2020年の初めに新型コロナウイルス感染症（COVID-19）パンデミックが広がり始めてから、その拡散を抑えるために全米の州知事が事業の閉鎖を命じる行政命令を出しました。多くの事業主が、事業閉鎖期間の賃料の支払義務から逃れるための救済手段を探ろうとして賃貸借契約書、特にその不可抗力(force majeure)条項を調べました。事業体やその弁護士は、今まで経験したことのない性質のパンデミックと相次ぐ事業閉鎖を目の当たりにしていますが、そのような重要事項の指針となる判例はわずかしかありませんでした。しかし、イリノイ州J.B.プリツカー知事がCOVID-19危機の対応策として、レストランに対して同施設で食事をする客に料理を出す(on-premises consumption)ことを禁じる行政命令を出した結果1、 Hitz Restaurant Group事件において、イリノイ州北部地区連邦破産裁判所は、近時、賃貸借契約書に含まれる不可抗力条項に基づき、テナント（賃借人）‐債務者の賃料支払義務は一部免除されると判示しました。
概要
新型コロナウイルス感染症（COVID-19）パンデミックが、引き続き世界経済に多大な被害を及ぼしています。そのような状況で、破産手続の申請により債務救済措置を講じる米国会社の数が増えていることにお気づきかもしれません。この数カ月のうちに破産手続の申請をした企業には、J.C. Penney、Hertz、Gold’s Gymをはじめとして、最近ではChesapeake EnergyやBriggs & Strattonなど、多種の産業セクターに属する会社が含まれています。米国では、2020年後半に、COVID-19による倒産・破産件数が急増する傾向があり、そのような傾向は2021年に入ってもさらに続くことを予測しているビジネス・アナリストもいます。 |
Executive Summary
A new Act, the Corporate Insolvency and Governance Act 2020, restricts many suppliers’ rights to exit commercial agreements due to restructuring or insolvency-related causes, even where those rights are expressly set out in the contract.
Since the release of the film Titanic in 1997, debate has persisted whether Rose could have shifted over slightly to let Jack onto the driftwood after they found themselves thrown from the sinking ship into the North Atlantic. Was there space? Would they both have frozen? Who knows.
The Corporate Insolvency and Governance Act 2020 received Royal Assent on 26 June 2020. Regulations have been introduced which give the Pension Protection Fund (the PPF) certain rights.
As shopping centre owner Intu warns it could be forced to shut many of its sites if it can’t resolve its financial issues by tomorrow, 26/06/2020, our real estate and corporate restructuring and advisory experts take another look at what could happen next.
On top of the multiple challenges hitting retail and leisure landlords and occupiers arising from COVID-19, the news that Intu has had to write down the value of its shopping centre portfolio by nearly £2 billion came as further bad news.
The Supreme Court’s decision in Bresco Electrical Services Ltd v Michael J Lonsdale (Electrical) Ltd [2020] UKSC 25 (17 June 2020) has been eagerly anticipated.
The appeal raised important questions about the compatibility of adjudication with the operation of insolvency set-off. The Supreme Court allowed the appeal, deciding that a liquidator was entitled to refer an insolvent company’s claims to adjudication where there were cross-claims between the parties.
The facts
The Corporate Insolvency & Governance Bill is making its way through Parliament at the moment. It introduces a number of new processes the focus of which is to assist in the rescue of companies as a going concern.
The biggest shake-up of English insolvency law for a generation
This summary is based on the provisions of the Bill as drafted at 15 June 2020. It is still subject to change before it becomes law.
New Moratorium process – basic overview
The Corporate Insolvency and Governance Bill was recently introduced into Parliament. While the effects of some of the changes proposed are intended to be only temporary, they have potential consequences for pension schemes.
Changes of particular relevance are as follows:
- Restrictions on the use of statutory demands for winding up petitions.
- New Moratorium process
- Court approved corporate restructuring plan
The Bill received its second and third readings on 3 June 2020 and will now go to the House of Lords for consideration.
The government has published the Corporate Insolvency and Governance Bill which, if passed, will significantly restrict suppliers’ ability to exit commercial agreements due to restructuring or insolvency-related causes.
That the current pandemic has thrown a curveball at many businesses is a given.
At the end of February, the Bank of Scotland Business Barometer reported that overall business confidence in the UK was at a net balance of 23%. Only two months later and confidence plunged to minus 29%.