1. Companies Seek More Liquidity – As access to capital may decrease in the coming year, companies on the periphery of needing more operations income are reaching out to lenders to capture the full amount of capital they can borrow currently.
2. Correction in Valuations of Companies Without Apparent Underlying Assets – Investors are scrutinizing the valuations of companies more closely, particularly those whose probability of success is tied to nascent products or services.
3. Operations Right-Sizing is Underway – Companies are

Summary of Key Uniform Commercial Code (UCC) Amendments

The High Court has made an order appointing an inspector to investigate alleged fraud and unlawful activity by a company. It appears that this is the first time the order has been made on the application of a creditor seeking to recover its “investment”.

Part 13 of the Companies Act 2014¹ sets out the mechanism for the statutory investigation of the affairs of a company. Chapter 2 provides for the court appointment of an inspector to carry out a fact-finding investigation and report to the court. This is a discretionary relief.

Are customers’ digital assets held by exchange platforms in so-called “Custodial” and “Withhold” accounts property of the bankruptcy estate? This may be coined the golden question in the recent crypto bankruptcy chronicles, and at a status conference held Oct. 7, 2022, Bankruptcy Judge Martin Glenn of the Southern District of New York scheduled Dec. 7 and Dec. 8 as tentative dates to hear oral arguments on the issue.

In life (as in business), as Heraclitus said, “the only constant is change.” In today’s fast-paced economy, this axiom should be kept in mind during contract negotiations, especially in a bear market.

In BTI 2014 LLC v.

A recent High Court decision has a useful discussion of the law on common interest privilege in Ireland.

In these proceedings,¹ the plaintiff trustee in bankruptcy sought to recover funds from the defendant. The trustee claimed that these funds formed part of a bankrupt’s personal property and should be recovered for the benefit of his creditors.

Yesterday, 17 October 2022, Revenue announced a significant update to the Debt Warehousing Scheme (DWS). Under the DWS, taxpayers with deferred liabilities had until the end of 2022 (and for certain qualifying business, 30 April 2023) to either settle their outstanding liabilities (at 0% interest) or to establish a Phased Payment Arrangement with Revenue (at 3% interest). In light of the current challenging economic environment, Revenue have now extended this deadline to 1 May 2024.

In both jurisdictions the general consensus was that where a company is insolvent, the fiduciary duty of its directors to act in the interest of the company (Irish law), or in the way they consider, in good faith, would be most likely to promote the success of the company in the interests of its members as a whole (English law), altered such that directors were required to treat creditors' interests in priority to shareholders' interests. Directors must consider the interests of creditors as a whole, and not just the interests of any individual creditor or class of creditors.

The director of an insolvent company appealed a restriction order made against him. The order prevented the appellant from acting as a company director or secretary for a 5-year period under section 819 of the Companies Act 2014 (the “2014 Act”). The Court of Appeal dismissed the appeal as the appellant failed to satisfy the court that he acted responsibly in the conduct of the company’s affairs.