Energy prices have soared over the last few months. Although this evolution has impacted all economic operators, energy-intensive companies are particularly affected. The Belgian legislator has therefore introduced a set of protection measures, including amongst others a so-called “temporary moratorium”. This moratorium provides amongst others protection against bankruptcy and judicial dissolution as well as against attachments on movable assets for energy debts.

Welcome to the first edition of Restructuring Watch from the Akin Gump financial restructuring team in London. These editions will provide short and accessible updates on key legal developments in the European restructuring and insolvency world. 

Op 6 december 2021 heeft de Rechtbank Overijssel de burgemeester van de gemeente Hardenberg aangesteld tot mede-curator in het faillissement van De Zorgstal. Dit is een interessante ontwikkeling omdat, voor zover de auteurs bekend, een burgemeester niet eerder is aangesteld tot mede-curator in een zorgfaillissement.

Happy 2022, everyone! It seems fitting to kick off our Make (Whole) a Minute Update series in 2022 with an alert on make-whole. On December 22, 2021, the Bankruptcy Court for the District of Delaware ruled in favor of the Debtor-Hertz on a Motion to Dismiss filed by Debtor-Hertz with respect to make-whole claims and post-petition interest claims filed by public bondholders, with respect to four different series of bonds. In keeping with our theme that it takes about a minute to read our updates, here are the takeaways on the Hertz decision for institutional investors:

Pre-packs, known as an effective restructuring measure from other jurisdictions, are also permissible in Switzerland.

What is a pre-pack?

Sinds 1 januari 2021 zijn de Europese insolventieverordening en Brussel Ibis Verordening niet langer van toepassing op het Verenigd Koninkrijk. Bovendien voorziet de handels- en samenwerkingsovereenkomst tussen de EU en het VK niet in een specifiek erkennings- of tenuitvoerleggingsmechanisme met betrekking tot grensoverschrijdende insolventie- en herstructureringsprocedures na Brexit. De vraag rijst dus of en onder welke voorwaarden Belgische rechtbanken Engelse schemes of arrangement en restructuring plans zullen erkennen na Brexit.

Since 1 January 2021, the European Insolvency Regulation and the Brussels I Recast Regulation no longer apply to the United Kingdom. In addition, the EU-UK Trade and Cooperation Agreement does not provide any specific recognition or enforcement mechanism in relation to cross-border insolvency and restructuring proceedings following Brexit. The question thus arises if and under which conditions Belgian courts will continue to recognise UK schemes of arrangement and restructuring plans post Brexit.

SU M M ER 2 02 1 | I F LR .C O M | 1 T he Hong Kong Companies Court has made a number of rulings concerning mainland Chinese corporate groups listed in Hong Kong SAR which illustrate the evolving landscape of cross-border insolvency law.These cases may, in some instances, cause creditors and debtors to re-evaluate some of the enforcement and defensive strategies traditionally used in the insolvencies of such companies.

1 Contact Information If you have any questions concerning this update, please contact: Naomi Moore Partner [email protected] Hong Kong +852 3694.3050 Abid Qureshi Partner [email protected] New York +1 212.872.8027 Liz Osborne Partner

In the groundbreaking recent decision in Re Samson Paper Company Limited (in Creditors’ Voluntary Liquidation) [2021] HKCFI 2151 (“Samson”), the Hong Kong Companies Court (the “Hong Kong court”) has for the first time issued a letter of request to a court in mainland China under the new cross-border mutual recognition, assistance and cooperation arrangement between Hong Kong and mainland China (the “Mainland”) in relation to corporate insolvency and restructuring matters (the “Cooperation Arrangement”), which took effect on May 14, 2021.