In several Commonwealth jurisdictions, the corporate legislation allows creditors to petition a court to order the winding up of a debtor in circumstances where that debtor is unable to pay its debts as they fall due. Such legislation generally presumes that the debtor is insolvent if it has failed to comply with a statutory notice requiring the debtor to pay a certain debt within a given period of time (a statutory demand).
Hogan Lovells Publications | 06 July 2020
Contracts and Insolvency – a transformational change
New statutory provisions retrospectively change the way many existing and future contracts work. Businesses urgently need to look afresh not just at supply arrangements but also many other significant transactions of which the supply of goods or services forms part.
Real Estate Quarterly
Summer 2020
Contents
This newsletter is written in general terms and its application in specific circumstances will depend on the particular facts.
If you would like to receive this newsletter by email please pass on your email address to one of the editors listed below.
Die anstehende Marktkonsolidierung birgt fusionskontrollrechtliche Herausforderungen
Die COVID-19-Pandemie ist schon lange nicht mehr nur eine Gesundheitskrise, sondern hat sich zu einer globalen Wirtschaftskrise entwickelt, die viele Unternehmen in massive wirtschaftliche Schwierigkeiten bringt. Erwartet wird eine Konsolidierung, bei der finanziell angeschlagene oder insolvente Unternehmen übernommen werden. Auch der Präsident des Bundeskartellamtes, Andreas Mundt, hält eine Übernahmewelle in Folge der Corona-Krise für ein mögliches Szenario.
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.
In this article we consider how the current challenging environment is impacting M&A in the insurance sector
We are living in volatile times. As a consequence of the COVID-19 virus, our equity and high-yield markets have witnessed large swings, making it difficult to value assets. Uncertainty over the timing and extent of the recovery has also made it difficult to value income streams. Moreover, debt financing has become more challenging. All of these factors are contributing to a challenging environment for M&A.
Although the challenges brought by the COVID-19 pandemic have, and continue to, put exceptional pressure on supply chains, the reality is that the insolvency of a business partner is a risk even in normal times. When that business partner is on the other side of pending arbitration proceedings, questions arise as to how the insolvency affects the substantive claim as well as the underlying procedure.
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
Hogan Lovells Publications | 15 June 2020
Navigating distress and insolvency in the oil and gas industry
Following the success of our three-part webinar series produced together with Houlihan Lokey in Spring 2020, we have developed reports summarizing how companies and investors can better navigate distress and insolvency in the oil and gas industry.
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