At A Glance
This past month, the Supreme Court overturned the Court of Appeal’s decision in Triple Point Technology Inc v PTT Public Company Ltd[2021] UKSC 29, and most notably, found that liability for liquidated damages survives termination of the contract and extends to work that was not completed as at the date of termination.
Background
Yeni Gelişme
4299 sayılı ve 14 Temmuz 2021 tarihli Cumhurbaşkanlığı kararı ile Çerçeve Anlaşmalar kapsamında gerçekleştirilen finansal yeniden yapılandırma işlemlerini ve bu işlemler için tanınan teşvikler ve vergi muafiyetlerini düzenleyen Bankacılık Kanunu’nun geçici 32. maddesinin geçerlilik süresi iki yıl daha uzatıldı. Geçici 32. Madde ve Çerçeve Anlaşma’ya ilişkin bültenlerimize aşağıdaki bağlantılardan ulaşabilirsiniz:
Değişiklik Ne Getiriyor?
Recent development
With a presidential decision numbered 4299 and dated 14 July 2021, the effectiveness of Temporary Article 32 of the Banking Law regulating the financial restructuring transactions and related incentives and tax exemptions contemplated under the Framework Agreement has been extended for an additional two years. Please refer to the following links for our alerts on the introduction of Temporary Article 32 and the Framework Agreement:
What’s new?
Following the substantial impact of the COVID-19 pandemic on global trade and business operations in the UAE, the Government of the UAE has taken measures to protect businesses facing financial difficulty. Among these measures has been a mechanism that provides relief to businesses in financial distress because of the pandemic within the framework of the UAE Federal Bankruptcy Law No. 9 of 2016 (the Bankruptcy Law).
On 28 June 2021, the UK High Court declined to sanction Hurricane Energy Plc’s restructuring plan. This was the first time a restructuring plan seeking to achieve a debt-for-equity swap against the wishes of existing shareholders had come before the court.
Background
Today (16 June 2021) the UK governmentannounced a further extension of some (but not all) of the temporary measures first introduced by the Corporate Governance and Insolvency Act 2020 (CIGA) in June last year.
The two most significant temporary measures for companies facing financial difficulties as a result of the COVID 19 pandemic were:
Today (16 June 2021) the UK governmentannounced a further extension of some (but not all) of the temporary measures first introduced by the Corporate Governance and Insolvency Act 2020 (CIGA) in June last year.
The two most significant temporary measures for companies facing financial difficulties as a result of the COVID-19 pandemic were:
There has been much debate in recent years around the use made of certain UK restructuring tools – the company voluntary arrangement and, more recently, the new restructuring plan – to restructure commercial property leases. Commercial tenants argue that compromise is necessary to address high fixed costs that are no longer sustainable, but landlords have often been critical of the approach taken. This debate has become more acute in the context of the pandemic, as many High Street businesses subject to mandatory closure have built up significant rent arrears that need to be addressed.
The financial loss and the uncertainty caused by the pandemic continues to affect business globally, and an increase in corporate insolvency is widely anticipated. Arbitration is an effective dispute resolution mechanism, but a counterparty entering insolvency proceedings can be disruptive. We recently wrote about insolvency being one of the key trends in international arbitration in 2021.
A new bill, which the UK Government introduced to Parliament on 12 May 2021, seeks to extend the existing directors’ disqualification regime to the directors of dissolved companies.