The Federal Court has today sensibly ruled that security interests do not vest in the company grantor simply because the company had at some time previously been in liquidation, administration or subject to a deed of company arrangement (DOCA). This decision should come as a great relief to secured lenders and suppliers to companies that have successfully passed through a restructuring and have resumed "business as usual".

In brief

Simplified Insolvency Programme (“SIP”)

Executive summary

On a UK company’s insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying against the move (including in light of the COVID-19 pandemic), the UK government has persisted with the change, perhaps in an attempt to shore up its tax take.

The reform in context

In brief

What is the Cape Town Convention?

In brief

In addition to the comprehensive economic support and stimulus program launched by the UAE Central Bank to curb the financial impact of the COVID-19 pandemic, the UAE has introduced radical amendments to the UAE Bankruptcy Law, offering distressed debtors with some level of leniency during these times of economic uncertainty and market disruption caused by circumstances outside of their control.

EXECUTIVE SUMMARY

In brief

In brief

Simplified Insolvency Programme (“SIP”)

In brief

As of 19 October 2020, the changes to the Bankruptcy Code of Ukraine became effective. 

What’s new

From 17 October 2020, and for the quarantine period, the following changes are introduced in the bankruptcy procedure: