The United Kingdom Department for Business, Energy and Industrial Strategy has announced that certain temporary measures put in place under the Corporate Insolvency and Governance Act 2020 (CIGA), which became law on 26 June 2020, will be extended.
Statutory Demands and Winding-Up Petitions
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
As we attempt to mitigate the potential effects of the COVID-19 pandemic on our global supply chain, stakeholders should be actively considering downstream impacts. In this current environment, considering prospective internal and external bankruptcy and restructuring threats may be more important than ever.
Introduction
Introduction
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.
Executive Summary
- New legislation will introduce permanent and temporary reforms to the UK restructuring and insolvency regime
- Permanent reforms: company moratoriums; restructuring plans; the prohibition of insolvency termination clauses in supply contracts
- Temporary reforms: suspension of the director wrongful trading offence; restriction on the service of statutory demands and winding up petitions
Overview