The Insolvency Service is satisfied that the restructuring plan and moratorium processes are broadly meeting their policy objectives – and that ipso facto clauses are likely to be used more in future
Cryptoassets are in the spotlight for many reasons. The use of cryptocurrencies as an alternative to fiat currencies is being explored and tested further by global events. Their correlation with traditional stores of value is being tested in volatile markets. Their status as both a potential means of avoiding sanctions and as a possible means of funding charitable and humanitarian causes is being demonstrated and discussed.
Insolvency practitioners will welcome the confirmation that they cannot be expected to be aware of same degree of information as if company was still trading
The Court of Appeal has confirmed that although insolvent parties may refer disputes to adjudication, they will have difficulty enforcing adjudication decisions in all but exceptional circumstances
On 16 March 2022, the Slovak Parliament approved the anticipated new act on solving threatened bankruptcy (the Act) and also amended related legislative documents. It implements the Directive (EU) 2019/1023 on preventive restructuring, whose implementation was postponed by one year to 17 July 2022 due to the COVID-19 pandemic. The Act aims to reform insolvency in Slovakia and make preventive mechanisms effective enough to reduce the number of bankruptcies.
To whom does the Act apply?
When companies face cashflow and other pressures, early action can assist with the assessment and mitigation of these risks
Events since the start of the decade have brought accelerated and transformative change across the UK business landscape and economy. The way businesses, employers and employees work and how business growth is driven has changed and is changing profoundly.
Before the new bankruptcy law (Royal Decree 53/2019) (the “Bankruptcy Law”) came into effect in Oman, the laws and regulations regulating bankruptcies were limited and simply addressed in laws such as the commercial law (Royal Decree 55/1990 (as amended)) (the “Commercial Law”) and the commercial companies law (Royal Decree 18/2019) (the “Commercial Companies Law”). These laws provided the framework for the bankruptcy of a person and the liquidation of insolvent companies only.
Business rates liability is complex and the question of who is liable if occupiers become insolvent is one that often arises during periods of economic uncertainty, such as the pandemic.
Business rates liability for insolvent companies
Business rates liability attaches to specific units of property known as “hereditaments”.
On 14 January 2022, it was published in the Official Journal of the Spanish Parliament, the draft law of the Insolvency Act for the transposition of Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, debt waivers and disqualifications, and on measures to improve the efficiency of restructuring, insolvency and debt waiver procedures, and amending Directive (EU) 2017/1132 (Restructuring and Insolvency Directive) (hereinafter, the "Draft Law").
Insolvency related claims in relation to contracts subject to arbitration agreements continue to result in interesting challenges for the English court. In a recent decision the court had to decide whether an application for a summary judgment amounted to a step in the proceedings such that the applicant had waived its right to seek a stay in favour of arbitration.
Background