In the recent case of Re Avanti Communications Ltd (In Administration)1, the High Court considered whether charges granted by a satellite business over certain equipment and intangible assets (the Relevant Assets) were fixed or floating.
In line with EU regulation, Luxembourg has finally passed an amendment resulting in the creation of an insolvency register, active since 10 February, 2023. The change will affect Luxembourg companies declared insolvent and is intended to improve searches of insolvency registers throughout the EU.
In Re Zipmex Pte Ltd and other matters [2023] SGHC 88, the Singapore High Court imported into the Singapore restructuring regime the US concept of an "administrative convenience class" in a scheme voting exercise. This concept allows debtors to obtain an approval from a large number of low value creditors without those creditors being involved in the voting exercise. This reduces the administrative burden on restructuring entities.
On Friday March 10, 2023, the Bank of England moved to put the UK arm of Silicon Valley Bank into insolvency after it applied for £1.8bn of liquidity as its parent company was collapsing. The situation remains fluid, and the following Q&A reflects our understanding as of Sunday, March 12.
UK resolution authority and powers
On March 10, 2023, the Bank of England published the following statement regarding Silicon Valley Bank UK Limited (SVB UK):
Entrepreneurs in difficulty, who are struggling with the performance of a contract, may benefit from a restructuring procedure. Any restructuring procedure guarantees the protection of executed contracts, with the most effective solution being the reorganization procedure (postępowanie sanacyjne).
This note aims to provide brief and practical answers to common questions on the law of assignment in English law finance transactions.
1. Are all notified assignments legal assignments?
Key Takeaways
Incorporating the principles contained in EU insolvency directives, the new Italian Insolvency Code affirms the goal of resolving crises in the least traumatic way possible for the business. This represents a fundamental innovation of the underlying philosophy of Italian insolvency law and the remedies envisaged for companies in distress so that they may successfully restructure their outstanding exposure. Below, we provide a general overview of the Insolvency Code and its key remedies.
The Insolvency Code in brief
European leveraged finance markets paused for breath in 2022, due to rising interest rates, volatile geopolitics and a tightening of financial markets across the board—but what can we expect in 2023?
Overall leveraged finance activity in Spain declined in 2022, driven primarily by a severe drop in high yield bond issuance—as was the case in virtually all markets. Having weathered the worst of COVID-19, many companies had already taken steps to bring their debt under control. However, the new year brought with it new challenges, from rising inflation to events in Ukraine.