In significant news for the insolvency industry, the High Court will hear the long-awaited Gunns Group preference claim appeal in Bryant & Ors v Badenoch Integrated Logging (A10/2022) on 18 October 2022.
Johnson Winter & Slattery act for PwC, the appellant liquidators of the Gunns group, in the proceeding.
Briefly stated, the grounds for the appeal are:
...
New developments regarding Spanish pre-insolvency restructuring tools
6 September 2022
The Law 16/2022, of 5 September for the amendment of the Spanish Insolvency Law that transposes Directive 2019/1023 (Directive on restructuring and insolvency) (the Law) has been published today in the Spanish Official Gazette. The Law will enter into force on 26 September 2022 (excluding some articles).
The Law sets out structural reforms in pre-insolvency and insolvency regulations to achieve the following goals:
...
Reestructuraciones de empresas en crisis Novedades en la Ley Concursal espaola
6 de septiembre de 2022
La Ley 16/2022, de 5 de septiembre, de reforma del texto refundido de la Ley Concursal que traspone la Directiva 2019/1023 sobre reestructuraciones e insolvencia (la Ley) ha sido publicada hoy en el BOE. La Ley entrar en vigor el 26 de septiembre de 2022 (salvo alguna excepcin).
La Ley acomete una reforma estructural en el mbito preconcursal y concursal con numerosas novedades y con los siguientes objetivos:
Background of the Act
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.
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.
...
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 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).
Japan Inc has embarked upon the overdue process of unbundling its conglomerate structures. Businesses that are being put up for sale include distressed oversees operations, particularly in the automotive sector. Managing the businesses while they are in distress, preparing them for sale, and eventually selling them, comes with a variety of legal and practical complications. The legal landscape will vary by jurisdiction, but the following aspects generally need to be considered in some shape or form regardless of the applicable law.