Background of the Act
In brief
The UK's latest quarterly company insolvency statistics, published on 2 August, confirm the trends the restructuring community are seeing so far this year and are expecting to continue as we progress through the year.
In brief
In Chan WS and Chan CNP v. CC Bank [2022] HKCA 1037 ("CA Decision"), the Court of Appeal (CA) recently overturned a decision in the Court of First Instance (CFI) to set aside two statutory demands (SDs) on the ground of overstatement of the debt in the SDs ("CFI Decision").
On 22 July 2022 and after the judge ordered a delay for more evidence, the English court sanctioned the restructuring plan proposed by Houst Limited (Houst). Houst is an SME that is concerned with the provision of property management services for short-term/holiday lets. Its business was badly affected by the Covid-19 pandemic, meaning it was both cash flow and balance sheet insolvent when proposing the plan.
The 8th edition of Baker McKenzie's Global Restructuring & Insolvency Guide has been compiled by Baker McKenzie lawyers experienced in the practical aspects of restructuring and insolvency. It should provide you with a helpful reference tool to understand the numerous insolvency and restructuring regimes that may affect your business.
Covering 38 jurisdictions, we review the following topics:
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Reestructuraciones de empresas en crisis Novedades en la Ley Concursal espaola
20 de julio 2022
La Ley de reforma del texto refundido de la Ley Concursal que traspone la Directiva 2019/1023 sobre reestructuraciones e insolvencia (la Ley) ha sido remitida al Congreso para su aprobacin definitiva, tras lo cual, una vez publicada en el BOE entrar en vigor a los veinte das (salvo alguna excepcin).
La Ley acomete una reforma estructural en el mbito preconcursal y concursal con numerosas novedades y con los siguientes objetivos:
- The Law for the amendment of the Spanish Insolvency Law that transposes Directive 2019/1023 (Directive on restructuring and insolvency) (the Law) has been sent to the Spanish Congress for its final approval after which it will be published in the Spanish Official Gazette, and twenty days thereafter the Law will enter into force, excluding some articles.
The Law sets out structural reforms in pre-insolvency and insolvency regulations to achieve the following goals:
In brief
On 15 July 2022, a new law ("Law") amending inter alia the Luxembourg law of 5 August 2005 on financial collateral arrangements, as amended ("2005 Law"), was adopted.
In a consultation commenced on 7 July 2022, the UK Insolvency Service is proposing to implement two “model laws” adopted by the United Nations Commission on International Trade Law (UNCITRAL).