On 25 June 2020, the Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent and it now forms part of UK law. Among other provisions, the Act addresses the difficulties faced by UK companies as a result of the COVID-19 pandemic when it comes to holding meetings of shareholders and filing documents with the UK Registrar of Companies (Companies House).

The Act includes the following in relation to company meetings and filings:

Meetings

Die Geltung von Tarifverträgen kann nicht davon abhängig gemacht werden, dass die Arbeitsvertragsparteien mit einer Bezugnahmeklausel auf die Tarifverträge verweisen.

Das BAG hat entschieden, dass die Tarifvertragsparteien in Tarifverträgen nicht vereinbaren können, dass trotz beiderseitiger Tarifgebundenheit von Arbeitnehmer und Arbeitgeber die Ansprüche aus einem Tarifvertrag nur dann bestehen sollen, wenn die Arbeitsvertragsparteien den Tarifvertrag durch eine Bezugnahmeklausel individualvertraglich nachvollziehen.

El RDL 16/2020 de 28 de abril y el Texto Refundido de la Ley Concursal, que entrará en vigor el 1 de septiembre de 2020, han suscitado numerosas cuestiones, a la vista de la situación compleja que previsiblemente se avecina. Para abordar, desde un punto de vista práctico y ágil, las principales novedades que plantean, Bird & Bird celebró el pasado 30 de junio un webinar, bajo el título Principales novedades en materia preconcursal y concursal a raíz del RDL 16/2020 y el nuevo Texto Refundido de la Ley Concursal.

The US Court of Appeals for the Tenth Circuit has ruled that proceeds from property that was fraudulently transferred cannot be recovered under Section 550 of the Bankruptcy Code.[1] This decision limits a subsequent recipient’s exposure where the initial transferee of the property had altered the form of the property that was initially received prior to transferring it to that subsequent recipient.

The Main Street Lending Program is designed to help companies that were in sound financial condition prior to the COVID-19 pandemic to maintain their operations and payroll until conditions normalize. This White Paper gives a broad understanding of the program’s terms and implications by delving into the key questions that market participants are likely to have about the program and addressing the latest changes implemented in the final legal forms and agreements. 

The Corporate Insolvency and Governance Act 2020 (the "Act") represents big changes to the current insolvency legislative framework and potentially to companies who may be affected by an insolvency within their supply chain. It will introduce new protections for insolvent companies against creditors wishing to exercise termination rights within supply contracts and against more aggressive creditor action.

The Corporate Insolvency and Governance (CIG) Act 2020, which was enacted on 25 June 2020, introduces a number of permanent changes to the insolvency and restructuring framework in the United Kingdom, some of which have specific ramifications for the aviation sector. Crucially, the moratorium provisions in the CIG Act do not displace the protections afforded to creditors who have registered their interests under the Cape Town Convention.

Corporate Insolvency and Governance Act: Key Features

Three key features of the CIG Act 2020 are:

The Corporate Insolvency and Governance Act 2020 came into effect in the United Kingdom on 26 June 2020. It makes major changes to UK insolvency law. The full extent of those changes will only become apparent in the following months, as the courts and insolvency practitioners grapple with its 254 pages. Three strange aspects of the Act will fundamentally affect how financings to UK companies are structured and documented.

Elearning company Skillsoft provided two expedited alternatives to bankruptcy in its first-day filings in the Bankruptcy Court for the District of Delaware.

The UK Corporate Insolvency and Governance Bill, currently progressing through UK Parliament, will have an impact on various stakeholders in the aviation industry once enacted, due to its moratorium, supply contract, and restructuring plan provisions.

Key Features

The UK Corporate Insolvency and Governance Bill has three key features: