Part 1: termination rights
The Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduces important changes to the operation of cross-border insolvency regulations and impacts more broadly on the potential remedies available in the maritime sector to recover debts. In this two-part series, we consider first CIGA 2020, the Cross-Border Insolvency Regulations 2006 (CBIR) and termination rights, and in the second part, we review CIGA 2020, liens and set-off claims.
Has COVID-19 encouraged you to reconsider your outsourcing needs? If so, it might be time to quarantine your outsourcing agreements and give them a health check. Below we have tracked-and-traced a list of considerations to help you to isolate any potential areas in those agreements that may need sanitising.
The Ontario Court of Appeal, in 7636156 Canada Inc. (Re), 2020 ONCA 681 (“7636156”), recently affirmed the autonomy of documentary letters of credit as valid security for the obligations of a tenant under a commercial lease when that lease is disclaimed by the tenant or the tenant’s trustee in bankruptcy.
As part of the legislative changes brought about by the Finance Act 2020, the Treasury drafted the Insolvency Act 1986 (HMRC Debts: Priority on Insolvency) Regulations 2020 (the Regulations) and laid these before parliament on 14 September 2020. View a copy of the regulations.
The Corporate Insolvency and Governance Act 2020 (the Act) received royal assent on 25 June 2020 and is now in force.
The Corporate Insolvency and Governance Act 2020 (the Act) received royal assent on 25 June 2020 and is now in force, bringing with it significant changes to the insolvency world and the operation of the construction industry.
The current COVID-19 pandemic has placed many companies registered in England and Wales into a position where they are now either balance sheet or cash flow insolvency or both. The loss of these companies to the economy would be catastrophic and, as a result, the UK Government started the Bill’s passage through parliament on 3 June 2020.
Dans l’affaire de la Loi sur les arrangements avec les créanciers des compagnies (la « Lacc ») relative à Groupe Dynamite, le juge Kalichman de la Cour supérieure du Québec prononce un jugement au sujet de l’obligation d’un débiteur de payer un loyer post-dépôt dans un contexte où il ne peut pas utiliser les lieux loués.
The Corporate Insolvency and Governance Act 2020 completed ‘ping pong’ in the House of Commons on the afternoon of 25 June 2020, received Royal Assent at 18:08 the same night and took eff ect the following day, 26 June 2020.
At 254 pages, it covers a lot more than just statutory demands and winding-up petitions, including a new company moratorium procedure, but for property folk the immediate impact is that it eff ectively removes the statutory demand/winding-up route against defaulting tenants until at least 30 September.
In the matter of the Companies’ Creditors Arrangement Act (“CCAA”) of the S.M. Group, the Québec Court of Appeal rendered a ruling on the effect of the law of set-off on debts arising out of alleged fraud and the application of the same Court’s ruling in Kitco to this type of debts.
The tragically unforeseen current novel coronavirus (COVID-19) global pandemic has brought unprecedented challenges to all aspects of Hong Kong society including the health of its citizens, the economy and the business community. Economic activities across most sectors globally are being devastated. The dire economic situation in Hong Kong has been exacerbated by the trade war between Washington and Beijing and the new national security law.