This week, the Third Circuit issued an opinion in NJDEP v. American Thermoplastics Corp et al., No. 18-2865, which adds a new wrinkle on CERCLA section 113(f)(2), which bars non-settling parties from bringing claims for contribution against settling parties, while also placing new emphasis on CERCLA section 104 cooperative agreements in the context of settlements.
Background
On 26 June 2020, the Corporate Insolvency and Governance Act (CIG Act) came into force which introduced fundamental changes to the UK’s company and insolvency laws which not only provide temporary assistance to companies and their directors during the Coronavirus Disease 2019 (COVID-19) crisis, but on a permanent basis have significantly bolstered the UK’s restructuring tool kit. Amongst other matters, the CIG Act implements measures contained in the UK Government's consultation on Insolvency and Corporate Governance which concluded in August 2018.
A comparison of the new Dutch Scheme and the new UK Restructuring Plan.
Introduction
A comparison of the new Dutch Scheme and the new UK Restructuring Plan.
Introduction
GOVERNANCE & SECURITIES LAW FOCUS
JULY 2020/LATIN AMERICA EDITION
Below is a summary of the main developments in U.S., EU, and U.K. corporate governance and securities law since our last update in May 2020.
See our page dedicated to the latest financial regulatory developments.
IN THIS ISSUE
GOVERNANCE & SECURITIES LAW FOCUS
JULY 2020/EUROPE EDITION
Below is a summary of the main developments in U.S., EU, U.K. and Italian corporate governance and securities law since our last update in April 2020.
See our page dedicated to the latest financial regulatory developments.
IN THIS ISSUE
UK CORPORATE INSOLVENCY AND GOVERNANCE ACT 2020
9 JULY 2020
IN THIS ISSUE:
Permanent Insolvency Changes A New Standalone Moratorium A New Restructuring Plan Ipso Facto Termination Clauses
Temporary Insolvency Changes Modification of Wrongful Trading Liability Statutory Demands Winding Up Petitions Winding Up Orders
Further Changes
Governance Changes Company Meetings Company Filings
Final Thoughts
On June 2, 2020, Judge Donald R. Cassling of the United States Bankruptcy Court for the Northern District of Illinois held that a state executive order suspending dine-in services to address the COVID-19 pandemic (the “Executive Order”) constituted a force majeure event that partially excused performance under the applicable lease agreement. In re Hitz Restaurant Group, No. 20-B-05012, 2020 WL 2924523 (Bankr. N.D. Ill. June 2, 2020).
NORTHERN DISTRICT OF ILLINOIS BANKRUPTCY COURT HOLDS THAT EXECUTIVE ORDER BARRING RESTAURANT OPERATIONS ON-PREMISES IN LIGHT OF COVID-19 IS A FORCE MAJEURE EVENT THAT PARTIALLY EXCUSES DEBTOR RESTAURANT’S PAYMENT UNDER THE LEASE
In Mexico, all a debtor’s assets are subject to account for the performance of its obligations, except for those assets which, pursuant to law, are inalienable or cannot be attached.1 When a debtor is unable to pay its debts as they become due, it falls into insolvency which is an economic phenomenon with financial, social and legal consequences. When a debtor is unable to pay its debts as they become due, the Mexican legal system provides a mechanism to address the collective satisfaction of the claims with the assets of the debtor.