The government has published a consultation paper looking at ways to improve the framework surrounding companies in or approaching insolvency. The policy objective is to reduce the risk of major company failures and their impact on a wider range of stakeholders, including employees and company pension scheme beneficiaries.
In an article that first appeared in the Winter 2017 issue of RECOVERY, Matthew Tait, Partner at BDO, and Matt Hill, Senior Associate at Osborne Clarke, put together a blueprint for practitioners considering turnaround work.
Spanish Congress debates a legislative proposal (Propuesta de Ley) to reinforce the fight against late payment in response to the European Union demand for the correct implementation of the Insolvency Directive (2011/7/EU). This proposal would establish a penalty system against defaulting companies.
Many tax-exempt organizations can now change their state of organization and retain their current tax exemption.
As has been widely reported, Carillion companies are being liquidated. This will affect their suppliers and the extended supply chain, including suppliers of contract workers and CIS subcontractors. There will be a lot of focus on debt and enforceability of things like pay when paid clauses (which, contrary to popular belief, are not always enforceable).
Two key changes made to Australian insolvency law enhance restructuring efforts in Australia and could improve outcomes for US investors.
The court awarded OpCo Noteholders in excess of $320 million in Make-Whole Amount and post-petition interest, confirming that make-whole is an enforceable liquidated damage claim.
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Court holds that TIA § 316(b) prohibits only non‐consensual amendments to an indenture’s core payment terms.
A unanimous panel held that Asarco’s settlement in bankruptcy for its “share of response costs” did not preclude it from later bringing a CERCLA contribution claim.