The Scottish Court of Session has, for the first time, considered what is required to establish a ‘liability’ for the purposes of the Third Parties (Rights against Insurers) Act 2010 (the “2010 Act”). In this matter, the Court found that a ‘decree in default’, issued due to the insolvent Insured’s failed to appear at a procedural hearing, was sufficient to establish ‘liability’.

On the 29 November 2023, the Gambling Commission (“GC”) released its second set of consultations on the Gambling White Paper which covers five key areas: 

Recent news reports have highlighted that the number of corporate insolvencies has continued to rise during 2022 and 2023, with the retail sector being particularly affected. Many companies are struggling to meet the demands of repaying government support provided during lockdown, increased running costs and high wages coupled with lower demand due to the cost of living crisis.

On 28 June 2023, the Slovak Parliament approved the Act on Company Transformations No. 309/2023 Coll. (the “Act”). The Act incorporates several changes that may have an impact on the financing market in Slovakia.

1.Whitewash

Hong Kong is the only common law jurisdiction within the People’s Republic of China and one of the few financial centres in the world without a formal rescue mechanism in its legislation. Hong Kong has not enacted legislation to recognise corporate rescue over simple liquidation.

On 30 October 2023, HM Treasury (“HMT”) published 3 key updates on its proposed approach to regulating cryptoassets under the UK’s financial services regulatory framework, namely:

On 4 May 2023, the Court of Final Appeal (CFA) delivered a landmark judgment in Guy Kwok-Hung Lam (Respondent) -v- Tor Asia Credit Master Fund LP (Appellant) Final Appeal No.13 of 2022 (on appeal from CACV No. 393 of 2021 [2023 HKCFA 9) (“Re Guy Kwok-Hung Lam”).

Back on 4 May 2023, the Hong Kong Court of Final Appeal (the “CFA”) in Re Guy Kwok-Hung Lam [2023] HKCFA 9 delivered a ground breaking judgment in relation to whether a foreign exclusive jurisdiction clause (EJC) should be upheld in insolvency cases, upholding the Court of Appeal’s (the “CA”) judgment that, in an ordinary case where there is an EJC, absent any countervailing factors such as the risk of insolvency affecting third parties and a dispute that borders on the frivolous or abuse of process, the petitioner and the debtor ought to be held to their contract and to submit their disput

In light of the European Commission’s recent proposal that an EU Directive be issued regulating insolvency and pre-pack proceedings, Romania’s insolvency and bankruptcy legal framework does not currently provide rules on pre-packs or on the preparation of a sale of a debtor's assets before insolvency proceedings are formally opened.

After more than two years of delay, preventive restructuring has finally become available to companies in financial difficulties in the Czech Republic. Czech companies can now seek to restructure their troubled businesses outside formal insolvency proceedings with the help of new rules specifically designed to keep their viable business operating and to prevent insolvency.