On 12 January 2019, the Italian Government enacted Legislative Decree No. 14 (so called "business crisis and insolvency code (codice della crisi d’impresa e dell’insolvenza)", which entered into force on 15 July 2022 (the "Insolvency Code").

The Insolvency Code provides for, inter alia, the following:

Recently, the Supreme Court of the United Kingdom released its judgment in BTI 2014 LLC v Sequana SA¹. This marks the first occasion on which the nature, scope and content of directors' duties to creditors when a company is nearing insolvency (the "Creditor Duty") has been considered by the Supreme Court.

Last week, the Supreme Court of the United Kingdom released its judgment in BTI 2014 LLC v Sequana SA. This marks the first occasion on which the nature, scope and content of directors' duties to creditors when a company is nearing insolvency (the "Creditor Duty") has been considered by the Supreme Court.

While the timing of competing English and German insolvency applications in Re Galapagos allowed for clear determination of jurisdiction under the UK Insolvency Regulation, there remains potential uncertainty as to how similar competing applications made following 31 December 2020 will be resolved in the post-Brexit environment.

Background

As challenging trading conditions in the UK economy persist, insolvency is a real prospect facing many companies. Businesses are increasingly likely to find themselves dealing with other businesses that are in financial difficulties or even insolvent. In such cases, the need to plan ahead, develop strategies to minimise problems and manage relationships with customers and suppliers should not be underestimated.

This article looks at some of the issues to consider when dealing with companies that are either insolvent or on the brink of insolvency and how to protect your business.

Effective from 1 August 2022, a new Restructuring Act (Sw. lag om företagsrekonstruktion), which implements the EU Directive on restructuring and insolvency (the "Restructuring Directive"), comes into force in Sweden. As further explained below, the aim of the new Restructuring Act is to improve the Swedish restructuring regime by introducing a number of new features previously unknown to Swedish law.

In Re Tantleff, Alan [2022] SGHC 147, the Singapore High Court considered for the first time whether the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency (30 May 1997) (the "UNCITRAL Model Law") as enacted under the Insolvency, Restructuring and Dissolution Act 2018 ("IRDA") (the "Singapore Model Law") applies to real estate investment trusts ("REITs").

On 28 January 2022, the government of the Republic of South Africa promulgated the Financial Sector Laws Amendment Act, No. 23 of 2021 (the "FSLAA"). However, not all of its provisions have come into force. To date, sections 2, 3, 12 and 58 of the FSLAA have come into effect. The FSLAA aims to, amongst other things, introduce South Africa‘s first comprehensive deposit insurance scheme that will ensure that depositors are paid their funds when a bank fails.

With the Commercial Rent (Coronavirus) Bill having received Royal Assent, Penningtons Manches Cooper’s real estate litigation team sets out below an overview of the restrictions now coming into force.

There are restrictions on the service of statutory demands and winding-up petitions where a debtor company is unable to pay sums claimed due to coronavirus, which are due to expire on 31 March 2022.

With the Commercial Rent (Coronavirus) Bill (the Bill) now in its final stages, Penningtons Manches Cooper’s real estate litigation team sets out below an overview of the new restrictions that will come into force when the Bill is given Royal Assent.

Current restrictions

It may first be beneficial to review the current moratorium that is in place. The majority of these restrictions expire on 25 March 2022 and the insolvency restrictions expire on 31 March 2022 but, until those dates, the following apply: