In brief
In brief
What is it?
The UK Corporate Insolvency and Governance Act 2020 came into force on 26 June 2020. It introduced a new restructuring plan procedure amongst its package of permanent measures. The restructuring plan gives directors another tool when considering restructuring options. Directors faced with financial distress can now weigh up the new restructuring plan, or the existing “tried and tested” scheme of arrangement.
In brief
Baker McKenzie recently acted for the Foreign Representatives of Thai Airways International Public Company (Thai Airways), in successfully obtaining orders recognising the business organisation proceeding commenced by Thai Airways in Thailand as a foreign main proceeding pursuant to article 17 of the UNCITRAL Model Law on Cross‑Border Insolvency (the Model Law) which is incorporated into Australian law by the Cross‑Border Insolvency Act 2008 (Cth) (the Act).
Over the summer, we wrote about why health care companies may want to consider buying assets out of bankruptcy, taking advantage of the Bankruptcy Code Section 363 sale process (a “363 Sale”). We are back with our second post, to provide more detail to the process and discuss some pros and cons of 363 Sales.
The U.S. Court of Appeals for the Third Circuit recently confirmed that bankruptcy plans need not always recognize subordination agreements among creditors.
- Introduction
Under Hong Kong law, a company shall be deemed to be unable to pay its debts if a creditor, to whom the company is indebted of at least HKD 10,000 (around USD 1,290), has served on the company a demand requiring the company to pay and the company has not done so within three weeks.
In brief
The Insolvency, Restructuring and Dissolution Act (the IRDA) commenced on 30 July 2020. The IRDA is an omnibus legislation that consolidates Singapore's personal insolvency, corporate insolvency and debt restructuring laws into a single legislation. The IRDA will replace the Bankruptcy Act and the corporate insolvency and restructuring provisions in the Companies Act, each of which will be repealed. The IRDA also introduces new changes to the insolvency framework in Singapore.
Key changes to Singapore insolvency framework
This two-part blog series discusses why buyers looking to make strategic purchases in the health care industry might want to take advantage of the Bankruptcy Code Section 363 sale process (363 Sale) and the pros and cons of buying assets out of bankruptcy through a 363 Sale.
Earlier in March and prior to Covid-19 taking over both the world and the legal world, Mr Justice Snowden handed down his judgment in Bilta (UK) Limited (in liquidation) et ors v (1) Natwest Markets PLC and (2) Mercuria Energy Europe Trading Limited [2020] EWHC 546 (Ch) in which he found both RBS (as defined below) and RBS SEEL (also as defined below) liable for dishonest assistance and knowingly being a party to fraudulent trading. As demonstrated below, the judgment contains a number of cautionary lessons for both banks and traders alike.