In spite of its cross-border dimension, the subject matter and result of the hearing giving rise to the judgment in Re Khadzhi-Murat Derev (in Bankruptcy); Allen v Derev & Anor [2023] EWHC 387 (Ch) are conventional.

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).

Miles J’s judgment in Re Sova Capital Ltd [2023] EWHC 452 (Ch) will, like that of Jonathan Hilliard QC in Re Petropavlovsk Plc,be welcomed as a further example of the courts acting to assist insolvency practitioners selling assets in unusual circumstances.

Relief under ss 423-425 Insolvency Act 1986 is not limited to cases of insolvency, as the decision of David Edwards KC, sitting as a High Court judge in the Commercial Court, in Integral Petroleum SA v Petrogat FZE & Ors ([2023] EWHC 44 (Comm)) demonstrates.

Following the important decision in Martlet Homes Ltd v Mulalley & Co Ltd [2022] (see our summary here), LDC (Portfolio One) Ltd v George Downing Construction

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?

NGI Systems & Solutions Ltd v The Good Box Co Labs Ltd [2023] EWHC 274 (Ch) records the court’s reasons for sanctioning a restructuring plan made between the defendant company, The Good Box Co Labs Limited, its members, and separate classes of its creditors pursuant to section 901F Companies Act 2006. It also deals with other matters arising out of the company’s administration.

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

Despite the “elegance” of the arguments challenging  the calling of creditors’ meetings on behalf of the former CEO, who argued that the rights of “B” shareholders including himself, would be adversely affected, Trower J found that as neither the contractual terms of the rights themselves nor their economic value would be affected by the plans, he would order calling of the meetings under section 901C(3) Companies Act 2006. There was no real change to the economic value for the B shareholders.