The English Court has, for the first time, handed down judgment on whether the liquidation stay prevents the Financial Conduct Authority (the "FCA") from issuing a Warning Notice under sections 92 and 126 of the Financial Services and Markets Act 2000 ("FSMA") without first seeking leave from the Court.
The Full Court of the Federal Court of Australia has become the first appellate court among ratifying countries to look directly at the meaning of “give possession” and “giving possession of the aircraft object to the creditor” under the Protocol to the Convention on International Interests in Mobile Equipment (known as the Cape Town Convention) on matters specific to Aircraft Equipment (the Protocol) in the context of an insolvency (the Virgin Australia insolvency) in Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (admin
The English courts are known for being pro-arbitration. In the recent case of Riverrock Securities Limited v International Bank of St Petersburg (Joint Stock Company) [2020] EWHC 2483 (Comm) the English High Court has granted an anti-suit injunction in relation to claims being made in foreign bankruptcy proceedings, where the underlying agreements included arbitration provisions with a London seat.
The parties
On 8 October 2020, the UK Government published draft regulations applying to sales in administration by way of a 'pre-pack' to a connected party purchaser.
UK pre-pack administrations
A pre-pack administration is where:
Covid-19 has had a staggering impact on the U.S. economy in just eight months. Businesses large and small are struggling to stay afloat, with over 3,600 Chapter 11 bankruptcy filings in the first half of the year.[i] By the third quarter of 2020, the number of Chapter 11 bankruptcies of companies with assets over $1 billion had doubled from the same period in 2019[ii] and the U.S. GDP had fallen 2.4%.[iii] Given the uncertainty surrounding the pandemic, economists predict that a full economic recovery is likely to take years.[iv]
John Doyle Construction Limited (in liquidation) v Erith Contractors Limited sees the first consideration of a claim for summary enforcement of an adjudication decision by a company in liquidation following the Supreme Court’s decision in Bresco Electrical Services Limited (in liquidation) v Michael J Lonsdale (Electrical) Limited.
On 6 September 2020, the England and Wales High Court approved the second scheme of arrangement proposed by Codere (an international gaming group) in a little over five years, following a fully contested convening hearing spread over three days.
In the convening judgment ([2020] EWHC 2441 (Ch)), the Court concluded that the various fees payable to the members of an ad hoc committee of scheme creditors did not fracture the single class proposed by Codere.
Last month, the German Federal Ministry of Justice published draft legislation that could fundamentally change the restructuring landscape in Germany.
An essential part of the law is the introduction of a corporate stabilisation and restructuring regime, which establishes a comprehensive legal framework for non-consensual out-of-court restructurings in Germany on the basis of the EU's 2019 restructuring directive.
On Tuesday 6 October 2020 the Dutch Senate adopted the long-awaited legislative proposal for the Act providing for court confirmation of a private restructuring plan (Wet homologatie onderhands akkoord (“WHOA”)). The act introducing the 'Dutch scheme' will enter into force in the beginning of next year at the latest.
On Friday 18 September 2020 the German Federal Ministry of Justice published draft legislation which has the potential of fundamentally changing the restructuring landscape in Germany.
An essential part of the law is the introduction of a corporate stabilisation and restructuring regime, which establishes a comprehensive legal framework for out-of-court restructurings in Germany on the basis of the EU Restructuring Directive of 20 June 2019 (Directive (EU) 2019/1023) (the Preventive Restructuring Framework).