Meem SL Limited was an unsuccessful start-up company in the United Kingdom.  The board resolved to put the company into administration and sell the business to a company owned by the directors.

The High Court in England was asked to consider sanctioning a scheme of arrangement between Lehman Brothers International (Europe) (in administration) (LBIE) and certain of its creditors pursuant to Part 26 Companies Act 2006 (the equivalent of Part 15 Companies Act 1993).  This case was one of a number of proceedings involving the Lehman Brothers administration, many of which cases have reached the Supreme Court (see our earlier reports on 

Re The Joint Liquidators of Supreme Tycoon Limited (in liquidation in the British Virgin Islands) (08/02/2018, HCMP833/2017), [2018] HKCFI 277

The Hong Kong Court of First Instance considered whether an insolvent liquidation, commenced by the shareholder of a company registered in the British Virgin Islands, was eligible for common law recognition in Hong Kong.

Creditors' compromise Part 1: the New Zealand Supreme Court view

The UK and the US have historically been perceived as leading jurisdictions in the development of restructuring and insolvency law – to the extent that dozens of local insolvency regimes around the world have been modelled on some combination of their processes. Both regimes are highly sophisticated, and feature well-developed legislation supported by decades of case law that offers both debtors and creditors alike a degree of certainty and predictability that is not always available in other jurisdictions.

The Company Voluntary Arrangement (‘CVA’) was introduced into English insolvency law by the Insolvency Act 1986 (the ‘IA 1986’), as a result of recommendations made in the Cork Report1 in 1982.

July 2018

2018 Summer review M&A legal and market developments

In this issue...

Contractual provisions.............................................................1 Company law...........................................................................4

Listed companies....................................................................7 Good faith................................................................................9

Authors: Philip Broke, Veronica Carson

European Leveraged Finance Alert Series: Issue 6, 2018

One: Regulatory framework for Lending in Spain

In its April 2018 decision, the BGH ruled on the question whether the directors of a company that has been granted debtor in possession status by the respective insolvency court can become personally liable for a breach of a duty of care vis-à-vis the creditors like an insolvency administrator. The underlying legal question was the subject of a controversial academic discussion in the past.

2018 will be a year of change, challenges and opportunities for banks and financial services providers.