The new Spanish Bankruptcy Law in September 2022 (TRLC)¹ ushered in perhaps the most radical changes to the domestic restructuring market in any EU Member State that has so far implemented the EU Directive on Preventive Restructuring.² For the first time, following satisfaction of certain conditions, the disenfranchisemen

The UK water industry is rarely out of the headlines, whether for operational performance issues or reports of perpetual financial distress. It may therefore be more than a coincidence that the UK government has chosen now to introduce new rules for the special administration regime (SAR) that applies to water companies.

This article analyses India’s proposal to adopt the UNCITRAL Model Law on Cross-Border Insolvency.

This 2nd article in our 2-part series on ‘Employment Contracts vis-à-vis CIRP’ examines the validity of ipso facto clauses which permit employees to terminate their employment on the occurrence of an insolvency event; and acknowledges the duelling priorities of upholding contractual freedom and ensuring that the debtor remains a ‘going concern’.

This is the 1st article in a 2-part series on employment contracts vis-à-vis CIRP. The article examines whether a resolution professional can enforce an employment contract (for an employee, not a ‘workman’) during the moratorium period.

GoFirst’s insolvency has highlighted issues surrounding the insolvency resolution of commercial airlines. This article analyses the issues facing stakeholders, and the adequacy of extant regulations to address these.

FSMA 2023 includes a court procedure for failing insurers to temporarily write-down liabilities, with implications for counterparties.

This article was first published on India Business Law Journal on 11 September 2023.

This article was first published on India Business Law Journal on 22 June 2023.

In M Suresh Kumar Reddy v Canara Bank and Ors, the Supreme Court clarified that its observations inVidarbha Industries Power Limited v Axis Bank Limited were restricted to the particular facts of that case. Therefore, except in exceptional circumstances, National Company Law Tribunals (NCLT) must admit applications under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), once the existence of a debt and default is established.

The ruling, which held that the transaction did not violate the implied covenant of good faith and fair dealing, highlights the importance of carefully drafting lending documents.

On June 6, 2023, Judge David Jones of the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court) held that the 2020 Serta Simmons "uptier" transaction (the Transaction) was permitted under Serta's existing 2016 credit agreement (the Credit Agreement), a decision that could have broad implications for the permissibility of such transactions.1