The automatic stay under the version of the UNCITRAL Model Law on Cross-Border Insolvency adopted by Singapore ("Singapore Model Law") is an accessible and powerful tool for protection under the Singapore restructuring regime for non-Singapore debtors facing enforcement action in Singapore. Non-Singapore debtors subject to restructuring or liquidation cases outside Singapore may obtain protection from creditor action in Singapore through the application of the Singapore Model Law, thereby facilitating the debtor's ability to restructure.

HEADLINES

The motivation for the recent insolvency law reforms is to give insolvent companies breathing space to try to reorganise their affairs and allow viable businesses to continue to trade

With the threat of increased insolvencies as an effect of the COVID-19 pandemic remaining very real, the construction sector needs to be aware of the impact of changes to insolvency laws.

Changes to insolvency laws in the UK, Australia and Singapore may affect how parties deal with the termination of construction contracts where one party to the agreement is insolvent.

So far this year, fewer European and American businesses have encountered financial distress that required either bankruptcy or restructuring procedures than in the same period in 2020. This decline occurred despite the ongoing economic impact of COVID-19.

The COVID-19 pandemic shook the global real estate and hospitality industry as lockdowns were put in place across the globe. The sudden and unexpected lack of footfall caused revenues in physical centers such as restaurants, shopping malls and hotels to plummet, compounding existing structural inefficiencies and accelerating the speed of change for many businesses.

Pre-packaged administration sales (where a sale of key assets is agreed prior to the appointment of administrators and then implemented by the administrators immediately following their appointment), have been a widely-used and highly successful tool to rescue businesses, or parts of businesses, that may otherwise have languished in administration interminably.

IP-Rechte unterliegen teilweise anderen Spielregeln als die übrigen Vermögenswerte eines Unternehmens. Gerade in wirtschaftlich schwierigen Zeiten ist wichtig, hier den Überblick zu behalten. Dies gilt in besonderem Maß, wenn IP-Rechte Gegenstand von Lizenzen sind und einer der beiden Vertragspartner insolvent wird.

Following the end of the flexibilities afforded by The Corporate Insolvency and Governance Act 2020 (CIGA) in relation to the conduct of general meetings and following the publication of guidance by The Chartered Governance Institute (ICSA) we have reviewed notices of Annual General Meetings (AGMs) to be held after 30 March 2021. We set out some common themes around how companies are organising their AGMs in light of the guidance issued and the current restrictions in place.

Last year saw a wave of insolvency-related legislation introduced which was largely in response to the ongoing coronavirus pandemic but which also saw permanent reforms which have, and will continue to have, an impact on the logistics industry as well as supply-chains generally.

European Real Estate Finance: Market Update – Q1 2021 March 2021 Authors: Jeffrey Rubinoff, Dr. Thomas Flatten, Thierry Bosly, Hadrien Servais, Carl Hugo Parment, Fernando Navarro, Christophe Goossens, Julio Peralta, Angel Calleja, Aurélie Terlinden, Alexandra Stolt, Amitaben Patel & Brendon Vyas Further information on the response to COVID-19 can be found here, and we also have a German-language article, available here, looking at the impact on commercial leases. LIBOR Discontinuation Much has happened in the world of LIBOR Discontinuation since our last update.