The long anticipated law of 7 June 2023 implementing the European Directive on restructuring and insolvency brings about a major reform of Belgian insolvency law. Among various other innovations, it introduces a new judicial reorganisation through collective agreement for large enterprises.

The new law will apply to all procedures opened as from 1 September 2023.

In this second of two client alerts, we will examine to which extent creditors can seek to impose a debt-to-equity swap on shareholders within the new judicial reorganisation for large enterprises.

The new Belgian restructuring plan for large enterprises: secured creditors no longer entitled to the reorganisation value.

The long anticipated law of 7 June 2023 implementing the European Directive on restructuring and insolvency brings about a major reform of Belgian insolvency law. Among various other innovations, it introduces a new judicial reorganisation through collective agreement for large enterprises.¹

The new law will apply to all procedures opened as from 1 September 2023.

The English High Court case Duneau v Klimt Invest SA & Ors [2022] EWHC 596 (Ch) is perhaps the first decision where a public listed company was wound up under section 122(1)(g) of the UK Insolvency Act 1986 on the just and equitable ground for loss of substratum. The case also considered whether a public listed company can be subject to equitable considerations and constraints such as those which apply in the context of quasi-partnership cases.

The English High Court case Duneau v Klimt Invest SA & Ors [2022] EWHC 596 (Ch) is perhaps the first decision where a public listed company was wound up under section 122(1)(g) of the UK Insolvency Act 1986 on the just and equitable ground for loss of substratum. The case also considered whether a public listed company can be subject to equitable considerations and constraints such as those which apply in the context of quasi-partnership cases.

From July 21, the reform of rules on prospectuses, intended to establish a common rulebook across the EU to encourage financing through capital markets, will directly apply in Spain.

The perspective of a ahot summer arriving is an excellent opportunity to take a look at the most relevant events that occured on the second quarter of 2019.

On an international level, and in contrast with the previous quarters, few events are worth mentioning.

This is often a question for faced by office-holders of insolvent companies when investigating a company’s affairs, and more of a concern for former directors and shareholders when potentially facing a claim for the return of unlawful dividends or misfeasance.

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TV rental business, Box Clever, was created as a joint venture between Granada (now ITV) and Thorn (now Carmelite).

The Box Clever business was later sold and administrative receivers were subsequently appointed over Box Clever companies.

The Pensions Regulator (“TPR”) issued Financial Support Directives (“FSDs”) against five ITV companies in relation to the Box Clever defined benefit pension scheme. ITV referred the determinations to the Upper Tribunal.