The European Parliament's proposal of 28 March 2019 for a Directive of the European Parliament on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and restructuring proceedings (hereinafter, the "Directive") aims at developing national preventive restructuring frameworks.

In January, we wrote about a decision of Justice Watt of the Ontario Court of Appeal, which addressed the question of which appeal procedure must be followed in appeals of Orders made in proceedings constituted under both the Bankruptcy and Insolvency Act (the “BIA”) and the

The Pension Protection Fund has published updated general guidance on insolvency and the assessment period. This guidance is intended to help Insolvency Practitioners (IPs) to understand what they should do if a DB scheme employer suffers an insolvency event and their role and responsibilities during an assessment period.

Key points and actions for IPs

The guidance confirms a number of key points, including:

The Supreme Court of Canada’s Decision in Orphan Well Association v. Grant Thornton Ltd.

A recent decision of Justice Watt of the Ontario Court of Appeal definitively answers the question of which appeal procedure must be followed in appeals of Orders made in proceedings constituted under both the Bankruptcy and Insolvency Act (the “BIA”) and the Courts of Justice Act (the “CJA”). Justice Watt’s decision in Business Development Bank of Canada v. Astoria Organic Matters Ltd.

Secured creditors can breathe a sigh of relief. We have received word that the Supreme Court of Canada has allowed the appeal from the bench in Canada v. Callidus Capital Corporation (“Callidus”).

The Pension Protection Fund (PPF) has published guidance on company voluntary arrangements (CVAs), setting out the issues that it expects to be considered and addressed. The new guidance will be relevant to companies who are considering a CVA which could affect a DB pension scheme, and to advisers working with those companies or with pension scheme trustees.

The government has published a consultation paper looking at ways to improve the framework surrounding companies in or approaching insolvency. The policy objective is to reduce the risk of major company failures and their impact on a wider range of stakeholders, including employees and company pension scheme beneficiaries.

In an article that first appeared in the Winter 2017 issue of RECOVERY, Matthew Tait, Partner at BDO, and Matt Hill, Senior Associate at Osborne Clarke, put together a blueprint for practitioners considering turnaround work.

Spanish Congress debates a legislative proposal (Propuesta de Ley) to reinforce the fight against late payment in response to the European Union demand for the correct implementation of the Insolvency Directive (2011/7/EU). This proposal would establish a penalty system against defaulting companies.