, which inserted a new Part 10A into the Companies Act 2014 (Part 10A).
On 11 May 2022, the Dáil and Seanad approved Ireland's opt-in to a regulation amending the Annexes to the European Insolvency Regulation, 2015/848 (EIR Recast). Regulation 2021/2260 (Amending Regulation) which replaces Annex A and B to EIR Recast came into force in January 2022.
On October 31, 2021, PWM Property Management LLC and eight of its affiliates (collectively, “PWM” or the “Debtors”) filed chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware.[1] The Debtors hold direct or indirect interests in two real properties—245 Park Avenue in New York City (“245 Park”) and 181 West Madison Street in Chicago (the “Chicago Property”). S.L.
On December 16, 2021, U.S.
Corporate restructuring transactions are often motivated by tax planning, though there are usually other legitimate corporate needs to be achieved. The Corporations Tax Code of Japan contains provisions granting the government power to deny the effects of corporate restructuring for tax purposes—e.g., Article 132 (for family company group transactions) and Article 132-2 (for intra-group mergers and other reorganizations). In recent years, Japanese courts have been trying to clarify the standard for denying the tax effect of certain restructuring transactions.
PH Insight for News and Analysis of the Latest Developments from the Courts of England and Wales for August 2021
In this edition. . .
The Companies (Rescue Process for Small and Micro Companies) Bill 2021 (Bill) detailing the government's proposed rescue process for small and micro companies (SCARP) has successfully passed through the Oireachtas and is expected to be signed into law shortly by the President. The legislation will be commenced at a future date by the Minister.
Background
The European Union (Insurance and Reinsurance) (Amendment) Regulations 2021 (2021 Regulations) will come into operation on 30 June 2021, giving effect to Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 (2019 Directive).
The 2019 Directive amends the Solvency II Directive (2009/138/EC), the MiFID II Directive (2014/65/EU) and the 4th Anti-Money Laundering Directive (2015/849/EU).
In a recent High Court decision, a provisional liquidator was ordered to pay the costs of the official liquidator (who replaced the provisional liquidator and was appointed as the new liquidator of the company) and Revenue without being entitled to have recourse to the assets of the company.
The Examinership of Norwegian Air
Key Features
// C O R P O R AT E R E S T R U C T U R I N G & I N S O LV E N C Y
The Examinership of Norwegian Air Group Key Features
On 26 May 2021 Norwegian Air Shuttle ASA (NAS) and related companies (Norwegian Air) exited examinership in Ireland. Through the restructuring Norwegian Air:
raised NOK 6 billion (590 million) in new capital through share and hybrid debt offerings;