Ronit J Berkovich and Olga F Peshko, Weil Gotshal & Manges

This is an extract from the 2020 edition of the Americas Restructuring Review, published by Global Restructuring Review. The whole publication is available here.

In summary

Timothy Graulich and Elliot Moskowitz, Davis Polk & Wardwell LLP

This is an extract from the 2020 edition of the Americas Restructuring Review, published by Global Restructuring Review. The whole publication is available here.

In summary

Fernando Daniel Hernandez, Marval O’Farrell & Mairal

This is an extract from the 2020 edition of the Americas Restructuring Review, published by Global Restructuring Review. The whole publication is available here.

In summary

A recent English Court of Appeal decision has held that legal advice privilege, once established, remains in existence unless and until it is waived. Whether there is no one to waive it; or whether the Crown could have waived it but has not done so; does not matter.

What was the Background to the Case?

The judicial managers of offshore oil and gas group Swiber have announced a restructuring plan for the company – which includes handing over shares to its professional services providers in part-payment of fees.

Judicial managers Bob Yap Cheng Ghee, Ong Pang Thye and Tay Puay Cheng of KPMG published the plan on 7 May, urging creditors to vote in favour to avoid Swiber’s liquidation.

Hong Kong’s restructuring scene is one of the most cross-border in the world, with three-quarters of its listed companies incorporated offshore and most restructurings having a mainland China connection. But the territory still lacks a statutory regime for cross-border recognition – as recently brought into focus in the restructuring of Singaporean engineering company CW Group. What does this mean for international insolvencies in the region?

EY's Hunter Kelly and Alan Hudson have been appointed administrators over UK construction services company Interserve, hours after it failed to secure shareholder approval for a restructuring plan.  

Kelly and Hudson were appointed over Interserve Plc, the holding company for the Interserve Group, on 15 March after the plan failed to win approval at a shareholders' general meeting earlier the same day. 

In the recent decision of Re M.D.Y. Construction Ltd [2018] IEHC 676 the Examiner sought to have proposals for a scheme of arrangement confirmed by the High Court pursuant to section 541 of the Companies Act 2014 (the "Act"). The most interesting feature of the case was that the scheme of arrangement was proposed for approval by the Interim Examiner before his appointment was confirmed by the High Court.

Arrangement to be approved the day after application to confirm appointment

Singapore’s new restrictions on ipso facto clauses are welcome news to the local restructuring community, and a strong step towards establishing it as one of the region’s premier restructuring hubs. But how will these restrictions affect innocent counterparties and existing commercial contracts, ask partner Guan Feng Chen and associate Jonathan Tang at Morgan Lewis Stamford?

New restrictions on ipso facto clauses

The recent decision of the Court of Appeal in The Governor and Company of the Bank of Ireland v O'Grady & Anor 2018 IECA 180 has confirmed that where anapplication for summary judgment is made, a defendant must establish that he has "an arguable defence" to the claim if proceedings are to be remitted to plenary hearing.

Background Facts