On 1 January 2021, the German Act on Stabilization and Restructuring Framework for Business (StaRUG) came in to force as part of the German Act on Further Development of Restructuring and Insolvency Law (SanInsFoG). It contains several new pre-insolvency restructuring procedures, including a new preventive restructuring plan and corresponding protection of minority creditors.

What is the aim of the new preventive restructuring plan?

Federal equity receivers frequently lack the resources necessary to pursue litigation against individuals and entities that have defrauded or manipulated consumers and investors. As a result, they often utilize contingent fee arrangements, which can deprive a receivership estate of a significant portion of a recovery, usually taking 30 percent to 50 percent of an award or settlement.

Until recently, an appeal to enter debt restructuring in proceedings opposing a bankruptcy order was not allowed by the Dutch lower courts. In a ground-breaking ruling on 26 March 2021, the Dutch Supreme Court (ECLI:NL:HR:2021:460) put an end to this practice.

The case

We summarise the background and outcomes of Case C-73/20 – Oeltrans, an important ruling for liquidators faced with the avoidance of a third party payment and a conflict of laws.

The facts

Re Zoom UK Distribution Ltd (in administration); Wessely and another (in their capacity as joint administrators of Zoom UK Distribution Ltd (in administration)) v Rubra and others

The UK courts' latest attempt to grapple with the effects of a defect in the way administrators are appointed was recently resolved in favour of the administrators.

On 23 March 2021, the 2011 sale of the One Blackfriars development site in London by administrators was cleared of misfeasance by the High Court, in Re One Blackfriars Ltd [2021] EWHC 684 (Ch).

In a £250 million claim, the company's liquidators had alleged that the former administrators had breached their duties by failing to act independently of the banking syndicate which appointed them, failing to properly assess the value of the site, and selling the site at an undervalue.

Here, we recap the facts of the case and outline the key takeaways to consider.

On 23 March 2021, the 2011 sale of the One Blackfriars development site in London by administrators was cleared of misfeasance by the High Court, in Re One Blackfriars Ltd [2021] EWHC 684 (Ch).

In a £250 million claim, the company's liquidators had alleged that the former administrators had breached their duties by failing to act independently of the banking syndicate which appointed them, failing to properly assess the value of the site, and selling the site at an undervalue.

Here, we recap the facts of the case and outline the key takeaways to consider.

New act overning attachments and executions

In Nederland is het, vergeleken met omringende landen, vrij eenvoudig om beslag te leggen. De Wet herziening beslag- en executierecht (de ‘Wet’) beoogt het beslag- en executierecht voor schuldeisers eenvoudiger te maken door de mogelijkheden tot digitaal beslag leggen te verruimen. Ook wordt het beslag- en executierecht efficiënter met als gevolg dat schuldeisers minder kosten hoeven te maken om vorderingen te incasseren. Enig tegenwicht biedt de Wet, uitgebreider dan voorheen, door waarborging van het bestaansminimum van natuurlijke personen met schulden.

With contributions by Deirdre Carey Brown, ForsheyProstok LLP

A company is pursuing a high-value claim against a defendant. The case is strong on the merits, and a substantial recovery appears to be in the offing.

That is, until the defendant files for bankruptcy.