Following its approval on 5th August 2021 by the Council of Ministers, the Law-Decree n. 118 was published on 24th August into the G.U. n. 202 about the topic of "Urgent measures in the field of business crises and business reorganisation, as well as further urgent measures in the field of justice".
Firstly, the Law-Decree postpones the entry into force of the Italian Crisis Code until 16th May 2022 (Art. 1, letter a), further postponing to 31 December 2023 the “crisis alert related procedures” introduced by Article 12 of the Crisis Code.
A seguito dell’approvazione avvenuta il 5 agosto 2021 da parte del Consiglio dei ministri, è stato pubblicato il 24 agosto in G.U. n 202 il Decreto-legge n. 118 in tema di “Misure urgenti in materia di crisi d’impresa e di risanamento aziendale, nonché ulteriori misure urgenti in materia di giustizia”.
Il Decreto in primo luogo differisce l’entrata in vigore del Codice della Crisi al 16 maggio 2022 (art. 1, lett. a), posticipando ulteriormente al 31 dicembre 2023 le procedure di allerta della crisi introdotte dall'art. 12 CCI.
Mr Justice Zacaroli has handed down his judgment in Hurricane Energy plc [2021] EWHC 1759 (Ch).
Summary
The Court declined to approve the cross-class cram down of Hurricane’s shareholders as part of the Part 26A restructuring plan because the available evidence did not demonstrate that the shareholders were “no worse off” as a result of the restructuring plan. On that basis the restructuring plan failed.
Hungary has passed an Act that implements EU Directive 2019/1023 on preventive restructuring frameworks, the discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt (amending EU Directive 2017/1132). This new Act was published in Hungary's Official Gazette on 3 June 2021 and will come into force on 1 July 2022.
The Court (Mr Justice Miles) has refused to sanction a scheme of arrangement (the “Scheme”) between ALL Scheme Limited (the “Company”) and its creditors. The Company is an entity within the Amigo group of companies (the “Group”).
Mr Justice Zacaroli has handed down his judgment in Carroway Guildford (Nominee A) Limited and 18 others and (1) Regis UK Limited, (2) Edward Williams (as Joint Supervisor of Regis UK Ltd) and (3) Christine Mary Laverty (as Joint Supervisor of Regis UK Ltd) [2021] EWHC 1294 (Ch) following his decision in the New Look challenge last week.
Summary
Hurstwood Properties (A) Ltd and others (Respondents) v Rossendale Borough Council and another (Appellants)
The Supreme Court has delivered its keenly anticipated judgment in a case concerning the validity of two business rates mitigation schemes. The schemes under scrutiny involved property owners letting unoccupied properties to special purpose vehicles (“SPVs”) which benefitted from a business rates exemption and therefore allowed both the property owners and the SPVs to avoid liability for business rates.
The much anticipated judgement of Mr Justice Snowden in relation to a restructuring plan proposal (the “Plans”) made by Virgin Active Holdings Limited, Virgin Active Limited and Virgin Active Health Clubs Limited (the “Plan Companies”) was handed down on 12 May 2021.
Summary
The much anticipated judgement of Mr Justice Snowden in relation to a restructuring plan proposal (the “Plans”) made by Virgin Active Holdings Limited, Virgin Active Limited and Virgin Active Health Clubs Limited (the “Plan Companies”) was handed down on 12 May 2021.
On Monday, the High Court handed down its decision in (1) Lazari Properties 2 Limited, (2) The Trafford Centre Limited, (3) LS Bracknell Limited and 10 Others and (4) Fort Kinnaird Nominee Limited and 20 Others v (1) New Look Retailers Limited, (2) Daniel Francis Butters and (3) Robert Scott Fishman [2021] EWHC 1209 (Ch) considering the various grounds of challenge raised by the applicants in relation to the New Look CVA. Mr Justice Zacaroli rejected each of the grounds of challenge leaving the New Look CVA intact.