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;
The Department of Enterprise, Trade and Employment has published the outline of proposed legislation for a dedicated rescue and restructuring framework for insolvent or potentially insolvent small and micro companies – see here.
Background
In a recent High Court decision, it was ruled that the liquidator not only failed in his application before the court, but in bringing forward an application that was 'doomed to fail', the liquidator was acting negligently and breached his duty of care to the company as liquidator. As a result, the liquidator was held personally liable for the costs of the application.
On 20 December 2020, Turkey enacted Presidential Decision No. 3433, which extends the period for applying and making payments vis-à-vis new restructuring regime on receivables contained in the Law on Restructuring of Certain Receivables and Amending Certain Laws No 7256 (“Restructuring Law”), which came into force 17 November last year.
On 24 September 2020, the European Commission (the Commission) relaunched its Capital Markets Union project with the publication of its ambitious new initiative,"A Capital Markets Union for people and businesses – new action plan" (the Action Plan). The purpose of the Action Plan is to reduce the current fragmented approach in financial markets and to tackle some of the remaining barriers to a single European capital market.
On 17 November 2020, Turkey enacted the Law on Restructuring of Certain Receivables and Amendment of Certain Laws No 7256, which allows the restructuring of certain public receivables and introduces several amendments to the tax legislation.
This article is produced by CMS Holborn Asia, a Formal Law Alliance between CMS Singapore and Holborn Law LLC.
In a judgment delivered on 14 October 2020, the High Court, in refusing to appoint an examiner to New Look Retailers Ireland Limited (New Look Ireland) ruled that it was "entirely premature to consider the appointment of an examiner". New Look Ireland trades under the brand name "New Look" and operates across 27 stores in Ireland.