The media is brimming with articles on the rise of cryptocurrencies and digital assets. Whether it’s news on the rising value of Bitcoin, the acquisition of digital art for large amounts of money, the release of the latest Kings of Leon album as an NFT (non fungible token), or articles on people who have invested in cryptocurrency scams, crypto assets are taking center stage.
- A veszélyhelyzeti jogalkotás részeként a napokban kihirdetésre került egy több rendeletből álló jogszabálycsomag[1], amelynek egyik fő eleme a veszélyhelyzet során a vállalkozások reorganizációjáról szóló 179/2021. (IV. 16.) Korm. rendelet („Reorganizációs Rendelet”).
The UK Restructuring Plan took its first foray down the well-trodden path of lease restructuring over the last week. The Restructuring Plan has been used through to court sanction in five cases so far: however, none has sought to compromise landlord claims, the preferred tool for which has until now been the CVA.
This article summarises the findings of the High Court in Re gategroup Guarantee Limited [2021] EWHC 304 (Ch) (Re gategroup Guarantee Limited) and provides a view of its effects on the cross-border application of the Restructuring Plan (defined below) and the use of co-obligor structures in restructurings.
The Restructuring Plan
On 24 February 2021, the UK government laid The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 before Parliament.
These draft regulations introduce (among other items) new restrictions on “pre-pack” disposals to connected persons and are seemingly a policy response to growing criticism around the inequity of pre-pack sales.
Volatile commodity prices in 2020 led to the bankruptcy of many oil and gas producers. While some analysts expect oil and gas prices to rise during 2021, the US Energy Information Administration’s 2021 annual outlook advises that a return to 2019 levels of US energy consumption will take years.[2]
The new Part 26A Companies Act Restructuring Plan procedure, dubbed the “Super Scheme”, (summarised here) was gathering pace in the English courts since its introduction in June last year. Last week’s judgment in gategroup presents a potential speed bump in terms of its implementation as the restructuring tool of choice in European cross-border restructurings.
By judgment of 26 January 2021 (docket number: 3 AZR 878/16, 3 AZR 878/17) the Federal Labour Court (Bundesarbeitsgericht – BAG) has ruled that the acquirer of an insolvent company is only liable for vested entitlements and claims to occupational pension that had been earned after the opening of insolvency proceedings. He is not liable for the pension based on periods before, even if the German Insolvency Protection Fund (PSV) does not fully cover this part of the pension.
Facts / Background:
Definition of production unit (UPA in its Spanish acronym)
UPA means a "set of organised means necessary for the exercise of an essential or ancillary business activity" (sec. 200.2 TR LC). If there is one or more UPAs of goods or services within the bankruptcy assets, these shall be detailed in an annex to the inventory, with a reference to the goods and services of the bankruptcy assets comprised thereunder (sec. 200.1 TR LC).
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act of 2021 (CAA), the omnibus funding bill that makes consolidated appropriations for the fiscal year ending September 30, 2021. The CAA also provides various forms of economic relief to address the effects of the COVID-19 pandemic.
As part of its coronavirus response, the CAA includes a number of amendments to the Bankruptcy Code. The key amendments are addressed below.
Temporary statutory protection of certain arrearage repayments under forbearance arrangements